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Dangote Sugar declares final dividend of N1.10 despite drop in profit

Despite recording an unimpressive financial results for the year ended December, 2018, Dangote Sugar Plc has declared to pay dividend of N1.10 kobo ordinary share.



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Dangote Sugar Plc has declared a final dividend of N1.10 per 50 kobo ordinary share, for the financial period ended Monday, December 31st, 2018.

Come Wednesday, June 19, 2019, the dividends will be paid electronically to shareholders
whose names appear on the Register of Members as at Friday, May 31, 2019.

Also, dividends will only be paid to shareholders who have completed their e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

In the meantime, the dividend payment is subject to shareholders’ approval and appropriate withholding tax, after which it will be paid to shareholders on the 19th of June, 2019.

While the qualification date has been slated for Friday, May 31, 2019, the Register of Shareholders will be closed from Monday, June 3, 2019, to Wednesday, June 5 2019.

Dangote Sugar Plc’s profit decline

Dangote Sugar Plc released its financial statements for the year under review, which show that the company recorded a decline in its figures when compared to previous financial period.

The company recorded a revenue of N150.3 billion for the period under review, compared to N204.4 billion in 2017. This represents a 26.4 percent decrease year on year.

The company’s profit before tax decreased from N53.5 billion in 2017 to N34.6 billion in 2018, representing a 35.4 per cent decrease year on year. The company’s profit after tax also dropped from N39.7 billion in 2017 to N21.9 billion in 2018. This represents a 44.8 per cent decrease.

More so, Dangote Sugar recorded earnings per share of N1.85 in 2018 compared to N3.31recorded in 2017. This represents a 44.1 per cent decrement.

About Dangote Sugar

Dangote Sugar is one of the major subsidiaries of Dangote Group. The sugar manufacturer is competing with BUA Refinery Ltd. and Golden Sugar CoDangote Sugar Plc  is the largest sugar refining company in sub-Saharan Africa.

The company’s stock is currently trading at N13.75 on the Nigerian Stock Exchange (NSE).

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.



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    Real Estate

    FG to unveil dedicated portal for sale of houses to Nigerians

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.



    Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

    The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

    This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

    Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

    He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

    Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

    They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

    Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.


    Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

    He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

    My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

    He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

    Bottom line

    Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

    Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

    Jaiz bank

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    Covid-19: Nigeria committed to procuring 29 million J&J vaccines

    The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 



    AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

    The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

    This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

    What the Minister said

    “Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

    Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

    She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

    In case you missed it

    The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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