Northern Nigerian Breaking News

Dangote Sugar Refinery reports N26.70bn profit for 2020

23

Dangote Sugar Refinery Plc (DSR) recorded a profit after tax of N26.70 billion for the financial year ended Dec. 31, 2020.

The company stated this in its audited result released on the floor of the Nigerian Stock Exchange on Monday.

The profit after tax represented an increase of 33.2 per cent when compared with N22.36 billion recorded in the corresponding period of 2019, reflecting management’s unrelenting goal to deliver consistent shareholder value.

The company’s group revenue increased by 33 per cent to N214.30 billion in contrast to N161.09 billion in 2019.

Gross profit increased by 40.4 per cent to N53.75 billion, against N38.29 billion posted in 2019.

In spite of the disruptions in the economy due to the coronavirus pandemic, Dangote Sugar Refinery recorded an increase in production, which rose by 13.7 per cent to 743,858 tonnes compared with 654,071 tonnes posted in 2019.

Rabiu

The sugar group also posted an increase in sales, which rose by  6.9 per cent, from 684,487 tonnes to 731,701 tonnes.

Read Also:PHOTOS: Dangote prepares Nigerian Engineers to manage refinery complex on completion

The company attributed the performance to operations optimisation strategy despite the momentary disruption caused by civil unrest in the last quarter of the year.

It noted that the growth continued to benefit from sustained efforts to drive the expansion of the customer base and several trade initiatives and investments.

Commenting on the result, the company’s Group Managing Director/Chief Executive, Mr Ravindra Singhvi, said despite the socio-economic uncertainties occasioned by the COVID-19 pandemic during the year under review, the sugar group continued on the growth path with commitments to improve on performance and generate value for all stakeholders.

This, he said, was reflected in the sales of 731,701 tonnes, and production of 743,858 tonnes being a 6.9 per cent and 13.7 per cent increase in volumes over the comparative year 2019.

“2020 was indeed very eventful for our company ranging from the weak macroeconomic fundamentals caused by the underlying impact of COVID-19 pandemic.

“This saw to the steady rise in foreign rate, high inflation and the significant rise in our cost of production, to the worsening traffic gridlock on the Apapa Wharf road which led to delays and at times disruption of the distribution and deliveries to customers,” he said.

Singhvi added that the company activated its Business Continuity Management System during the lockdown due to the COVID-19 pandemic and disruptions caused by EndSARS protests.

He said this helped to minimise the adverse impact the situation had on businesses in the country.

He noted that one of the key highlights of the year was the successful completion of the Scheme of Arrangement – a merger of DSR and Savannah Sugar Company Ltd. with effect from Sept. 1, 2020, to operate under one unified entity.

“We are confident the merger will enable us to achieve operational, administrative and governance efficiencies resulting in increased shareholder value.

“We will continue to pursue our Backward Integration Projects, and other key initiatives to grow our sales volumes, market share, optimise cost and operational efficiencies,” he added.   (NAN)

23 Comments
  1. free-web-cam-chat.com says

    139858 419064Great post man, maintain the nice work, just shared this with the friendz 514650

  2. Rheanna says

    hi!,I love your writing very much! percentage we keep up a correspondence extra about your article on AOL?
    I need a specialist on this house to solve my problem.
    Maybe that is you! Taking a look forward to see you.

  3. Leila says

    Does your site have a contact page? I’m having trouble locating it but, I’d
    like to shoot you an email. I’ve got some ideas for your blog you might be interested in hearing.
    Either way, great website and I look forward to seeing it grow over time.

  4. Shantika says

    I was suggested this blog by my cousin. I’m not sure whether
    this post is written by him as no one else know such detailed about my trouble.
    You are incredible! Thanks!

  5. glow4d link alternatif says

    I do not even know how I ended up here, but I thought this post was great.
    I do not know who you are but certainly you are going to a famous blogger if you aren’t already 😉 Cheers!

  6. glow 4d slot says

    Hi! I could have sworn I’ve visited this website before but after looking at a few of the articles I realized it’s new
    to me. Anyways, I’m certainly pleased I discovered it and I’ll be book-marking it and checking back regularly!

  7. glow4d says

    Hey just wanted to give you a quick heads up. The text in your article
    seem to be running off the screen in Chrome. I’m not sure if this
    is a formatting issue or something to do with browser compatibility but I thought I’d post to let you know.
    The layout look great though! Hope you get the issue
    resolved soon. Many thanks

  8. Glow4D Site says

    Hello there, just became alert to your blog through Google, and found that it’s truly informative.
    I am going to watch out for brussels. I’ll be
    grateful if you continue this in future. Numerous people will be benefited
    from your writing. Cheers!

  9. glow 4d claim bonus says

    Wow, superb weblog layout! How lengthy have you ever been blogging
    for? you make running a blog glance easy. The whole glance of your site is magnificent, let alone the content!

  10. glow 4d slot says

    I enjoy reading an article that will make people think. Also, many thanks for permitting me to comment!

  11. glow4d alternatif says

    I’m not sure exactly why but this weblog is loading extremely slow for me.
    Is anyone else having this problem or is it a issue on my
    end? I’ll check back later on and see if the problem still exists.

  12. glow4d alternatif says

    Fantastic goods from you, man. I’ve take into accout your stuff prior to and you are just extremely wonderful.
    I really like what you’ve acquired here, really like what
    you are stating and the way in which wherein you
    are saying it. You’re making it entertaining and you still
    take care of to keep it sensible. I can’t wait to read
    much more from you. This is really a wonderful site.

  13. glow 4d says

    Great goods from you, man. I’ve understand your stuff previous to and you are just too excellent.

    I really like what you have acquired here, really
    like what you are saying and the way in which you say it.

    You make it entertaining and you still take care of to keep it smart.
    I cant wait to read much more from you. This is really a tremendous site.

  14. Glow4D rtp says

    Hello, of course this piece of writing is genuinely fastidious and I have learned lot
    of things from it on the topic of blogging. thanks.

  15. glow 4d says

    great issues altogether, you just won a new reader. What would you recommend
    in regards to your submit that you made a few days ago?
    Any sure?

  16. glow 4d Claim bonus says

    You made some decent points there. I checked on the internet to learn more
    about the issue and found most people will go along with your views on this site.

  17. infodin.com.br says

    I was curious if you ever considered changing the page layout
    of your blog? Its very well written; I love what
    youve got to say. But maybe you could a little more in the way of content so
    people could connect with it better. Youve got an awful lot of text
    for only having 1 or 2 images. Maybe you could space it out better?

  18. tamil porn videos says

    Good information. Lucky me I discovered your website by accident (stumbleupon).
    I’ve bookmarked it for later!

  19. free indian porn says

    Amazing! This blog looks exactly like my old one!
    It’s on a totally different topic but it has pretty much the same page layout
    and design. Superb choice of colors!

  20. indian porn videos says

    Thanks for sharing such a good opinion, paragraph is nice, thats why i have read it entirely

  21. tamil porn videos says

    Yesterday, while I was at work, my cousin stole my apple ipad and tested to see if
    it can survive a forty foot drop, just so she can be a
    youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is completely off topic but I had to share it with someone!

  22. megaporn says

    Hi there, yup this paragraph is really pleasant and I
    have learned lot of things from it on the topic
    of blogging. thanks.

  23. Leonore says

    Sweet blog! I found it while surfing around on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Appreciate it

Leave A Reply

Your email address will not be published.