The Nation Newspaper

Tag: Dangote Sugar Refinery

  • NSE: All-Share Index rebounds by 0.45%

    The All-Share Index of the Nigerian Stock Exchange (NSE) on Friday rebounded by 0.45 per cent, halting three days of decline.

    The index rose by 166.33 points or 0.45 per cent to close at 37,392.77 compared with 37,226.44 posted on Thursday.

    Similarly, the market capitalisation which opened at N13.485 trillion rose to N60 billion, 0.44 per cent, to close at N13.545 trillion.

    Nestle led the gainers’ table, gaining N27 to close at N1, 527 per share.

    Seplat Petroleum Development followed with a gain of N15 to close at N650, while Lafarge Africa gained N3 to close at N37.50 per share.

    CAP added N2 to close at N37, while Dangote Sugar Refinery gained 50k to close at N17.50 per share.

    On the other hand, Flour Mills recorded the highest loss to lead the losers’ chart, dropping by N15 to close at N29 per share.

    Forte Oil trailed with a loss of N1.30 to close at N29.90, while Cadbury lost N1.15 to close at N11.15 per share.

    Custodian and Allied Insurance declined by 68k to close at N6.12, while Eterna Oil shed 40k to close at N6.40 per share.

    Read Also: NSE demands govt framework on housing delivery

    An analysis of the activity chart indicated that Access Bank was the most active stock during the day, trading 84.88 million shares worth N864.66 million.

    Dangote Sugar Refinery followed with an account of 15.21 million shares valued at N272.59 million, while Sovereign Trust Insurance traded 14.66 million shares worth N3.27 million.

    FBN Holdings sold 12.09 million shares cost N125.49 million, while United Bank for Africa sold 6.55 million shares worth N65.59 million.

    In all, investors bought and sold 212.88 million shares valued at N3.24 billion achieved in 3,143 deals.

    This was lower compared with 350.47 million shares worth N4.60 billion transacted in 3,228 deals on Thursday.

    NAN

  • Seven Dangote’s staff, one other docked for N451m theft

    Seven Dangote’s staff, one other docked for N451m theft

    Seven staff of Dangote Sugar Refinery and a businessman were on Monday arraigned before a Lagos High Court, Ikeja, for stealing N451 million belonging to the company.

    They were arraigned on an eight-count charge of conspiracy, stealing, forgery and presentation of false documents before vacation judge, Justice Sedoten Ogunsanya.

    The defendants were – Musa Sule, Joseph Ukpah, Babatunde Ajao, Chinedu Onyekwere, Ezekiel Omoro, Rahman Alayande and Odion Abugba.

    The businessman, Habib Mande and his company El-Habib Property Nigeria Limited, were arraigned alongside the staff of the sugar company.

    Two other staff, Zainab Adebanjo and Manir Mohammed, have been declared wanted by officers of the Special Fraud Unit (SFU), Ikoyi, Lagos.

    When the charges were read, the accused persons pleaded not guilty to the charges preferred against them by the state prosecutor, Mr. E.A Jackson.

    Justice Ogunsanya noted that the defendants were still on administrative bail.

    She ordered that they remain on the bail conditions and adjourned the case till September 22.

  • Dangote Sugar Refinery, Custodian to pay N6.6b dividend

    Two quoted companies-Dangote Sugar Refinery (DSR) Plc and Custodian and Allied Plc, will distribute about N6.6 billion to shareholders as interim cash dividends for the first half of this year.

    The board of directors of Dangote Sugar Refinery has indicated that N6 billion will be paid to shareholders on the basis of 50 kobo per share. The qualification date for the interim dividend distribution is August 11, 2017 while the dividend will be paid on August 14, 2017.

    Custodian will be distributing a total of N588.2 million as interim cash dividend on the basis of 10 kobo per share. The qualification date for the interim payout is August 18, 2017 while the actual payment will be on September 5, 2017.

    The interim dividend payments followed significant improvements in the earnings of the companies during the first half. The interim dividend represents 17.5 per cent of total net earnings per share recorded by Dangote Sugar Refinery and 16.13 per cent of net earnings by Custodian and Allied.

    Key extracts of the six-month report for the period ended June 30, 2017 showed that DSR improved considerably on all performance indices. Turnover rose to N118.68 billion in first half 2017 from N70.47 billion in comparable period of 2016. Gross profit also rose from N13.92 billion to N26.89 billion. Operating profit doubled from N11.29 billion to N23.61 billion.

