Dangote Sugar Declares N18 Billion Dividend

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For the year ended December 31, 2022, Dangote Sugar Refinery Plc (DSR) has said it will pay N18.22 billion as dividends to shareholders, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote disclosed this at the 17th Annual General Meeting of the company held in Lagos at the weekend.

“The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally,” he said.

According to him, the company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Identifying some of the successes recorded by Dangote Sugar which made the dividend possible, he said the include the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

The Coordinator of the Pragmatic Shareholders Association,  Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company.

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