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Nigeria: Dangote Sugar PBT Grows to N8.9 Billion in Three Months
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Leadership (Abuja)
16 May 2008
Posted to the web 16 May 2008
Nkiruka Anene
Lagos
Dangote Sugar Refinery (DSR) has recorded an improved financial performancefor the first quarter ended March 31st, 2008 as the profit before tax of the company rose to N8.9 billion for the three months period.
This in contrast to the previous year's result represents N1.7 billion rise or 23.6 per cent increment over N7.2 billion recorded within that financial year.
In a statement, DSR Plc revealed that during the same period it also achieved an increase in sales volume of 231,735 metric tonnes against 214,438 for the same period in 2007. The company said that by these results, it has started the 2008 business year on a good footing and is well on its way towards surpassing its projected Profit Before Tax of N37 billion for the full year.
This no doubt will translate to better returns on investment for Dangote sugar shareholders, as well as other stakeholders, who the Board of Directors promised more impressive performance and greater dividends in the years ahead at its last annual general meeting.
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Dangote sugar added sweetness to the taste of its investors with a record high profit of over N30 billion and a N17 billion dividend pay out for the year ended, December 31st, 2007. The company has promised to sustain and surpass this achievement by the efficient and cost effective applications of its human and material resources, while leveraging on its edge as the 2nd largest sugar refinery in the world and the largest sugar refinery in sub-Saharan Africa.
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