By Peter Egwuatu
Dangote Flour Mills Plc and Dangote Sugar Refinery Plc have recorded total revenue of N275 billion in the financial year ended December 31, 2016, representing an increase of 84.8 per cent from N275. 5 billion of the corresponding period of 2015.
The two Dangote companies also recorded a Profit Before Tax, PBT of N35.6 billion in 2016, representing a growth of 44.1 per cent from N24.7 billion recorded in 2015. The Profit After Tax surged by 124 per cent to N24.96 billion from N11.14 billion in 2015.
Meanwhile, analysis of the individual company show that Dangote Flour posted a revenue of N105.8 billion from N48.027 billion in 2015, while Dangote Sugar posted a revenue of N169.7 billion, representing a growth of 68 per cent from N101.06 billion in 2015.
The PBT of Dangote Flour rose to N16.036 billion in 2016 from N8.577 billion in 2015, while Dangote Sugar recorded 19.61 billion, representing a growth of 21 per cent from N16.16 billion in 2015. The PAT of Dangote Flour stood at N10.56 billion in 2016, from a loss of 12.7 billion in 2015, while that of Dangote Sugar recorded N14.4 billion in 2016, from N11.14 billion in 2015.
Dangote Flour is proposing a dividend of 60 kobo per share for the financial year 2016 as against 50 kobo per share in 2015.
Commenting on the result, the Acting Managing Director of Dangote Flour, Mr. Abdullahi Sule, said: “We are very pleased with the results for the period under review, our revenue grew by 68 per cent and improve sales volume compared to 2015 despite the current macro-economic challenges.”
Continuing he said “Our focus in the current year and for the future remains leveraging our strengths to maximize every opportunity to generate sales, increase our market share and create sustainable value for our stakeholders. Concerted efforts are being made towards the actualization of our BIPs plan. The implementation strategy has changed and the full focus is now on the expansion of the Savannah S