Category: PRESS RELEASE

Dangote Refinery reduces petrol price to N970

Post author By Victor Ogunyinka
Post date November 25, 2024
No Comments on Dangote Refinery reduces petrol price to N970

Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.

As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.

While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.

Tags Dangote Petrol Price

PRESS RELEASE

Backward Integration: Dangote targets 700,000MT of refined sugar in four years

Post author By Victor Ogunyinka
Post date April 30, 2024
No Comments on Backward Integration: Dangote targets 700,000MT of refined sugar in four years

As Q1 revenue rise by 20.1% to N122.7bn

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

“Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

“The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

“This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

“Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

Tags dangote sugar refinery

PRESS RELEASE

Dangote Sugar pays N18.22bn Dividends, to produce 170,000 Tonnes next season

Post author By Content M
Post date June 8, 2023

Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay 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 will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “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.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote 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.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with 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.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above 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.

Tags 2022 AGM, dangote sugar, dangote sugar refinery

PRESS RELEASE

H1 2021: Dangote Sugar records strong growth

Post author By Content M
Post date August 2, 2021

Dangote Sugar Refinery recorded strong improvements in performance indices in half-year ended June 30, 2021, as group revenue increased by 27.8 per cent to N131.95 billion in contrast to N103.23 billion recorded at the same period in the preceding year. According to the refinery’s unaudited results for the period, Gross profit grew double-digit at 37.3 per cent to N28.59 billion compared to N20.82 billion at the preceding year due to better topline performance.

Group sales volume increased to 388,589 tonnes while production volume also increased by 7.6 per cent to 403,846 tonnes driven by operations optimization drive.

Commenting on the Company’s half-year 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said; “We commenced the year on a strong footing with impressive performance in first half as the financial results have shown, with a stronger Q1 topline growth and a robust Q2 topline growth year on year.

During the period under review we launched our new packaging designs for the 50kg fortified and non-fortified sugar bags with the theme “Dangote Sugar has a new look…. Same Great Quality”. The theme reaffirms the quality of our product and inspires a deeper connection to the Dangote Sugar brand among our valued customers and consumers, whilst refreshing our market presence as the leading sugar brand in Nigeria.”

He added, “…as part of our Supply Chain Management Sustainability journey, we continued to enhance our Outgrowers Scheme. The technical and agriculture support provided for them over time has led to the improved yield from our Outgrowers sugarcane farms at the Numan Sugar Estate. This effort will be sustained to ensure the socio-economic growth of our immediate communities and improved sugar cane supply for production.

The team is committed to navigate the second half of the year, keeping the health and safety of our people and partners as top priority. Our Refinery in Apapa and Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State continue to operate in compliance with our health and safety protocols while ensuring our commitment to the environment and sustainable business practices are maintained.”

He stated that the recurrent challenges with Apapa traffic gridlock persisted during the 1st half of the year but expressed optimism that the truck call up system will address the situation. Achievement of the Dangote Sugar Backward Integration Projects targets, he added “remains our focus. We are resolute and will continue in our quest to put Nigeria on the path of sugar self-sufficiency and on the world sugar map.”

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

It has the Backward Integration goal of becoming 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 DSR Numan Operations (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 Company Limited 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 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 development in agriculture, irrigation infrastructure amongst others is ongoing at the site.

Tags dangote sugar, dangote sugar refinery, h1 2021, Q2 2021

PRESS RELEASE

Q1 2021: Dangote Sugar reports N11.95 billion profit

Post author By Content M
Post date May 18, 2021

Nigeria’s largest producer of sugar, Dangote Sugar Refinery has reported profit before tax of N11.95 for the three months ended March 31, 2021.

According to the company’s unaudited financial reports for the period under review, the amount represents an increase of 25.6 per cent compared to N9.5 billion posted in the corresponding period in 2020.

Profit after taxation for the period increased by 30.3 per cent to N8.30 billion in contrast to N6.37 billion recorded in 2020, reflecting management’s unrelenting drive to deliver consistent shareholder value.

Group sales volume increased in the quarter by 5.7 per cent to 200,510 tonnes. Growth in sales volume is attributable to sustained efforts to drive customer base expansion, several trade initiatives, and investments.

Group production volume also increased by 4.3% to 200,783 tonnes compared to 192,584 tonnes in 2020. The increase came from operations optimization strategy despite the challenges of the Apapa traffic situation.

