Dangote Sugar Refinery rewards shareholders with N12.15 billion dividend and reiterates commitment to backward integration
Dangote Sugar Refinery Plc has rewarded the shareholders of the company with the payment of a dividend of N12.15 billion for the financial year ended December 31, 2021, reiterating management’s commitment to complete the Sugar integration plans Federal Government Backward.
The dividend payout of N12.147 billion for the year was unanimously approved by shareholders. The dividend represents N1.00 per share.
Addressing shareholders at the 16th Annual General Meeting (AGM) of Dangote Sugar Plc, Lagos, company chairman Aliko Dangote said that despite the difficult operating environment, the board and management were undeterred in pursuing sustainable growth for the business and demonstrated resilience by continuing to execute on its strategic objectives throughout 2021.
According to Dangote, the Company’s performance during the year under review is commendable amid the challenges and negative impact of the COVID-19 pandemic on economic activities. “We continued to implement process optimization, cost savings and product promotion strategies with the launch of our new brand identity and the continuation of the Dangote Sugar Backward integration master plan”
He further stated that the Board and management will continue to implement strategic actions to maintain and surpass this performance while engaging with all industry stakeholders and its communities to ensure the achievement of the objectives of the society.
Regarding the company’s upstream integration project, the Chairman of Dangote pointed out that the goal of Dangote Sugar’s upstream integration projects master plan remains the achievement of 1.5 million metric tons per year at from locally grown sugar cane in support of the federal government’s quest for sugar sufficiency in the country.
He added that this will be achieved in addition to the extended value chain benefits that will flow from the projects, including the thousands of jobs that will be generated in the sector from these projects.
He highlighted that despite the challenges faced in 2021, efforts to rehabilitate and expand the Dangote Sugar Numan Operations plant and field are progressing, saying, “The community fabrics that have emerged have been managed effectively and we have continued to move forward so far without any major disruption.
He also noted that “In 2021, our commitment to building a sustainable business remained consistent with the principles of good corporate governance. We have integrated best practices, environmental and impact management into the daily management of our business. »
He assured of the company’s commitment to delivering on the integration projects of Sugar Backward which is the future of the industry in Nigeria, saying this will keep us on our path of steady growth and we will continue to provide and improve our quality service while bringing value to all stakeholders.
Further, the Managing Director/Chief Executive Officer of Dangote Sugar Group, Mr. Ravindra Singhvi said, “We have remained ahead of the pack in the implementation of the national upstream integration development master plan of the sugar”.
He however said that the situation at the Lau/Tau project is still the same, “we continue to hope that the Taraba state government will resolve the lingering issues with the communities as we focus on developing other brown and green products field project sites… Steady progress is now being made as we continue the rehabilitation and expansion project at Dangote Sugar, Numan, and development activities at Nasarawa Sugar Company Limited, Tunga.
Singhvi said the company remains resolute and committed to securing a sustainable future for its business while assuring shareholders of better days ahead.