DSR to pay N4.8 billion dividend in 2014

THE directors of Dangote Sugar Refinery (DSR) Plc have recommended a dividend of N4.8 billion, culminating to 40 kobo per share due to every shareholder of the company for the 2014 financial year.

The company recorded improved bottom line during the period under review with a profit after tax of N11.6 billion, up from N10.8 billion.

The company ended the year with gross revenues of N94.9 billion, as against N103.2 billion in 2013.

It reduced operating expenses by 29 per cent from N 12.1 billion to N8.6 billion, while other income improved from N3.9 billion to N5.4 billion.

Profit after tax stood at N11.6 billion, higher than N10.8 billion in 2013.

During 2014 the primary focus of Dangote Sugar was to enhance its operational efficiency, focus on growth plans increase sugar production, and to continue to provide for the needs and requirements of its customers, employees and stakeholders generally.

“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.

According to the company, it’s targets include: to help Nigeria towards self-sufficiency in sugar production by moving from importation and refining to creating new plantations with their own refining facilities, close to major centres of demand.

The company also targets to produce 1.5 million tonnes of refined sugar by 2024 across more than 150,000 hectares of newly planted land in order to provide economic benefits to local communities by way of direct and indirect employment.

Dangote Sugar Refinery has successfully obtained the Food Safety Management Systems (FSMS) certification (NIS ISO 22000:2005); by the Standards Organisation of Nigeria (SON).

“ It is a standard that guides our core business, the refining of high quality sugar using safe practices to manufacture our finished product with hygienically habits in our production processes.

The FSMS certification is the third in the series of ISO certification on Quality, Process Safety/Security and Food Safety, achieved by the company.

“These certification attests to DSR Plc relentless efforts at achieving its set goal to be one of the world’s leading integrated sugar producers, with high quality products and using best practices in the day to day running of its operations, in line with internationally accepted standards,” it added.