Dangote sugar posts N14bn profit, declares dividend

Dangote Sugar Refinery Plc (DSR) has posted N14.4 billion as profit after tax (PAT) from its operations for the year ended December 31, 2016.

The profit recorded for the period is 29.73 per cent higher than the N11.1 billion it gained in 2015 while its pre-tax gain profile jacked up form N16.2 billion in 2015 to N19.6 billion last year.

During its Annual General Meeting (AGM) held in Lagos, yesterday, the Nigerian food and beverage company also revealed an upward movement in the value of its total assets, rising by 74.56 per cent to stand at N178.4 billion against N102.2 billion in 2015.

Addressing shareholders at the meeting, the Chairman, Board of Directors, DSR, Alhaji Aliko Dangote, explained that in 2016, the company achieved a group turnover of N169 billion, 68 per cent higher than the comparative period in 2015 by increase in prices of product

It was noted that the rise in the turnover was chiefly driven by increase in prices of commodities in the country last year while about same volume of 778,518mt and 778,000mt were achieved in 2016 and 2015 respectively.