Shareholders of Dangote Sugar Refinery Plc have approved the dividend payment of N12.147 billion for the 2021 financial year, representing N1.00 per share.
The company restated its commitment to the achievement of Sugar backward integration projects, describing it as the best thing that happened to the sector, according to a statement on Wednesday.
Speaking at the company’s 16th Annual General Meeting in Lagos, Aliko Dangote, chairman of Dangote Sugar Refinery, said that despite the harsh operating environment, the board and management were not deterred in the pursuit of sustainable growth for the company and demonstrated resilience by continued implementation of its strategic objectives in 2021.
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According to Dangote, the company’s performance during the year under review is commendable amidst the challenges and the negative impact of COVID-19 pandemic on economic activities.
“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,” he said.
He said the board and management would continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and its communities to ensure the realisation of the objectives of the company.
According to Dangote, the goal of Dangote Sugar Backward Integration Projects Master plan remains the achievement of 1.5 million metric tonnes 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 will be derived from the projects including thousands of jobs that will be generated in the sector from these projects.
He said despite the challenges faced in the year 2021, Dangote Sugar Numan Operations rehabilitation and expansion efforts of the factory and field are advancing, saying, “The community issues that came up were effectively managed, and we have continued to advance so far without any major disruptions.”
“In 2021, our commitment to building a sustainable business remained on track with the principles of good corporate governance. We imbibed best practices, environmental and impact management in the day-to-day running of our business,” he said.
Ravindra Singhvi, group managing director/chief executive officer of Dangote Sugar, said: “We remained ahead of the pack in implementation of the National Sugar backward Integration Development Master Plan.”
On the situation at the Lau/Tau project, he said; “We continue to remain hopeful that the Taraba State government will resolve the lingering issues with the communities, while we focus on the development of other brown and green 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 the Nasarawa Sugar Company Limited, Tunga.”
Shareholders commended the company’s performance for the year under review. A shareholder, Bisi Bakare, commended the company for the food fortification award received for the year under review and the bountiful dividend paid.
Another shareholder, Patrick Ajudua, also expressed satisfaction with the dividend declared despite the various environmental operating challenges.
He urged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs.
