TheCable

The Dangote Sugar Refinery Plc (DSR) says it is still committed to meeting the goal of the sugar backward integration project to support the federal government’s sufficiency plan.

Aliko Dangote, president of the Dangote Group, said this on Wednesday at the 16th annual general meeting of DSR in Lagos.

He said the company’s goal is to achieve the output target of 1.5 million metric tons annually from locally grown sugar cane.

“On the company’s backward integration project, Dangote Sugar Backward Integration Projects Master plan remained the achievement of 1.5 million MT annually from locally grown sugar cane in support of the quest for sugar sufficiency in the country by the federal government,” he said.

“This would be achieved in addition to the extended value chain benefits that would be derived from the projects, including thousands of jobs that would be generated in the sector from these projects.

“We furthered the implementation of process optimisation, cost savings, and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward integration master plan.”

Dangote said the company demonstrated resilience by continued implementation of its strategic objectives during the 2021 financial year.

“The dividend pay-out of N12.147 billion for 2021, which represents N1 per share was unanimously approved by the shareholders,” he added.

“The company also recorded a group turnover of N276 billion, which is a 29 percent increase over N214 billion in the comparative year.

“It recorded a profit before tax of N34.02 billion and profit after tax of N22.05 billion. Group earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased to N46.5 billion with an EBITDA margin of 18 percent.”

He lauded the company’s performance during the year under review, adding that it was commendable amidst the challenges and the negative impact of the COVID-19 pandemic on economic activities.