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  •  Afriland Properties Plc has restated its commitment to bridging the country s housing deficit as its shareholders endorsed a total dividend of N137 39 million for the financial year ended Dec 31 2021 The News Agency of Nigeria reports that the shareholders gave the approval at the company s ninth Annual General Meeting AGM on Thursday in Lagos The dividend translates to 10k per ordinary shares when compared to 5k per share N68 69 million paid by the company in the comparative period of 2020 Chairman of Afriland Properties Mr Emmanuel Nnorom assured the shareholders that the company would remain committed to delivering enhanced return on their investments Nnorom said the company commenced and completed 22 projects during the period under review Thirty one other projects are at various stages of completion across different locations in the country The company s revenue rose by eight per cent to N1 99 billion compared with N1 85 billion achieved in the preceding year Profit before tax stood at N1 60 billion from N1 01 billion in 2020 indicating an increase of 58 per cent In spite of the challenging business environment the company recorded strong operating performance in revenue and profit he said Mrs Uzoamaka Oshogwe the company s Managing Director said the company had been positioned to take advantage of government s policy direction to enhance its market share She said the company would continue to embrace opportunities in the industry to fill the housing gap Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it She stated that the company was positioned to take advantage of government s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders State and federal governments own land they should give us some of the land so that we can build taking away the cost of land from the total cost of development We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that We need to have access to cheap funding because real estate is a capital intensive project she said Mr Sunny Nwosu Founder Independent Shareholders Association lauded the company for improved performance in spite of the challenging operating environment Nwosu urged the company to embrace strategies that would help in meeting the housing gap especially for the middle class Mrs Bisi Bakare National Coordinator Pragmatic Shareholders Association commended the company for its strong performance in revenue despite the inclement business environment Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead NewsSourceCredit NAN
    Afriland Properties to bridge housing deficits, endorses N137.39m dividend
     Afriland Properties Plc has restated its commitment to bridging the country s housing deficit as its shareholders endorsed a total dividend of N137 39 million for the financial year ended Dec 31 2021 The News Agency of Nigeria reports that the shareholders gave the approval at the company s ninth Annual General Meeting AGM on Thursday in Lagos The dividend translates to 10k per ordinary shares when compared to 5k per share N68 69 million paid by the company in the comparative period of 2020 Chairman of Afriland Properties Mr Emmanuel Nnorom assured the shareholders that the company would remain committed to delivering enhanced return on their investments Nnorom said the company commenced and completed 22 projects during the period under review Thirty one other projects are at various stages of completion across different locations in the country The company s revenue rose by eight per cent to N1 99 billion compared with N1 85 billion achieved in the preceding year Profit before tax stood at N1 60 billion from N1 01 billion in 2020 indicating an increase of 58 per cent In spite of the challenging business environment the company recorded strong operating performance in revenue and profit he said Mrs Uzoamaka Oshogwe the company s Managing Director said the company had been positioned to take advantage of government s policy direction to enhance its market share She said the company would continue to embrace opportunities in the industry to fill the housing gap Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it She stated that the company was positioned to take advantage of government s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders State and federal governments own land they should give us some of the land so that we can build taking away the cost of land from the total cost of development We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that We need to have access to cheap funding because real estate is a capital intensive project she said Mr Sunny Nwosu Founder Independent Shareholders Association lauded the company for improved performance in spite of the challenging operating environment Nwosu urged the company to embrace strategies that would help in meeting the housing gap especially for the middle class Mrs Bisi Bakare National Coordinator Pragmatic Shareholders Association commended the company for its strong performance in revenue despite the inclement business environment Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead NewsSourceCredit NAN
    Afriland Properties to bridge housing deficits, endorses N137.39m dividend
    Economy2 weeks ago

    Afriland Properties to bridge housing deficits, endorses N137.39m dividend

    Afriland Properties Plc has restated its commitment to bridging the country’s housing deficit as its shareholders endorsed a total dividend of N137.39 million for the financial year ended Dec. 31, 2021. The News Agency of Nigeria reports that the shareholders gave the approval at the company’s ninth Annual General Meeting (AGM) on Thursday in Lagos.

