Dangote Sugar Plc has announced a profit after tax of N14.4 billion for the financial year ended Dec. 31, 2016, representing an increase of 29.26 per cent.

This was disclosed by audited result issued by the company on Sunday and made available to the News Agency of Nigeria (NAN) in Lagos.

The report indicated that the profit was against the N11 .14 billion reported in the corresponding period of 2015.

“The profit before tax stood at N19.61 billion compared with N16.16 billion achieved in the previous year, an increase of 21 per cent.

“The company’s revenue appreciated to N167. 72 billion against the N101.06 billion recorded in 2015, representing a growth of 68 per cent.

“Seasonal sugar production at Savannah 17,122 tonnes (2015: 6,610 tonnes) Full year refinery production at Apapa 791,800 tonnes (2015: 740,350 tonnes) Group sugar sales volume 778,518 tonnes (2015: 782,000 tonnes.)’’

The report, however, stated that the board of directors recommended a dividend of 60k per share to all its shareholders in contrast with 50k paid in 2015.

Commenting on the development, Mr Abdullahi Sule, the company’s acting Group Managing Director, attributed the performance to improved sales in spite of the current macro-economic challenges.

“We are very pleased with the results for the period under review, our revenue grew by 68 per cent and improve sales volume compared to 2015 despite the current macro-economic challenges,” Sule said.

He said that the company would leverage on its strengths to maximise every opportunity to generate sales, increase market shares and create sustainable value for its stakeholders.

Sule said that the company’s strategy was to become a global force in sugar production.

He said that company was working within Nigeria’s National Sugar Master Plan to end importation and sell more than 1.5 to 2.0 million metric tonnes of locally produced sugar in Nigeria and neighbouring countries.

“As part of this plan we acquired Savannah Sugar in December 2012 and are currently improving its farm acreage and upgrading its production facilities.

“We intend to augment Savannah’s 32,000 hectares in Adamawa State by acquiring and planting a further 150,000 hectares across Nigeria,” he said. (NAN)
JNC / CIA/AFA

Read more at http://www.herald.ng/dangote-sugar-posts-n14-4bn-profit-2016-declares-60k-dividend/#yrYf4CYGXCG3YmsD.99

FTC? For real?

Abi na April fool Nairaland dey do me?

recession?

Recession is for the masses. People won't comment as it's not big brother or tonto. Fp is my playground.

Ride on Chief Dan . . . .

Daddy Yo

Shoki

What Does The 60k Imply For A Shareholder Of 1000 Units (ordinary) Shares?

Well, with d rate he gets dollars and still sell as if he got from black market.. why wont he?

Wow...meaning with 1000 units...pls help me do the maths....ds one pass mmm oo

No reccesion for Dangote

Watin concerns me? Am i his son? My Pale no even have shares! Minding my business praying for God's blessing

ismokeweed:
Recession is for the masses. People won't comment as it's not big brother or tonto. Fp is my playground.

That's true man

After una go say recession dey.....most companies take advantage of recession to maximize there profit..for example indomie noodle increase prices 3X within 3months, 10naira sugar is now 20naira. all this companies blame it on Forex scarcity..now that CBN is trying to Sustain Forex Liquidity what are this companies doing to reduce prices.

Greedy Companies

People dey consume sugar sha....

Thankgod oooo, pepper don rest for myside

Recession kwa? just look at the staggering figures,it makes one stagger...na monday morning be this...make God bless my hustle and well meaning nigerians

don't mind the poster above me e just pain am

swaz:
Dangote this dangote that, the man has used his heavy duty trucks to vandalized our Nigerian roads and nobody is saying anything he has not contributed a dime to our Education section or Health all he does is taking advantage of Nigerians by exploiting us, and monopolize the Economy of Nigeria how can one man be the major importer of most of the things we used is wrong Nigerians needs to wake up and open their eyes to the reality...
He should be taxed heavily with the system of pay as you earn so that the money can be used to fixed our roads and inferstructures he should not be left alone get more richer while other Nigerians are getting more poorer.,

hater

Some are still making cool profits in the present economy. Thank God, I follow!

Great one

swaz:
Dangote this dangote that, the man has used his heavy duty trucks to vandalized our Nigerian roads and nobody is saying anything he has not contributed a dime to our Education section or Health all he does is taking advantage of Nigerians by exploiting us, and monopolize the Economy of Nigeria how can one man be the major importer of most of the things we used is wrong Nigerians needs to wake up and open their eyes to the reality...
He should be taxed heavily with the system of pay as you earn so that the money can be used to fixed our roads and inferstructures he should not be left alone get more richer while other Nigerians are getting more poorer.,

Read what is capitalism ..please and stop fooling ur self

And mind u dangote is not in charge of dangote sugar ..he was sacked from the bored some years ago though he still owns some shares about 10%

swaz:
Dangote this dangote that, the man has used his heavy duty trucks to vandalized our Nigerian roads and nobody is saying anything he has not contributed a dime to our Education section or Health all he does is taking advantage of Nigerians by exploiting us, and monopolize the Economy of Nigeria how can one man be the major importer of most of the things we used is wrong Nigerians needs to wake up and open their eyes to the reality...
He should be taxed heavily with the system of pay as you earn so that the money can be used to fixed our roads and inferstructures he should not be left alone get more richer while other Nigerians are getting more poorer.,

No one is stopping other Nigerians from making something out of the Nigerian economy!

60kobo/share

OK Na

Still page 0.

Bashirfuntua:
s

Bashirfuntua:
s

REAL BAD

swaz:
Dangote this dangote that, the man has used his heavy duty trucks to vandalized our Nigerian roads and nobody is saying anything he has not contributed a dime to our Education section or Health all he does is taking advantage of Nigerians by exploiting us, and monopolize the Economy of Nigeria how can one man be the major importer of most of the things we used is wrong Nigerians needs to wake up and open their eyes to the reality...
He should be taxed heavily with the system of pay as you earn so that the money can be used to fixed our roads and inferstructures he should not be left alone get more richer while other Nigerians are getting more poorer.,

They're not taxed?

Haters are allegic to good news...