Business
DSR Shares N18.22bn Dividends, Targets Production Growth
Dangote Sugar Refinery Plc (DSR) would be dishing out N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season.
The dividend payout translates to N1.50 kobo per share held by shareholders.
Chairman, DSR, Aliko Dangote, “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry.
“We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”
From the annual returns, DSR recorded a turnover of N403 billion, a 46 percent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.
The Chairman attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.
On her part, Coordinator, Pragmatic Shareholders Association (PSA), Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector, the company still performed far better than the previous year.
She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.
According to Dangote the success of DSR was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan.
This, he noted has seen the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.
He said, “Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.
“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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