By Amaka Ifeakandu
Lagos
Dangote Sugar Refinery Plc (DSR) has declared profit after tax of N13.537 billion for the financial year ended December 31, 2013. The amount showed an increase of N2.741 billion or 25% compared with N10.796 billion recorded in the preceding year. The profit before tax also rose from N16.331 billion in 2012 to N20.099 billion during the year under review.
Shareholders of Dangote Sugar Refinery Plc (DSR) at the company’s 8th annual general meeting commended the board and management for corporate governance principles and dividend policy. They urged them to take appropriate measures towards reducing the number of unclaimed dividend in the list.
The shareholders, who spoke during the AGM also approved the dividend payment of. N7.2 billion which translated to 60 kobo per share due to every investor of the company. Speaking on behalf of others, the chairman, Ibadan zone Shareholders Association, Sola Abodurin lauded the company for paying virtually all the earnings as dividend to shareholders.
He noted that the company’s profit increased, despite the decline in turnover, stressing that the various strategies put in place by the board has enhanced its bottom line and profitability.
The president, Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare urged the company to do everything within its powers to reduce the number of unclaimed dividend in their list.
She, however commend the firm’s backward integration strategy, adding that the company has created employment opportunities to the people.
Addressing shareholders at the meeting, the chairman of the DSR, Alhaji Aliko Dangote, said that the company recorded a turnover of N102.467 billion in 2013 as against N106.868 billion in 2012.
Dangote stated that the 2013 financial year was characterised by variable market conditions, which range from volatile world market sugar prices to consumer sensitivity.
“I am happy to report, however, that by adapting to the needs of our customers, we sustained our leadership position in the market and grew our profits during the period under review.”
He further explained that the company has started its development plan, in pursuant to the introduction of the federal government’s National Sugar Master Plan in Nigeria.