By Peter Egwuatu

Shareholders of Dangote Sugar Refinery Plc have unanimous endorsed its Board of Directors proposed reduction of authorised share capital as well as dividend of N12.147 billion for the financial year ended December 31, 2022.

The shareholders at the Company’s 16th Annual General Meeting, AGM held in Lagos, Wednesday, approved a reduction of Dangote Sugar Refinery’s authorised share from 15.0 billion ordinary shares of 50 kobo each to 12.147 billion ordinary shares of 50 kobo each by the cancellation of 2.853 billion unissued ordinary shares of 50 kobo each.

Commenting on the Company’s performance for the year under review, the shareholders that spoke at the AGM, such as Nonah Awoh, Matthew Akinlade, President, Nigerian Shareholders Solidarity Association of Nigeria, NSSA, Dr Farouk Umar, Chairman, Advancement for Right of Nigerian Shareholders, Mrs Bisi Bakare , Chairman , Pragmatic Shareholders Association of Nigeria among others, commended its impressive performance given the harsh operating environment.

The shareholders endorsed all other special resolutions put before them at the meeting, while urging the Management of the Company to do all it can to enhance capacity utilisation to be able to meet the high demand for sugar.

Addressing shareholders, the Chairman of the Company, Alhaji Aliko Dangote thanked the shareholders for the loyalty and support over the years. “I am quite impressed with the last year’s performance and happy to say that we will continue to work towards surmounting the challenges for an even better performance in the current year and beyond” he asded.

On sustainability, Dangote said: “In 2021, our commitment to building a sustainable business remained on track with the principles of good corporate governance.”

Analysis of the financial performance for the year under review shows that the Company recorded gross profit of N50.21 billion and profit after tax of N22.05 billion.

It also increases its group sales volume, which rose by 5.7 per cent to 773,341 tonnes, compared with 731,701 tonnes in 2020.

Production volume gone up by 9.2 per cent to 811,962 tonnes in 2021, compared with 743,858 tonnes in 2020.

Dangote Sugar Refinery said the growth recorded in 2021 was supported by the positive market responses to key trade interventions introduced during the year.

Ravindra Singhvi, Group Managing Director, Dangote Sugar Refinery, said: “Our impressive performance in the year demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.”

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