Business is booming.

Dangote Sugar declares N276bn turnover, N12.417bn dividend

By Nneka Nwogwugwu

Dangote Sugar Refinery Plc has declared a turnover of N276 billion for the financial year ended Dec. 31, 2021, translating to a 29 per cent increase against the N214 billion recorded in 2020.

Aliko Dangote, Chairman of the group said this at the company’s 16th Annual General Meeting (AGM) on Wednesday in Lagos.

Dangote revealed that the company’s profit before tax stood at N34.01 billion, while its profit after tax was N22.052 billion.

He said the Group’s Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) decreased to N48.5 billion with a margin of 18 per cent, a 35 per cent decrease compared to 27 per cent (N58.03 billion) for the same period in 2020.

The Group also declared a dividend of N12.147 billion for shareholders for the year under review.

He stated that upon approval, the dividend would be paid to shareholders in the register of members as at June 1, net withholding tax at the standard rate.

Dangote stated that the company’s performance during the year under review was commendable amidst the challenges and the negative impact of the COVID-19 pandemic on economic activities.

He expressed hope that the turnover for the year 2022 would be better given the strategies in place to reenergise distribution to serve its customers better in spite of infrastructural and environmental challenges.

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