Dangote Sugar Refinery pays N4.8bn dividend

Investors in the Dangote Sugar Refinery Plc are in for a swell time as the company is set to pay a whopping N4.8 billion in dividends as it recorded an improved bottom line for the 2014 despite the challenging operating environment.

The audited results of the company released has shown a profit after tax of N11.6 billion, up from N10.8 billion. Based on the performance, the directors have recommended dividend of N4.8 billion, which translates into 40 kobo per share.

The company ended the year with gross revenues of N94.9 billion, as against N103.2 billion in 2013. It reduced its operating expenses by 29 per cent from N 12.1 billion to N8.6 billion, while other income improved from N3.9 billion to N5.4 billion. Profit after tax settled at N11.6 billion, up from N10.8 billion in 2013.

During 2014, the primary focus of Dangote Sugar was to enhance its operational efficiency, focus on growth plans, increase sugar production, and to continue to provide for the needs and requirements of its customers, employees and stakeholders generally.

A statement released by the company states:

"Our performance in 2014 was impacted by operational challenges including disruptions to the supply of natural gas (our primary energy source) to the Apapa Refinery, currency depreciation and the challenges of the security situation in north-eastern Nigeria."