Business
2022: Dangote Sugar declares N82.3bn profit
2022: Dangote Sugar declares N82.3bn profit
Dangote Sugar Refinery Plc has reported a Profit Before Tax (PBT) of N82.3 billion for the year ended Dec. 31, 2022.
The company made this known in its annual report on Friday in Lagos signed by Mr Anthony Chiejina, Chief Corporate Communications Officer, Dangote Group.
This, the company said, translates to an increase of 142 per cent to N48.28 billion over N34 billion recorded in the corresponding period in 2021.
According to the annual report of the sugar company, profit after tax rose to N54.74 billion, representing an increase of 148 per cent to N32.69 billion compared to N22.05 billion posted in the same period in 2021.
The report stated that all the performance indicators were on the upswing as its revenue rose by 45 per cent, from N278.05 billion to N403.25 billion.
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Also, the company’s earnings per share rose from 182K per share to 451k per share, an increase of 269k or 148 per cent.
The report quoted the Chairman of the company, Mr Aliko Dangote, who said that increasing the sugar refining capacity would require a corresponding increase in sugarcane production capacity.
Dangote revealed that the company had concluded plans to increase its sugar plantation from the current land area under cane production of about 8,700 hectares in 2022 to about 24,200 hectares within the next seven years.
He added that the company had doubled its scholarship and empowerment schemes in its host communities and would continue to introduce more initiatives to support the communities.
“Through these initiatives and our numerous Corporate Social Responsibility (CSR) activities, the company will be able to touch the lives of the people, bringing social, economic, and infrastructural development to our host communities.
“We are thus committing over $700 million to our investment in the Backward Integration Programme (BIP) to enable us to put in place needed infrastructure for the eventual commencement of full-scale production,” he said.
He promised that the sugar company would change the trajectory by making Nigeria self-sufficient in the sector.
The News Agency of Nigeria (NAN) reports that the indigenous sugar refinery continues to scale up its investments in line with the requirement of the Nigeria Sugar Master Plan (NSMP).
The Dangote Sugar Refinery has expanded its refining capacity from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, and to 9,800 tcd.
2022: Dangote Sugar declares N82.3bn profit
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.
The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).
Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.
Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.
Naira rebounds, gains N28.15 against dollar
The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.
The percentage increase is significant when compared to the previous trading date on Monday, April 29.
The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.
The success story was replicated in the volume of currency traded, as the total daily turnover increased.
The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.
Naira rebounds, gains N28.15 against dollar
Naira appreciate, gains further by 1.8% against dollar
The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.
Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.
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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.
Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira appreciate, gains further by 1.8% against dollar
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