    The dividend translates to 10k per ordinary shares when compared to 5k per share (N68.69 million) paid by the company in the comparative period of 2020. Chairman of Afriland Properties, Mr Emmanuel Nnorom, assured the shareholders that the company would remain committed to delivering enhanced return on their investments.

    Nnorom said the company commenced and completed 22 projects during the period under review.

    “Thirty one other projects are at various stages of completion across different locations in the country.

    “The company’s revenue rose by eight per cent to N1.99 billion compared with N1.85 billion achieved in the preceding year.

    “Profit before tax stood at N1.60 billion from N1.01 billion in 2020, indicating an increase of 58 per cent.

    “In spite of the challenging business environment, the company recorded strong operating performance in revenue and profit,” he said.

    Mrs Uzoamaka Oshogwe, the company’s Managing Director, said the company had been positioned to take advantage of government’s policy direction to enhance its market share.

    She said the company would continue to embrace opportunities in the industry to fill the housing gap.

    Oshogwe said the company remained committed to the provision of affordable homes to Nigerians and would work with the government to achieve it.

    She stated that the company was positioned to take advantage of government’s policy direction and optimise future rental income from proprietary properties to maximise shareholders wealth.

    “We will continue to explore the possibility of partnering reputable organisations and government to optimise our property portfolio to deliver superior value to shareholders.

    “State and federal governments own land, they should give us some of the land so that we can build, taking away the cost of land from the total cost of development.

    “We are already bringing down the cost of actually buying these properties from the lower cadre and we are hoping that the government is listening and some states are already doing that.

    “We need to have access to cheap funding because real estate is a capital intensive project,” she said.

    Mr Sunny Nwosu, Founder, Independent Shareholders Association, lauded the company for improved performance in spite of the challenging operating environment.

    Nwosu urged the company to embrace strategies that would help in meeting the housing gap, especially for the middle-class.

    Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association, commended the company for its strong performance in revenue despite the inclement business environment.

    Bakare enjoined the company to employ modalities that would ensure enhanced returns in the years ahead.


