Dangote Sugar Pays N21b in Dividend, N121b on Asset Acquisition
Dangote Sugar Refinery Plc has increased dividend pay out to shareholders for the 2017 financial year by 192 per cent to N21 billion. This translates to 175 kobo per share from N7.2 billion or 60 kobo per share in 2016, in line with its resolve to deliver decent returns on investments. Speaking at the company’s yearly general meeting in Lagos recently, the Chairman of Dangote Sugar Refinery Plc, Alhaji Aliko Dangote, said the company achieved a group turnover of N204.42 billion, showing 20.4 per cent increase over the comparative period of 2016.
“With Profit Before Tax of N53.6 billion, showing 173 per cent increase over the 2016 and profit after tax of N39.7 billion, the board has recommended to shareholders for approval, at this meeting, the payment of a final dividend of N15 billion, being 125 kobo for the year ended December 31,2017.“The board had earlier approved the payment of an interim dividend of N6 billion, being 50 kobo per share. This brings the total dividends for the year under review to N21 billion,” he said. Speaking on the company’s backward integration project, Dangote said the firm has spent N121 billion on equipment, land acquisition, compensation to land owners, consultancy and related services.
According to him, despite the major setbacks like flood, community relations issues and most recently, clashes between host communities and Fulani herdsmen that hampered progress, Savannah Sugar remained the only company producing sugar from own grown sugarcane in the country with over N30 billion spent to date.