Dangote Sugar Refinery Plc recorded improved bottom line in
2014, despite the challenging operating environment.
The audited results of the company released, Friday, showed
a profit after tax of N11.6 billion, up from N10.8 billion.
Based on the performance, the company’s directors have
recommended dividend of N4.8 billion, translating into 40 kobo per share. The
company ended the year with gross revenues of N94.9 billion, against N103.2
billion recorded in 2013, reducing its
operating expenses by 29 per cent from N 12.1 billion to N8.6 billion, while
other incomes 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
primarily to enhance its operational efficiency, increase sugar production, and
provide for the needs and requirements of its customers, employees and
stakeholders.
“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,” the company said.
The company said its targets included: Helping Nigeria to
become self-sufficient in sugar production by moving from importation and
refining to creating new plantations with their own refining facilities, close
to major centres of demand, with a target to produce 1.5 million tonnes of
refined sugar by 2024 across more than 150,000 hectares of newly planted land;
provide economic benefits to local communities by way of direct and indirect
employment and to set a good example in areas such as governance, sustainability,
health and safety.
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