…Targets 700,000MT of refined sugar in 4 years

Dangote Sugar Refinery Plc (DSR) has declared an increase of 20.1 per cent in its revenue in its first-quarter result for 2024.

The company posted a revenue of N122.7 billion according to results shared with the Nigerian Exchange.

This is as the Company also 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.

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 percent 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.

The Chartered Institute of Stockbrokers (CIS) has elected Mr. Oluropo Dada, as its 13th President and Chairman of the Governing Council.

This is in line with the Institute’s seamless succession policy, and brand positioning.

Dada’s election was announced in a statement, signed by the Institute’s Registrar and Chief Executive, Mr Josiah Akerewusi, after the Annual General Meeting (AGM) yesterday.

Dada, the Institute’s former 1st Vice President, succeeded the erstwhile President, Mr. Oluwole Adeosun, whose tenure was characterised by many laudable achievements.

Under the new change of baton, the Institute’s 2nd Vice President, Mrs Fiona Ahimie, has also emerged the 1st Vice President.

By the Institute’s tradition, Dada shall be formally decorated with the paraphernalia of office in a high profile event called investiture at a later date.

Earlier in his statement, during the AGM, Adeosun thanked all members of the Institute’s working committees and staff of the secretariat for their commitment and excellent job during the review period, saying, “ I re-affirm that the Governing Council and Office Holders shall continue to work hard towards getting the Securities and Investment profession registered family in the hearts of young Nigerian scholars as their career of choice, and CIS as the model for other professional bodies to follow.”

Stockbrokers showered encomiums on the outgoing President and his Team for many laudable achievements that have raised the bar, including advocacy.

A Past President, Mr Oladipo Aina said: “A lot has been done. I wish the outgoing President well. The new Team must deliver more. Every new President and his Team must move the scale up.”

Mr. Oluropo Dada, is an accomplished stockbroker, consummate banker, and a Dealing Clerk of The Nigerian Exchange Limited (NGX). He is a Fellow of the Chartered Institute of Stockbrokers (FCS) where he served as Second and First Vice President respectively. He is also a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB).

Dada graduated from Leeds Business School of Leeds Beckett University, United Kingdom where he obtained a Master’s Degree in Corporate Governance. Before this, he was at the University of Lagos between 1985 and 1988 where he obtained a Bachelor of Science Degree in Business Administration and later earned a Master in Business Administration (MBA)

He is a co-founder and Chief Executive Officer of Network Capital Limited, a Dealing License Holder of the Nigerian Exchange Limited. His work experience covers Stock broking, Issuing House Activities, Credit Appraisal, Accounting, Investment Advisory Services, and General Administration.

eTranzact International Plc has announced a Profit After Tax (PAT) of N2.2 billion for the year ended Dec. 31, 2023, as against N1.18 billion posted in 2022.

This was disclosed by the Company Secretary of eTranzact, Isaiah Oreweme, in the company’s annual report and audited financial statements for the year 2023, sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

Oreweme said that the electronic payment technology and maintenance services company’s Profit Before Tax (PBT) for the year under review stood at N3.2 billion, compared to N1.61 billion recorded in the year 2022.

He stated that the company’s gross profit rose to N8.32 billion at the end of the 2023 financial year from N5.7 billion posted in the previous year.

According to him, the total liabilities of eTranzact leaped to N16.73 billion as at the close of the 2023 financial year, from N10.5 billion recorded in the year 2022.

The company secretary stated that the firm’s total assets also grew to N28.21 billion in 2023, compared to N19.78 billion posted in the year 2022