Dangote Sugar Refinery Plc, Nigeria’s largest sugar producer, has released its 2022 audited financial statement, reporting a significant growth in revenue and profit after tax.
According to the financial statement released on the Nigerian Exchange Limited website, the company recorded a revenue of N403.24bn in the 2022 financial year, representing a 46.07% increase from N276.05bn recorded in the previous year.
In terms of profit after tax, Dangote Sugar recorded N54.74bn in 2022, a significant rise from the N22.05bn reported in 2021. The company’s earnings per share also rose to N4.51 from N1.82 in the comparative period of 2021.
In light of the impressive financial results, the company has proposed a dividend of N1.50 per ordinary share of 50 kobo from the profit for the financial year 2022. The management attributed the positive performance to increased production and sales, favourable government policies, and improved operational efficiencies.