Dangote Sugar to pay N18.22bn to shareholders

Shareholders of Dangote Sugar Refinery (DSR) would be getting N18.22 billion as a final dividend of N1.50 for every share of 50 kobo each.

This is subject to appropriate withholding tax and approval, which will be paid to shareholders whose names appear in the Register of Members as at the close of business on 24th March, 2023, according the company’s filing to the Nigerian Exchange Limited (NGX) yesterday.

DSR also announced that its 17th Annual General Meeting would be held in Lagos on Friday. A total dividend of N18.22bn would be paid as Dangote Sugar has total shares outstanding of 12,146,878,241 (12.146bn shares).

The company recently announced a profit before tax of N82.30bn in the financial year that ended on December 31, 2022. Profit before tax rose to N82.30bn from N34.02bn in the prior period.

• Gov’ship results: APC petitions tribunals in Kano, Plateau, Rivers
• Truck crushes 5 on Epe/Ijebu-Ode Expressway

Profit after tax jumped to N54.74bn from N22.05bn, the company further declared.

The company’s revenue recorded a growth of 46 per cent to N403.25bn from N276.05bn last year.

The growth in revenue, combined with a 34.3% decline in net finance costs, led to a jump of 147.8% in earnings per share (EPS).

Dangote Sugar Refinery has significantly scaled up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master Plan (NSMP), through the expansion of DSR Numan Sugar Refining capacity from 3,000 tons of cane per day (tcd) to 6,000tcd, and to 9,800tcd.