According to the result, Group revenue increased to N67.39 billion indicating an increase of 41.5% over N47.64 billion. Growth in revenue advanced ahead of volume growth due to pricing benefits.

Commenting on the Company’s 1st quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said, “We commenced the year on a fair footing as our 1st quarter 2021 financial results show our commitment to delighting our customers and consumers with high-quality products and delivering value for all stakeholders.

The health and safety of our people and partners remain our priority. Our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained.

We have experienced improved yield from our sugar cane plantations and continue to partner with our outgrowers for the supply of sugar cane for production.

Amidst the protracted socio-economic uncertainties occasioned by the COVID-19 pandemic and heightened insecurity during the quarter under review, we have continued on the growth path, as our talented and dedicated team have enabled us to mitigate some of the adverse impacts of the worsening traffic gridlock in Apapa and other macroeconomic headwinds.

We remain committed to the implementation of the “Dangote Sugar for Nigeria” Master plan as we continue to pursue our Backward Integration Projects.”

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.

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.

Tags 2021 financial reports, aliko dangote, dangote sugar, dsr 2021 Q1 results, savannah sugar, stakeholder management

PRESS RELEASE

Dangote Sugar’s $700million BIP investments will promote infrastructure development

Post author By Content M
Post date May 18, 2021

With a national annual import of over $337million, the management of Dangote Sugar Refinery Plc has declared its irrevocable commitment to the Backward Integration Policy (BIP) of the Federal Government to reverse the trend and make Nigeria self-sufficient in sugar production.

The company which is committing over $700million to its sugar projects told visiting members of the Nasarawa House of Assembly at the weekend that the company’s investments in sugar will revolutionalize the economy of the state and lift its people as other people-oriented infrastructures would come with the sugar projects.

The state lawmakers who were obviously excited at the sugar projects commended the Dangote Group for choice of the state for the project and the accelerated pace with which the project was being executed despite occasional delays arising from communal disagreements.

Nigeria is one of sub-Saharan Africa’s largest importers of sugar second only to South Africa, but the Dangote Sugar management assured the lawmakers that by the time the company fully completes its sugar projects in Nasarawa and Adamawa under the BIP, the nation would be saved of more than half of the forex expended on sugar imports annually.

General Manager for the Backward Integration Project, Dangote Sugar, Mr John Beverley said when the factory is fully operational, it would have the capacity to crush 12,000 tons cane per day (tcd), while 90MW power will be generated for both the company’s use and host communities.

He disclosed also that some 500km roads in all will be constructed to ease transportation within the vicinity, even as he solicited the support of the lawmakers in controlling the menace of land encroachment by settlers and itinerant farmers.

Mr Beverley said the company has been carrying out Corporate Social Responsibility (CSR) projects in the communities pointing out that so far the company has constructed boreholes, schools, Clinic and awarded scholarship among other CSR services.

In his response, the Speaker of the Nasarawa State House of Assembly Hon. Ibrahim Balarabe Abdullah, who led the team said that the $500 million so far expended on the investments by Dangote Sugar Refinery Plc in Nasarawa State is not only a blessing to Nigeria but the pride of Africa.

The Speaker and his team members, who were conducted round the company’s 78,000 hectares Backward Integration Project in Tunga Awe Local Government Area of the stated commended the Chairman of the Company. Alhaji Aliko Dangote for the gigantic project saying “seeing is believing”.

The Speaker said he was taken aback by the huge nature of the investment, noting that it would not only open up opportunities in the state but in Africa as a whole.

Aside the Speaker, other Principal Officers in his entourage are House Majority Leader Hon Umar Tanko Tunga(Awe North), Deputy Majority Leader Daniel Ogah Ogazi, the Chief Whip Hon Muhammad Muluku(Nasarawa Eggon East), Hon. Suleiman Yakubu Azara(Awe South) and Hon Muhammad Alkali(Lafiya North).

The Speaker said the lawmakers were ready to partner and support the company towards the realization of the sugar project through relevant legislation.

According to him, the news that the project would create about 150,000 jobs is a welcome one, more so when it is no secret that the project site was once a forest harbouring criminals before its acquisition by the Dangote Sugar Refinery.

Also shedding light on the project, the General Manager, Government and Stakeholders Relations, Mr Bello Dan Musa said the President of Dangote Group is passionate about lifting Nigeria’s economy through strategic investment and job creation.

