ByÂ Franklin Alli
The Chairman, Board ofÂ Directors, Dangote Sugar Refinery PLC, Alhaji Aliko, Dangote, has declared that the companyâ€™s 1.1 million annual metric tonnes Algerian sugar refinery is nearing completion, and will begin production next year.
He also disclosed that the companyâ€™s turnover for financial year endedÂ 31st December 2008, grew to N80, 671, 383, from N80,649,442 posted in 2007. â€œI am happy to announce to you that the 1.1 annual metric tonnes Algerian sugar refinery is nearing completion, and will become operational by 2010. Furthermore, your Board and Management are already thinking beyond sugar refining. You will recall that there has been call for the use of ethanol as fuel worldwide.
Ethanol is a by product of refined sugar, molasses, produced at our refinery. We are studying the vagaries of this investment and would maximize all the benefits prevalent in this new opportunity as we forge ahead,â€ he told shareholders on the occasion of the companyâ€™s 3rd Annual General Meeting . He said despite the several challenges facing businesses this year due to the global economic crises, Naira devaluation and high cost of production inputs, the company was able to apply cost cutting strategies in its operations, and , therefore, recorded a turnover of N80,671,383, and operating profit before tax stood at N30,151,378.
This performance shows impact of the various policies and strategies being put in place to ensure that we remain profitable. We are committed to the sustenance of this trend, and are implementing policies and measures that will ensure your Company remains very competitive, for the delivery of sustainable dividends to all stakeholders.
This situation notwithstanding, we will continue to focus on the production of high quality sugar, improved distribution channel, market growth, superior customer satisfaction and maximised returns on shareholdersâ€™ investment. â€œI must say that our prospects for 2009 are excellent and that we are committed to maintaining our leadership position in the Food and Beverage industry, in the coming months. We are aware of upcoming competition, but are unfazed by their presence or strategies.â€
Given the overall result, the Board, he said, has recommended the payment of a final dividend of N4.2 billion, representing 35 kobo for every 50 kobo ordinary share held. If approved this will bring the total dividend paid to N14.4 billion, representing a total of N1.20 kobo for each share of 50kobo each held in the company.