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Dangote Sugar

Dangote Sugar declares N36.27bn profit in 9 months

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Dangote Sugar Refinery Plc has announced a Profit Before Tax (PBT) of N36.27 billion for a duration of nine months ended Sept. 30, 2022.

Mr Ravindra Singhvi,Group Managing Director, Dangote Sugar Refinery Plc, made this known in a statement on Sunday in Lagos.

He said that the company’s PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022.

Singhvi added that Profit After Tax (PAT) rose from N15.51 billion to N24.83 billion, while revenue went up from N195.50 billion to N288.32 billion.

He attributed the positive results for the period to key trade interventions introduced during the year and positive market responses.

He recalled that the company recorded a PBT of N29.73 billion for the half year ended June 30, 2022 while PAT hit N20.24 billion in that period.

“Our impressive performance in the period demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong top-line growth as seen in the financial results,” he said.

Singhvi said that Dangote Sugar Refinery had continued to implement its sugar backward integration projects plans and enhance its outgrowers scheme to support the economic growth of the immediate communities.

He said the company’s aim was to develop a robust outgrower scheme with no fewer than 5,000 outgrowers when the projects have fully taken off.

This, he explained, was in addition to the achievement of other targets of its ‘Sugar for Nigeria Project’ plan.

“The key focus of the sugar refinery is achievement of the Dangote Sugar Backward Integration Projects targets and putting Nigeria on the path of sugar self-sufficiency and the world sugar map.

“Employees health and safety as well as that of its partners remains a top priority at the company’s operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa and Tunga, Nasarawa.

“All processes are in compliance with stipulated health and safety protocols,” he said.

The News Agency of Nigeria (NAN) reports that Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity.

The company refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

Dangote Sugar

Dangote Sugar declares N29.73bn profit before tax

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Dangote Sugar Refinery has declared a Profit Before Tax (PBT) of N29.73 billion for the half year ended June 30, 2022.

The company made the disclosure in a report signed by Mr Anthony Chiejina, the Group Head, Corporate Communications, Dangote Group, on Tuesday in Lagos.

According to the report, the company’s PBT rose by N10.97 billon compared with N18.76 billion recorded at the corresponding period in 2021, an increase of 58.47 per cent.

The company posted a profit after tax of N20.24 billion in contrast with N12.61 billion recorded in the comparative period of 2021, translating to 60.51 per cent growth.

Also, the company’s revenue was up by N53.51 billion or 40.55 per cent to N185.46 billion against N131.95 billion achieved in the corresponding peirod of 2021.

Similarly, its gross profit maintained the same upswing, rising to N38.82 billion from N28.60 billion in 2021.

The Group Managing Director, Dangote Sugar Refinery, Mr Ravindra Singhvi, attributed the positive results in the half year to key trade interventions introduced during the period and positive market responses.

Singhvi said the impressive performance during the review period demonstrated its resilience in the face of prevalent challenges, which reflected in strong topline growth shown in the financial results.

He added that the sugar company had continued to implement its sugar backward integration projects plans and the enhancement of its outgrowers scheme to support the economic growth of the immediate communities.

Singvi said the company’s aim was to develop a robust outgrower scheme with about 5,000 outgrowers when the projects fully take off, in addition to the achievement of other targets of its sugar for Nigeria project plan.

“The key focus of the sugar refiner is an achievement of the Dangote Sugar Backward Integration Projects targets and it puts Nigeria on the path of sugar self-sufficiency and the world sugar map.

“Employee health and safety as well as that of its partners remains the company’s top priority at its operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State.

“All processes are in compliance with stipulated health and safety protocols,” he said.

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity for household and industrial uses.

Its backward integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.

Council commits to local sugar production

Dangote sugar begins production in Nasarawa soon

Governor Abdullahi Sule of Nasarawa State, on Tuesday said that Dangote Sugar factory would commence production soon in the state.

Gov. Sule stated this while playing host to members of state Correspondents’ Chapel of NUJ in Lafia.

