• Home
  • Privacy Policy
  • Ad Rates
  • Submit News
  • Contact Us
The Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
The Eagle Online
No Result
View All Result

Dangote Sugar increases production by 13.7% despite #EndSARS, COVID-19

Hassan Muaz by Hassan Muaz
March 1, 2021
in Business, Economy
3 min read
0
Dangote Sugar increases production by 13.7% despite #EndSARS, COVID-19
Share on FacebookShare on TwitterWhatsApp

Despite the disruptions to the economy, owning majorly to the Coronavirus Disease, Dangote Sugar Refinery recorded an increase in production volume, which rose by 13.7 per cent, to 743,858 tonnes in the financial year ended December 31, 2020, compared to 654,071 tonnes in 2019.

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

According to the audited result released on the floor of the Nigerian Stock Exchange, the improvements were attributable to operations optimisation strategy despite momentary disruption caused by civil unrest in the last quarter of the year, tagged: #EndSARS.

Growth continued to benefit from the sustained efforts to drive customer base expansion and several trade initiatives and investments.

A breakdown of the results indicated that 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, compared to N38.29 billion in 2019, while Group profit after taxation for the year increased by 33.2 per cent to N26.70 billion as against N22.36 billion in 2019, reflecting management’s unrelenting goal to deliver consistent shareholder value.

The Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, Ravindra Singhvi, speaking on the results, said despite the socio-economic uncertainties occasioned by COVID-19 pandemic during the year under review, the sugar group continued on the growth path with commitments to improve o performance and generate value for all stakeholders.

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

According to Singhvi: “Our focus on the implementation of our key strategies in the face of the several challenges posed by the COVID Pandemic, the peculiarities of the Apapa traffic situation amongst others we achieved a topline growth in revenue of N214.30 billion, a 33.0% increase over 2019; a 53% YOY increase in PBT, and 33.2% increase in PAT.

“2020 was indeed very eventful for our company ranging from the weak macroeconomic fundamentals caused by the underlying impact of COVID-19 pandemic which saw to the steady rise in FX 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.”

Singhvi added that the company activated its Business Continuity Management System during the lock down periods due to the COVID pandemic and disruptions caused by EndSARS protests, which helped to minimise the adverse impact the situation had on businesses in the country.

He noted that one of the key highlights of during the year was the successful completion of the Scheme of Arrangement – merger of Dangote Sugar Refinery Plc and Savannah Sugar Company Limited with effect from September 1, 2020 to operate under one unified entity.

He added: “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, optimize cost and operational efficiencies.

“Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location.

“Our refinery located at Apapa Wharf Ports Complex, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

RelatedPosts

Church donates food items to needy Muslims for Ramadan

Perez voted in for sixth term as president of Real Madrid

COVID-19: NCDC announces new cases, total now 163,837

“Our Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.

“To achieve this, Dangote Sugar Refinery Plc acquired Savannah Sugar Company Limited, located in Numan, Adamawa State in December 2012, and embarked on the ongoing rehabilitation of its facilities and expansion of its 32,000 hectares’ sugarcane estate.

“In September 2020, the scheme of merger between DSR and Savannah Sugar estate was completed which gave birth to a bigger and stronger business with considerable opportunity for growth and delivery of superior benefits to all stakeholders.

“The expansion and rehabilitation of the sugar estate is still ongoing as well as the development of the greenfield site acquired at Tunga, Nasarawa State for the achievement of DSR’s sugar for Nigeria development master plan.

“The Nasarawa Sugar Company Limited is the registered subsidiary of Dangote Sugar Refinery Plc.

“The 78,136 hectares Sugar Project Site is located at Tunga, Awe Local Government Area, of Nasarawa State.

“Massive developments in agriculture, irrigation infrastructure amongst others is ongoing at the site.

“Unfortunately, Lau/Tau project is still on hold following the lingering compensation issue between the communities and Taraba state government.”

Tags: #EndSARSCOVID-19Dangote Sugar Refinery PlcNasarawa Sugar CompanySavannah Sugar Company
Share28Tweet18SendShare7

Related Posts

Church donates food items to needy Muslims for Ramadan

Church donates food items to needy Muslims for Ramadan

April 13, 2021
Perez voted in for sixth term as president of Real Madrid

Perez voted in for sixth term as president of Real Madrid

April 13, 2021
COVID-19: Niger confirms death of Professor, 10 positive out of 202 rested

COVID-19: NCDC announces new cases, total now 163,837

April 13, 2021
HP unveils new ink tank wireless printers for home users

HP seizes over 4.5m counterfeit print products, components globally in 2020

April 12, 2021
NGE seeks electoral reforms to improve conduct of polls

Editors’ guild seeks bailout for media industry

April 12, 2021
Attack: We won’t shut down Kaduna Airport- FAAN MD

FAAN tasks airport users on COVID-19 protocols

April 12, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.




COVID-19 Update

Church donates food items to needy Muslims for Ramadan

Perez voted in for sixth term as president of Real Madrid

COVID-19: NCDC announces new cases, total now 163,837

HP seizes over 4.5m counterfeit print products, components globally in 2020

Editors’ guild seeks bailout for media industry

Most Read

  • Gunmen kill policeman  accompanying election results in Ogun

    FG warns of planned attacks in six airports

    212 shares
    Share 85 Tweet 53
  • Osun: Suspected ritualist kills food vendor, severs hands, head

    156 shares
    Share 62 Tweet 39
  • Adeboye, El-Rufai meet days after release of kidnapped RCCG members

    138 shares
    Share 55 Tweet 35
  • Three suspected kidnappers arrested on Lagos-Ibadan Expressway

    133 shares
    Share 53 Tweet 33
  • Police reject N500,000 bribe, arrest suspects with stolen construction materials

    132 shares
    Share 53 Tweet 33
  • Police begin search for community chief, 10 others over threat to life

    122 shares
    Share 49 Tweet 31

Ease Slash

Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.




https://theeagleonline.com.ng/wp-content/uploads/2020/05/VID-20200510-WA0000.mp4

Chat with us now

Most Commented

  • 38-year-old girlfriend aborts pregnancy for 50-year-old man, dies

    38-year-old girlfriend aborts pregnancy for 50-year-old man, dies

    108 shares
    Share 43 Tweet 27
  • Gov. Zulum, man of strong character amid daunting security challenges — Oyetola

    68 shares
    Share 27 Tweet 17
  • We have critical security situation in South East, South South – I-G

    68 shares
    Share 27 Tweet 17
  • Ramadan: APC distributes 130 trucks of food items in Zamfara

    69 shares
    Share 28 Tweet 17
  • Dozens of bandits neutralised in air strike in Kaduna

    68 shares
    Share 27 Tweet 17

Latest

#EndSARS: Adeboye backs protest, church demands new policing strategy

Insecurity: Victory is around the corner, says Pastor Adeboye

April 13, 2021
Enugu NBA urges JUSUN to call off strike, calls for dialogue

JUSUN: Lagos lawyers back call for suspension of strike

April 13, 2021
Church donates food items to needy Muslims for Ramadan

Church donates food items to needy Muslims for Ramadan

April 13, 2021
PDP alleges political godfatherism in allocation of FG’s 774,000 jobs

Reps member, Oluwole Oke hails successful conduct of PDP South-West zonal congress

April 13, 2021
EbubeAgu: Don’t be deceived by South East governors’ jamboree, SERG tells region

EbubeAgu: Don’t be deceived by South East governors’ jamboree, SERG tells region

April 13, 2021




  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
  • Entertainment
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.