Dangote Sugar Refinery To Pay Higher Dividend As Profit Hits N40bn

Dangote Sugar Refinery (DSR) Plc has reported improved results for the year ended 2017 and recommended higher dividends for shareholders.

Two other members of the Dangote Group, Dangote Cement Plc and NASCON Allied Plc had earlier announced their results that showed higher performance compared to the previous year.

Last week, DSR unveiled its audited results, showing growth in performance indicators and recommended higher final dividend.

DSR reported a revenue of N204.42 billion in 2017, up 20.4 per cent above the N169.72 billion recorded in 2016. Profit before tax jumped by 173.3 per cent to N53.6 billion, from N19.61 billion, while profit after tax grew fast by 176 per cent to N39.78 billion as against N14.4 billion in 2016.

Given the impressive performance, the board of directors recommended a final dividend of 125 kobo in addition to the 50 kobo interim paid last year. This will bring the total dividend for the year to 175 kobo per share compared with 60 kobo paid the previous year.

Commenting on the results, the Acting Group Managing Director, DSR, Abdullahi Sule said: “We are very pleased with the 2017 business year, with an increased revenue growth of being 20.4 per cent and gross profit increase of 121.8 per cent, the best recorded in the history of the company. Our focus for 2018 remains the actualisation of our Backward Integration Projects (BIPs) with focus on the achievement of 1.080M MT sugar from our BIP sites in the next six years.

via Loud Naija Media