He added that the huge project does not only fit into the Backward Integration Policy and National Sugar Master Plan(NSMP) but the diversification agenda of the government.

The Dangote Group is the biggest private sector investor in the Backward Integration Policy of the Federal Government. The policy seeks to gradually halt the importation of sugar into the country.

It would be recalled that in 2017 the Dangote Industries Limited signed a landmark $700million Memorandum of Understanding with the Nasarawa State Government.

The integrated sugar complex to be located in Tunga, Awe Local Government Area of Nasarawa state, comprises an initial 60,000ha sugar plantation and two sugar factories with the capacity to produce 430,000tpa of refined white sugar representing about 30% of the country’s consumption and would be the largest plant in Nigeria.

When Phase II of the project is completed, according to the company, it would make it the largest sugar refining plant in Africa.

Tags backward integration programme, dangote sugar, Dangote Sugar $700 million

PRESS RELEASE

Latest News August 2020

Latest News August 2020

Aliko Dangote, Africa’s richest man, estimates group revenue will reach $30 billion in two years, boosted by earnings from a new oil refinery and petrochemical plant due to start production next year, ThisDay reported.

The Dangote Group, with interests in cement, flour, and sugar, currently makes annual sales of about $4 billion, the Lagos-based newspaper reported. Dangote, who plans to diversify his investment to the U.S., is building a $12 billion, 650,000 barrel-a-day refinery in Lagos, Nigeria’s commercial capital.

Tags dangote sugar

PRESS RELEASE

Dangote Sugar Acquires Savannah Sugar

Post author By Content M
Post date July 2, 2020

To enhance production capacity and further increase its market share, shareholders of Dangote Sugar Refinery Plc (DSR) have given the nod for the formal takeover of Savannah Sugar Company Ltd (SSCL).

Shareholders of DSR during their Extraordinary General Meeting (EGM) which was preceded by the 2019 Annual General Meeting, voted in favour of merger of the two companies as the sub-Saharan Africa’s largest sugar refining firm embarked on the next stage of its backward integration plan to revolutionise the sugar sub-sector of the nation’s economy.

Chairman of the company, Aliko Dangote said the DSR, a top tier player in the industry with installed capacity to produce 1.44 million metric tonnes per annum will be leveraging on Savannah Sugar’s sugarcane production capacity to enhance its production capacity.

NEW TELEGRAPH NEWSPAPERS FRONT PAGE

https://www.newtelegraphng.com/dangote-acquires-savannah-sugar/

DAILY TRUST NEWSPAPERS

https://www.newtelegraphng.com/dangote-acquires-savannah-sugar/

DAILY INDEPENDENT NEWSPAPERS

https://www.independent.ng/dangote-sugar-acquires-savannah-sugar-pays-n13-2bn-dividend/

DAILY NIGERIAN

https://dailynigerian.com/dangote-acquires-savannah-sugar-pays-n13-2bn-dividend/

RIPPLES NIGERIA

https://www.ripplesnigeria.com/dangote-sugar-set-for-savannah-sugar-takeover/

EAGLE ONLINE

https://theeagleonline.com.ng/dangote-sugar-acquires-savannah-sugar-pays-n13-2b-dividend/

HEADLINE NIGERIA

https://headlines.ng/dangote-acquires-savannah-sugar/

Shareholders Endorse Merger Between Dangote Sugar And Savannah Sugar

In a bid to enhance production capacity and further increase its market share, shareholders of Dangote Sugar Refinery Plc (DSR) have given the nod for the formal takeover of Savannah Sugar Company Ltd (SSCL).

THISDAY NEWSPAPERS PAGE 33

https://www.thisdaylive.com/index.php/2020/07/10/shareholders-endorse-merger-of-dangote-savannah-sugar/

BUSINESSDAY NEWSPAPERS

https://businessday.ng/companies/article/shareholders-endorse-dangote-sugar-savannah-sugar-merger/

VANGUARD NEWSPAPERS PAGE 10

PREMIUM TIMES

https://www.premiumtimesng.com/business/business-news/402197-dangote-sugar-shareholders-approve-savannah-sugar-merger.html

LATEST NIGERIAN NEWS

https://www.latestnigeriannews.com/news/8708127/shareholders-endorsedangote-sugar-savannah-sugar-merger.html

Tags aliko dangote, dangote sugar, savannah sugar

Latest News August 2020

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