Dangote Sugar Refinery Plc has reported 33.2 per cent growth in profit to N29.78billion in its audited results for year ended December 31, 2020 as against N22.36billion reported in December 31, 2019.
The company has proposed a dividend of N1.50k per Ordinary Share as against N1.10k paid in 2019. But the dividend is subject to shareholders’ approval at the forthcoming Annual General Meeting (AGM).
A 53 per cent increase in profit before tax to N45.6billion in 2020 was recorded compared with the N29.82billion posted in 2019.
The company generated N214.3 billion revenue in 2020, 33.03per cent increase compared to N161.09billion earned in 2019.
Its total assets jumped by 43.5 per cent to N278.03billion in 2020 from N193.71billion in the corresponding year.
Dangote Sugar Refinery was established in 1999 and commenced sugar business in 2000 as a division within the Dangote Group.
Following strategic decision of DIL to unbundle its various operations, DSR was incorporated as a public limited liability company in 2005.
The principal business activity of DSR is the refining of raw sugar to produce fortified and non-fortified granulated white sugar. The Company distributes refined white sugar to consumers and industrial customers in Nigeria and exports its products to other West African countries, benefitting from the strategic location of its refinery in Apapa near the largest port in Nigeria.