    NewsSourceCredit: NAN

  •  Industrial and Medical Gases Nigeria IMG Plc a leading manufacturer of gases has declared a net profit of N372 million for 2021 financial year The profit represented an increase of 27 per cent when compared with N292 million achieved in 2020 IMG Chairman Mr Abiodun Alabi made the disclosure at its hybrid 63rd Annual General Meeting AGM on Friday in Lagos Its shareholders also endorsed the declaration of one bonus share for every five ordinary shares Alabi represented by IMG Non Executive Director Mr Adebayo Adeleke said the bonus shares underlined the company s strategic decision to reinvest its profit to build a stronger financial base in the nearest future He reviewing the industrial gas market noted that in spite of the inclement operating environment the company posted remarkable profits He said some of the challenges in 2021 were foreign exchange to maximise opportunities plant breakdowns and increase in energy cost Total revenue for the period was N3 69 billion up from N3 17 billion achieved in 2020 while profit after tax for the year also rose to N372 million from the N292 million achieved in 2020 Focus on operational efficiencies tight cost control measures improved service delivery generation of new business and determined efforts by management and staff were responsible for the increase in our bottom line he said Its Managing Director Mr Ayodeji Oseni explained that the company s strategic objectives were to position for global competitiveness and enhanced shareholder value through creation of innovative products and services Oseni expressed optimism that the company would continue to operate optimally irrespective of the nature of the operating environment Our strategic objectives in the short and medium term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business Management and staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage oil and gas healthcare energy and agricultural sectors of the Nigerian economy As an organisation we will continue to position our business to capitalide on opportunities in these sectors and boast our performance in 2022 he said Meanwhile shareholders of the company gave their commendations over its performance in the face of the tough operating environment Speaking on behalf of other shareholders Mrs Bisi Bakare said that they were happy at the company s good performance in all metrics We are quite happy with IMG because with the challenges in the operating environment the company made profits all round The bonus shares declared is even more than dividend in value and this is commendable going by where the company is coming from We believe the future of the company is bright she said The News Agency of Nigeria reports that recent divestment of Linde Group from the company and acquisition of its 60 per cent holding by T Y Holdings increased the Holding s stake to 72 per cent The development led to the change of the company s name from BOC Gases to IMG as part of brand positioning NewsSourceCredit NAN
    IMG net profit increases by 27% in 2021
     Industrial and Medical Gases Nigeria IMG Plc a leading manufacturer of gases has declared a net profit of N372 million for 2021 financial year The profit represented an increase of 27 per cent when compared with N292 million achieved in 2020 IMG Chairman Mr Abiodun Alabi made the disclosure at its hybrid 63rd Annual General Meeting AGM on Friday in Lagos Its shareholders also endorsed the declaration of one bonus share for every five ordinary shares Alabi represented by IMG Non Executive Director Mr Adebayo Adeleke said the bonus shares underlined the company s strategic decision to reinvest its profit to build a stronger financial base in the nearest future He reviewing the industrial gas market noted that in spite of the inclement operating environment the company posted remarkable profits He said some of the challenges in 2021 were foreign exchange to maximise opportunities plant breakdowns and increase in energy cost Total revenue for the period was N3 69 billion up from N3 17 billion achieved in 2020 while profit after tax for the year also rose to N372 million from the N292 million achieved in 2020 Focus on operational efficiencies tight cost control measures improved service delivery generation of new business and determined efforts by management and staff were responsible for the increase in our bottom line he said Its Managing Director Mr Ayodeji Oseni explained that the company s strategic objectives were to position for global competitiveness and enhanced shareholder value through creation of innovative products and services Oseni expressed optimism that the company would continue to operate optimally irrespective of the nature of the operating environment Our strategic objectives in the short and medium term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business Management and staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage oil and gas healthcare energy and agricultural sectors of the Nigerian economy As an organisation we will continue to position our business to capitalide on opportunities in these sectors and boast our performance in 2022 he said Meanwhile shareholders of the company gave their commendations over its performance in the face of the tough operating environment Speaking on behalf of other shareholders Mrs Bisi Bakare said that they were happy at the company s good performance in all metrics We are quite happy with IMG because with the challenges in the operating environment the company made profits all round The bonus shares declared is even more than dividend in value and this is commendable going by where the company is coming from We believe the future of the company is bright she said The News Agency of Nigeria reports that recent divestment of Linde Group from the company and acquisition of its 60 per cent holding by T Y Holdings increased the Holding s stake to 72 per cent The development led to the change of the company s name from BOC Gases to IMG as part of brand positioning NewsSourceCredit NAN
    IMG net profit increases by 27% in 2021
    Economy3 months ago

    IMG net profit increases by 27% in 2021

    Industrial and Medical Gases Nigeria (IMG) Plc, a leading manufacturer of gases, has declared a net profit of N372 million for 2021 financial year.

    The profit represented an increase of 27 per cent when compared with N292 million achieved in 2020.

    IMG Chairman, Mr Abiodun Alabi, made the disclosure at its hybrid 63rd Annual General Meeting (AGM) on Friday in Lagos.

    Its shareholders also endorsed the declaration of one bonus share for every five ordinary shares.

    Alabi, represented by IMG Non-Executive Director, Mr Adebayo Adeleke, said the bonus shares underlined the company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future.

    He, reviewing the industrial gas market, noted that in spite of the inclement operating environment, the company posted remarkable profits.

    He said some of the challenges in 2021 were foreign exchange to maximise opportunities, plant breakdowns and increase in energy cost.

    “Total revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020 while profit after tax for the year also rose to N372 million from the N292 million achieved in 2020.

    “Focus on operational efficiencies, tight cost control measures, improved service delivery, generation of new business and determined efforts by management and staff were responsible for the increase in our bottom line.”, he said.

    Its Managing Director, Mr Ayodeji Oseni, explained that the company’s strategic objectives were to position for global competitiveness and enhanced shareholder value through creation of innovative products and services.

    Oseni expressed optimism that the company would continue to operate optimally, irrespective of the nature of the operating environment.

    “Our strategic objectives in the short and medium term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business.

    “Management and staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage, oil and gas, healthcare, energy, and agricultural sectors of the Nigerian economy.