    Group profit before tax also doubled from N11.16 billion in first half 2016 to N23.25 billion in first half 2017. After taxes, net profit rose from N7.38 billion in first half 2016 to N17.10 billion in first half 2017. With these, net earnings per share almost tripled from N1.23 to N2.85.

  • Dangote Sugar Refinery launches N106b investment plan

    Dangote Sugar Refinery launches N106b investment plan

    Dangote Sugar Refinery (DSR) Plc plans to invest N106 billion over the next six years in the second phase of the company’s backward integration programme. It had already invested N101 billion under the first phase of the programme.
    Acting group managing director, Dangote Sugar Refinery (DSR) Plc, Engr. Abdullahi Sule, outlined the new investment plan during a stakeholders’ engagement programme yesterday at the Nigerian Stock Exchange (NSE).
    Sule said the backward integration programme of the company was aimed at ensuring that Nigeria attains self sufficiency in sugar production.
    He outlined that under the second phase of the programme, the company would acquire five large sugar factories and 108,000 hectares of land under cultivation while targeting to achieve 1.08 million metric tonnes per annum of refined sugar from locally grown sugar cane annually.
    He added that the massive investment plan would also come with additional benefits including some 130 million litres of Ethanol potential across all sites, animal feed, surplus power generation capacity sourced from cane fiber and more than 75, 000 jobs over the six-year period, which will all help to stimulate the national economic development.
    “Achievement of our backward integration plan and growing our market share remain our focus, and efforts are geared towards achievement of effective resource optimisation and cost management; drive for greater efficiency especially in supply chain; human capacity building and route to market redefinition,” Sule said.
    He pointed out that while the financing mix for the second phase has not been decided, at least 20 per cent of the projects under the plan would be financed by equities.
    He assured that the company has the wherewithal to finance the plan, noting that the company has capacity to borrow, although it has no debts at present.
    Sule said Dangote Sugar Refinery currently controls at least 70 per cent of Nigerian sugar market, adding that the Dangote Group is working to produce more than 70 per cent of what Nigerians will use through its backward integration.
    He assured shareholders that the company would continue to improve on returns to investors noting that the first quarter results have already indicated that performance in 2017 would be better.
    “The year 2016 was a challenging year, yet we declared fantastic result that was better than 2015 performance. As if that is not enough, we have just published our first quarter result which is far better that the previous year,” Sule said.
    Key extracts of the three-month report for the period ended March 31, 2017 showed that DSR grew sales by 83 per cent to N59.5 billion in first quarter 2017 as against N32.6 billion recorded in comparable period of 2016. Gross profit increased by 16 per cent to N7.84 billion in 2017 as against N6.77 billion in 2016. Profit after tax rose to N4.76 billion in first quarter 2017 as against N3.34 billion in first quarter 2016.

  • Dangote Sugar Refinery assures on better returns

    Dangote Sugar Refinery assures on better returns

    •Shareholders get N7.2b dividend

    DANGOTE Sugar Refinery (DSR) Plc Chairman, Alhaji Aliko Dangote, at the weekend assured shareholders that the board and management of the company were committed to delivering superior returns to its shareholders.
    The reassurance came as shareholders at the Annual General Meeting (AGM) in Lagos approved the distribution of N7.2 billion as cash dividend for the 2016 business year. Shareholders would receive a dividend per share of 60 kobo.
    Dangote said the company’s performance last year reflected the outcome of the group’s strategic initiatives being implemented over the past two years, to ensure the company sustains this performance in the face of the economic downturn.
    He added that efforts were made by the board and management of the company to deliver 2016 financial results, saying during the year under review the company achieved a group turnover of N169 billion, profit before tax of N19.6 billion and profit after tax of N14.4 billion.
    “Our focus is the actualisation of our backward integration plans as the board will continue with the effective management of resources to achieve the target, sustainable financial future for the company and in turn drive sustained returns to shareholders,” Dangote said.
    He said the company is determined on its commitment to achieve 1.5 million metric tonnes of refined sugar per annum from locally grown sugar in six years.
    According to him, to date, about N101 billion has been committed towards the actualisation of these backward integration projects on equipment purchase, land studies and survey, sensitisation campaign for the local communities, rehabilitation and expansion of Savannah Sugar Company.
    DSR Acting Group Managing Director, Abdullahi Sule, an engineer, reiterated that the company’s focus remains leveraging its strengths to maximise every opportunity to generate sales, increase market share and create sustainable value for all stakeholders.
    Shareholders commended the company for sustained growths over the year, in spite of the tough operating environment.
    Speaking on behalf of shareholders, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu said the management of the company has foresight, noting that the company has remained the foremost sugar refinery in Nigeria.
    He said the company has continued to add value to shareholders while making giant strides in national economic development through backward integration.

