Dangote Sugar Records a Whopping N403.25 Revenue in 2022, Chairman Reveals Future Plans

Dangote Sugar Records a Whopping N403.25 Revenue in 2022, Chairman Reveals Future Plans

  • Dangote sugar has reported N403.25 billion in revenue, a 45 percent increase from the previous year.
  • Aside from revenue, the company also reported remarkable performance in key metrics of the financial report
  • Aliko Dangote the Chairman of the company, has promised more investments in the coming months

Dangote Sugar, a subsidiary of Dangote Industries Limited and one of Nigeria's leading sugar manufacturers, has announced its financial results for the 2022 fiscal year.

The company reported a remarkable revenue of N403.25 billion, representing a 45% increase from the previous year's revenue of N278.05 billion.

The figures were revealed in a statement signed by Anthony Chiejina, Chief Corporate Communications Officer, Dangote Group.

dangote sugar
Dangote Sugar is also looking forward to a more impressive year in 2023 Photo credit: Bloomberg
Source: Getty Images

Breakdown of the financial result

Details show that Dangote Sugar recorded Profit Before Tax (PBT) of N82.3 billion for the year ended December 31, 2022.

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Dangote lists largest bonds on Nigeria Stock Exchange, FMDQ to fund refinery

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This translates to an increase of 142 percent to N48.28 billion over N34 billion recorded in the corresponding period in 2021.

Also, profit after tax rose to N54.74 billion, representing an increase of 148 percent to N32.69 billion compared to N22.05 billion posted in the same period in 2021, Punch reports.

Also, the company’s earnings per share rose from 182K per share to 451K per share, an increase of 269K or 148 percent.

Dangote Sugar management speaks on the result

Dangote Sugar in the statement signed by Anthony Chiejina, Chief Corporate Communications Officer, Dangote Group, revealed the company's bigger plan.

Dangote revealed that the company had decided 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.

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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.

He promised that the sugar company would change the trajectory by making Nigeria self-sufficient.

"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."

The report also quoted the Chairman of the company, Aliko Dangote, who said that increasing the sugar refining capacity would require a corresponding increase in sugarcane production capacity.

Dangote to pocket N293bn from cement company massive sales in 2022

Meanwhile, in another report, Legit.ng revealed that Africa's richest man will walk home with over N293 billion as dividends from his cement company, Dangote Cement.

Aliko Dangote's cement company recorded a revenue jump of 16.96% in 2022 to hit a high of over N1.61 trillion

Dangote's dividend is more than the budget of 25 states for the fiscal year of 2023

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.