    “As an organisation, we will continue to position our business to capitalide on opportunities in these sectors and boast our performance in 2022,” he said.

    Meanwhile, shareholders of the company gave their commendations over its performance in the face of the tough operating environment.

    Speaking on behalf of other shareholders, Mrs Bisi Bakare said that they were happy at the company’s good performance in all metrics.

    “We are quite happy with IMG because with the challenges in the operating environment, the company made profits all round.

    “The bonus shares declared is even more than dividend in value and this is commendable, going by where the company is coming from.

    “We believe the future of the company is bright,” she said.

    The News Agency of Nigeria reports that recent divestment of Linde Group from the company and acquisition of its 60 per cent holding by T.Y. Holdings, increased the Holding’s stake to 72 per cent.

    The development led to the change of the company’s name from BOC Gases to IMG as part of brand positioning.


    NewsSourceCredit: NAN

  •  Dangote Sugar Refinery Plc has declared a turnover of N276 billion for the financial year ended Dec 31 2021 translating to a 29 per cent increase against the N214 billion recorded in 2020 Its Chairman Mr Aliko Dangote said this at the company s 16th Annual General Meeting AGM on Wednesday in Lagos Dangote revealed that the company s profit before tax stood at N34 01 billion while its profit after tax was N22 052 billion He said the Group s Earnings before Interest Taxes Depreciation and Amortisation EBITDA decreased to N48 5 billion with a margin of 18 per cent a 35 per cent decrease compared to 27 per cent N58 03 billion for the same period in 2020 The Group also declared a dividend of N12 147 billion for shareholders for the year under review He stated that upon approval the dividend would be paid to shareholders in the register of members as at June 1 net withholding tax at the standard rate Dangote stated that the company s performance during the year under review was commendable amidst the challenges and the negative impact of the COVID 19 pandemic on economic activities He expressed hope that the turnover for the year 2022 would be better given the strategies in place to reenergise distribution to serve its customers better in spite of infrastructural and environmental challenges The goal of Dangote Sugar Backward Integration Master plan remains the achievement of 1 5 million metric tonnes annually from locally grown sugarcane in support of the quest for sugar sufficiency in the country by the Federal Government of Nigeria This will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects We furthered the implementation of process optimisation cost savings and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward Integration Master Plan The board and management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and our communities to ensure the realization of the objectives of the company he said He encouraged shareholders yet to embrace the E dividend payment option to do so to ensure the prompt payment of their dividends Mr Ravindra Singhvi Group Managing Director Dangote Sugar Refinery Plc said the company s sales and production volume grew to 771 321 tonnes and 811 962 tonnes respectively This he said meant a 5 per cent and 9 per cent volume growth respectively when compared with the same period in 2020 Singhvi noted that against the backdrop of COVID 19 the company s continued implementation of operational efficiencies sustained its leadership position in the market in the face of various challenges He said to achieve this performance the company continued the implementation of strategic actions towards its commitment to improve its performance and generate value for all stakeholders During the year under review we continued with the pursuit of our goals to create long term value for all stakeholders ranging from our employees customers communities investors shareholders etc Our strategy is to achieve sustainable growth over the long term with the efficient management of operations in spite of the challenges for increased shareholders value through sound and responsible business decisions that deliver steady growth in earnings and dividends During the year under review we improved our brand visibility with the introduction of our brand new product packaging which enhanced our market position supported with improved service delivery to our customers he said Meanwhile the company s directors recommend for shareholders approval a dividend of N1 00 for every ordinary share of 50 Kobo each for year ended December 31 2021 A shareholder Mrs Bisi Bakare commended the company for the food fortification award received for the year under review I m asking that we shore up on capacity utilisation to bridge the sugar demand gap locally and international to improve Nigeria s export base he said Another shareholder Mr Patrick Ajudua expressed satisfaction with the performance of the company particularly at a time like this with the various environmental operating challenges He charged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs The News Agency of Nigeria reports that Dangote Sugar Refinery Plc is one of the largest sugar refineries in sub saharan Africa with a 1 44 metric tonnes refining capacity The company has a strategic backward integration master plan to produce 1 5 million metric tonnes of refined granulated sugar from locally grown sugar across various sites in Nigeria Source NAN
