Dangote Sugar Refinery Plc, a subsidiary of Dangote group, a leading integrated sugar business owned by Africa’s richest man and Africa richest black man, Aliko Dangote reached another milestone by recording an outstanding performance in its 2022 fiscal year, with profits surpassing the N50 billion ($110 million) milestone
The company had earlier published financial reports which showed an impressive 148-percent increase in profits from N22.05 billion ($47.9 million) in 2021 to N54.74 billion ($119 million) at the end of its fiscal year, which ended on Dec. 31, 2022.
The company’s remarkable triple-digit surge in earnings during its 2022 fiscal year was driven mainly by a continuous growth in the demand for sugar, which resulted in an impressive 46-percent increase in revenue from N276.05 billion ($600 million) in 2021 to N403.24 billion ($876 million) in 2022.
Dangote Sugar Refiner reduce its distribution expenses significantly from N906.5 million ($1.96 million) to N741.4 million ($1.61 million), while its administrative costs decreased slightly from N10.63 billion ($23.1 million) to N10.31 billion ($22.4 million).
The financial performance of the company was aided by its well-executed cost strategies, which kept operating costs in check. The impressive financial performance in its 2022 fiscal year led to significant increases in its retained earnings and total assets.
The company’s total assets rose from N359 billion ($780 million) to N492.43 billion ($1.07 billion) while its retained earnings grew from N116.25 billion ($252.4 million) to N158.84 billion ($345 million),
The board of directors further recommended a dividend payment of N1.50 ($0.0032) per ordinary share of 50kobo ($0.00106) to shareholders, as a result of this outstanding performance, which amounts to a total payout of N18.15 billion ($39.4 million).
The company’s profit of N54.74 billion ($119 million), would serve as a dividend to reward its shareholders for showcasing its commitment and creating value for them.
The recently published financial results of Dangote Sugar Refinery have received a positive reaction from investors, as the company’s share increased by almost 10 percent during trading hours on the Nigerian Exchange.
This inturn increases investors confidence towards the integrated sugar company and its ability to continually deliver impressive financial results.
The company’s market capitalization rose above N215 billion ($467 million) as a result of investors renewed buying interest which solidified its position as the eighteenth most valuable company listed on the Nigerian Exchange.
Abuja, Nigeria, recently hosted a groundbreaking continental canoe sprint and para-canoe e…