Dangote Sugar Refinery Plc has announced the appointment of Engr. Abdullahi Sule as the substantive Group Managing Director of the company.
According to a notice signed by the company secretary/legal adviser, Chioma Madubuko, noted that this was part of the resolution of the board meeting held on June 21, 2018.
The new GMD comes with over 30 years of experience in oil and gas, steel production, machine shop operations and sugar industry both in Nigeria and United States of America.
Profile of the new GMD
- He holds a B.Sc. in Mechanical Engineering and a Master’s in Industrial Technology from Indiana State University, Indiana, United States.
- Prior to his appointment, he was the director for business development for Africa at Osyka Corporation, Houston, Texas.
- He was also the country Manager for Nigeria at Tetra Technologies Inc, Houston, Texas.
- Sule joined Dangote Sugar Refinery Plc in 2007as the Managing Director and later the country director of Fairport Process Equipment, UK.
- He later rejoined Dangote Sugar Refinery as the MD/CEO in December, 2011, a position he held until his appointment as the Deputy Group Managing Director of Dangote Sugar in November, 2013, and acting Group Managing Director in 2015.
The company recently announced the appointment of Mrs. Adebola Falade as its new Chief Finance Officer (CFO).
In its Q1 2018 Dangote Sugar Refinery Plc financial statement for the period ended March 31, 2018, the company reported revenue of ₦41.14 billion compared to ₦59.53 billion reported for the period ended March, 2017.
Profit before tax was ₦8.39 billion for the period ended March 2018, a 19% increase from the ₦7.04 billion reported for the period ended March, 2017.
The company at its last Annual General Meeting (AGM) held in Lagos, increased dividend payout to shareholders for the 2017 financial year by 192 percent to N21 billion, translating to N1.75 per share from N7.2 billion or 60 kobo per share in 2016.
The sugar refining company also announced that it has spent N121 billion in 2017 in pursuit of its backward integration programme.
The company has plans also of achieving 1.08 million metric tonnes of refined sugar annually in the next six years.
Dangote Sugar is the major supplier of refined sugar to consumers and industrial markets in Nigeria. It has 1.44MT/PA refining capacity with warehouses strategically located across the country. The company’s operations are supported by a fleet of over 400 haulage trucks for delivery of products.
The shares of the company are currently trading at N19.00 on the floor of the Nigerian Stock Exchange (NSE) with a one-year return of 130.75%.