Dangote Sugar announces N0.50k dividend payment for 2012

Dangote Sugar will pay its shareholders a dividend of 50 kobo for the financial year of 2012.
Dangote Sugar Plc on Wednesday announced N0.50k dividend payment for its shareholders for the financial year 2012.

“The full numbers are not out – comparatively they paid out NGN0.30kobo in 2011. It is a nice uptick” Renaissance Capital, an investment bank, said.

In 2010, Dangote Sugar paid N0.60 in dividend.

In January 2013, the firm reduced the price of its 50kg sugar bags from N8, 900 to N6, 600 (Vat inclusive), a move it said was effective since December 16, 2012

Dangote Sugar explained in a communiqué published in newspaper(s) that the reason for this development was the drop in the International prices of Raw Sugar from about $0.26 cents to the current price of about $0.19 cents per pound

“With our current pricing, our budget for this business year 2013 will give even better profit/returns to our shareholders. Despite the new levy on raw sugar beginning January 2013, the business is still very creative. We are working aggressively towards implementing backward integration policy and we will continue to pass any reduction in International price of sugar to our local consumers,” the firm said.

Dangote Sugar Refinery Plc is a pioneer sugar refinery in Nigeria and a quoted company. It controls about 60 per cent of the Nigerian sugar market.