  • Dangote Group comes alive at Lagos trade fair

    Dangote Group comes alive at Lagos trade fair

    • Offers pocket friendly prices

    Companies under the staple of Nigeria’s foremost indigenous conglomerate, Dangote Group are adding colour to the ongoing Lagos International Trade Fair with an array edible goods on display. Companies in the group offering consumer goods at the fair are Dangote Sugar Refinery, NASCON Allied Industries Plc (Dangote Salt), and Dangote Flour.

    Other companies from the stable who have established a help desk at the Group stand to handle inquiries include-Dangote Cement, Dangote Rice and Dangote Refinery. A sister company, Dansa Foods is also at the Fair, offering their brand of table water, mowa premium drinking water.

    Some  products on display  at the fair include Dangote sugar, Dangote Flour, spaghetti, noodles and macaroni  Dangote salt, Danq (seasoning), tomato paste. Dangote Sugar will be offering customers different sizes of granulated sugar packs at the fair.

    A statement from Corporate Communications Unit of Dangote Group, said the fair has become a veritable venue for introduction of new innovations to Dangote products and that visitors to the group pavilion at both fairs will have the opportunity of buying products of these companies at reduced prices.

    Dangote Flour is offering customers a wide range of products at discounted prices. Buyers are going with several gifts as reward for purchasing Dangote Flour products. Products at the stand include-Dangote Noodles, flour for baking, wheat meals, spaghetti and macaroni.

    Dangote Group is of the view that the trade fair is coming at an appropriate time, close to the last month in the year. This affords traders and dealers the opportunity to buy and stock their shops while end users buy for yuletide.

    NASCON is offering its repackaged salt packs to customers at the trade fair. The new salt pack which is to endear the product to its teeming customers still comes in packs of 250g, 500g and 1kg. It is redesigned is to make the product more accessible and affordable for consumers and other end users.

    Also, there will be free samples of the products like salt, seasoning, Tomato paste and the Dansa juice drinks for the visitors. Management of NASCON explained that Dangote Salt, seasoning and Dangote tomato paste will be offering free samples to visitors to the Dangote kitchen/restaurant which will be attached to the Dangote Stand to wet their appetite.

    NASCON said the company would be giving its customers a good treat at the fair saying it has added to the richness of its products like Danq seasoning and Tomato paste and embark on an expansion of its distribution network to make the product more readily accessible to consumers.

    Aside this, the statement said customers wanting to be distributor of any of the Dangote group subsidiaries would have the opportunity to be offered informed explanations by staff of the companies who would be on hand to put the customers through on how to go about it.

  • Dangote Sugar Refinery grows profit to N15.3b in nine months

    Dangote Sugar Refinery grows profit to N15.3b in nine months

    Dangote Sugar Refinery (DSR) Plc leveraged on significant growth in sales to sustain a modest growth in profitability in the third quarter.

    Key extracts of the interim report and accounts of DSR for the third quarter ended September 30, 2016 showed that gross earnings rose by 58 per cent to N115.3 billion in third quarter 2016 as against N78 billion recorded in comparable period of 2015. Gross profit rose by 1.2 per cent to N19 billion compared with N18.7 billion. Profit before tax increased from N14.2 billion to N15.3 billion while profit after tax rose from N9.3 billion in third quarter 2015 to N10.1 billion in third quarter 2016.

    Acting group managing director, Dangote Sugar Refinery (DSR) Plc, Engr. Abdullahi Sule, said  the company has remained resilient in spite of the continued challenges in the economic and business environment.

    According to him, the company has continued with efforts at actualising its sugar backward integration master plan with focus on Savannah Sugar, Lau/Tau and other project sites in the first phase of the project.

    “We remain resilient and optimistic that our set goals will be achieved with the continued implementation and review of our initiatives to grow sales volumes, increase our market share, and focus on the actualisation of our “Sugar for Nigeria” backward integration projects plan,” Sule said.