He disclosed that Dangote team for the establishment of the sugar factory is already in the state.

“I want to disclose to you that we have a team from Dangote Company, who are in the state for the commencement of sugar factory.

“The process for the production of sugar takes time. It is not possible to cultivate the 68,000 acquired hectares of land in Tunga, Awe by Dangote at the same time.

“What you need to do is to start with 100 hectares, if the location is good for the production of sugar cane, then you will expand the production from 100 hectares to 1,000 hectares to 10,000 hectares.

“Then you have to establish a factory for the production of sugar that is how the production of sugar works.

“I want to disclose to you that a team from Dangote are in the state today for the commencement of sugar factory in the state, ‘’ he said.

Gov. Sule appreciated members of the association for being up and doing in publicising government activities in the state and called for its sustenance.

He urged them to continue to adhere strictly to their professional ethnics in the interest of peace and development.

The governor said that he had executed and still executing projects that has direct bearing on the lives of the people of the state.

Also speaking, Mr Ibrahim Addra, the Press Secretary to the governor has commended Sule for being Media friendly.

Addra also appreciated members of the association for partnering the state government in publicising its activities.

Earlier, Mr Isaac Ukpoju, the Chairman of the Chapel said that they were at the government to familiarize with the governor and seek for his partnership for the overall development of the state.

He appreciated Sule for all his inclusive administration and called for it sustenance.

The chairman, however, appealed for a bus to enable the association carry out its activities effectively.

Dangote Sugar

Dangote Sugar wins food fortification award

Dangote Sugar Refinery  has won an award in food fortification, following its ranking as the leading company with significant strides in institutionalising large-scale best practices.

The company made this known in a statement signed by Mr Francis Awowole-Browne, Media and Communications Officer, Dangote Industries Limited, and issued to newsmen in Lagos on Monday.

The award was presented at the 4th Annual CEO Forum of Food Processing & Nutrition Leadership event organised collaboratively by TechnoServe; Aliko Dangote Foundation (ADF) and Bill & Melinda Gates Foundation in Lagos.

According to the statement, Dangote sugar was named among four other companies with substantial compliance in four food categories.

President of Dangote Group, Mr Aliko Dangote, noted that food fortification was a health issue that members of the Forum were committed to ensuring health compliance in the interest of nutritional health of Nigerians.

He recalled that the forum had proposed periodical convergence to assess compliance levels and expressed happiness that the report for the 2022 was an improvement on the previous report.

Dangote urged members of the forum to double their efforts to shore up compliance in the area where it was still below expectation.

He assured that there would be no going back in achieving full micronutrient fortification compliance especially in the pandemic era, to mitigate the effects of the virus.

Giving the report of milestones and compliance trends covered by the Forum in 2021, Mr Dominic Schofield of TechnoServe, said that 14 companies covering 31 brands had joined the Micronutrient Fortification Index (MFI) ranking for wheat flour, edible oil, sugar and salt.

The essence of the MFI ranking, Schofield explained, was to enable members of the public to have access to information about the fortification of the four staple foods and help encourage companies to meet their fortification targets.

“The recent implementation of pandemic-related border controls has enabled industrially-processed edible oil producers, adequately fortifying, to capture an increased market share and ensure wider consumer reach.

“The wheat flour sector demonstrably attempted to sustain compliance levels over the last year.

“Disrupted access to good quality Vitamin A, however, continues to pose a risk to good performance.

“With the promise of renewed focus; with opportunities to innovate in business processes and digitalization that better integrate food fortification and foster trust.

“And with the commitment and collective action on the part of all food fortification stakeholders, Nigerian processors can get back to the levels of optimal compliance achieved prior to the pandemic,”he said.

Also, private sector operators in the food processing industries as well as government regulating agencies pledged commitment to achieving optimal levels in food fortification compliance.

This, they said, was pertinent with the mounting nutritional challenges facing millions of Nigerians, especially in the wake of the COVID-19 pandemic.