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Dangote Sugar Refinery (DSR) will receive an investment of N106 billion from its Chairman Alhaji Aliko Dangote to improve the company’s profitability and returns to shareholders.
This announcement was made known to stakeholders of the sugar business on Thursday at the company’s 11th Annual General Meeting (AGM) for the 2016 financial year, held in Lagos.
Dangote noted that the N106 billion will be stretched out as an investment within the next four to six years. He said the investments, when concluded, would boost the company’s market share as well as a dividend payable to the shareholders.
The chairman added that about N101 billion had been committed toward actualization of the company’s Backward Integration Project (BIP). “To date, about N101 billion has been committed toward the actualization of these projects on equipment purchase, land studies and survey, and sensitisation campaign for the local communities,” Dangote said.
He stated that part of the funds was committed to the rehabilitation and expansion of Savannah Sugar Company.
Dangote also expressed optimism that the company’s target to produce 1.5 million tons of refined sugar from locally-grown sugarcane in the next six years was achievable.
The industrialist said that the company remained committed to the actualisation of its backward integration plans, and would continue with the effective management of resources to achieve the set target.
He noted that the company realigned the BIP strategy during the year under review, with a focus on the full expansion of Savannah Sugar Company, the Greenfield Project in Nasarawa, and the Lau/Tau Project in Taraba.
Dangote told the shareholders that the Nasarawa State Government had approved the project, noting that the company was in the process of cultivating 50-hectare sugarcane nursery at the site.
He said that the board was working very closely with the management to ensure that the projects were executed with financial discipline and integrity.
Dangote said that 2016 was characterized by unparalleled events such as low oil prices, increased inflation rate, depreciation of naira and tight monetary policies.
He added that other challenges experienced during the period were foreign exchange scarcity that affected the procurement of key raw material supplies and reduction in consumer spending.
Earlier, Dr. Farouk Umar, the President, Association for the Advancement of the Rights of Nigerian Shareholders, commended the board and management for the enhanced performance in spite of challenging operating environment.
Umar also commended the company for increasing its dividend payout to 60k, from 50k per share, and urged the management to ensure sustainability.