    Dangote Sugar declares N276bn turnover, N12.417bn dividend
     Dangote Sugar Refinery Plc has declared a turnover of N276 billion for the financial year ended Dec 31 2021 translating to a 29 per cent increase against the N214 billion recorded in 2020 Its Chairman Mr Aliko Dangote said this at the company s 16th Annual General Meeting AGM on Wednesday in Lagos Dangote revealed that the company s profit before tax stood at N34 01 billion while its profit after tax was N22 052 billion He said the Group s Earnings before Interest Taxes Depreciation and Amortisation EBITDA decreased to N48 5 billion with a margin of 18 per cent a 35 per cent decrease compared to 27 per cent N58 03 billion for the same period in 2020 The Group also declared a dividend of N12 147 billion for shareholders for the year under review He stated that upon approval the dividend would be paid to shareholders in the register of members as at June 1 net withholding tax at the standard rate Dangote stated that the company s performance during the year under review was commendable amidst the challenges and the negative impact of the COVID 19 pandemic on economic activities He expressed hope that the turnover for the year 2022 would be better given the strategies in place to reenergise distribution to serve its customers better in spite of infrastructural and environmental challenges The goal of Dangote Sugar Backward Integration Master plan remains the achievement of 1 5 million metric tonnes annually from locally grown sugarcane in support of the quest for sugar sufficiency in the country by the Federal Government of Nigeria This will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects We furthered the implementation of process optimisation cost savings and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward Integration Master Plan The board and management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and our communities to ensure the realization of the objectives of the company he said He encouraged shareholders yet to embrace the E dividend payment option to do so to ensure the prompt payment of their dividends Mr Ravindra Singhvi Group Managing Director Dangote Sugar Refinery Plc said the company s sales and production volume grew to 771 321 tonnes and 811 962 tonnes respectively This he said meant a 5 per cent and 9 per cent volume growth respectively when compared with the same period in 2020 Singhvi noted that against the backdrop of COVID 19 the company s continued implementation of operational efficiencies sustained its leadership position in the market in the face of various challenges He said to achieve this performance the company continued the implementation of strategic actions towards its commitment to improve its performance and generate value for all stakeholders During the year under review we continued with the pursuit of our goals to create long term value for all stakeholders ranging from our employees customers communities investors shareholders etc Our strategy is to achieve sustainable growth over the long term with the efficient management of operations in spite of the challenges for increased shareholders value through sound and responsible business decisions that deliver steady growth in earnings and dividends During the year under review we improved our brand visibility with the introduction of our brand new product packaging which enhanced our market position supported with improved service delivery to our customers he said Meanwhile the company s directors recommend for shareholders approval a dividend of N1 00 for every ordinary share of 50 Kobo each for year ended December 31 2021 A shareholder Mrs Bisi Bakare commended the company for the food fortification award received for the year under review I m asking that we shore up on capacity utilisation to bridge the sugar demand gap locally and international to improve Nigeria s export base he said Another shareholder Mr Patrick Ajudua expressed satisfaction with the performance of the company particularly at a time like this with the various environmental operating challenges He charged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs The News Agency of Nigeria reports that Dangote Sugar Refinery Plc is one of the largest sugar refineries in sub saharan Africa with a 1 44 metric tonnes refining capacity The company has a strategic backward integration master plan to produce 1 5 million metric tonnes of refined granulated sugar from locally grown sugar across various sites in Nigeria Source NAN
    Dangote Sugar declares N276bn turnover, N12.417bn dividend
    Economy4 months ago

    Dangote Sugar declares N276bn turnover, N12.417bn dividend

    Dangote Sugar Refinery Plc has declared a turnover of N276 billion for the financial year ended Dec. 31, 2021, translating to a 29 per cent increase against the N214 billion recorded in 2020.

    Its Chairman, Mr Aliko Dangote, said this at the company’s 16th Annual General Meeting (AGM) on Wednesday in Lagos.

    Dangote revealed that the company’s profit before tax stood at N34.01 billion, while its profit after tax was N22.052 billion.

    He said the Group’s Earnings before Interest, Taxes, Depreciation, and Amortisation (EBITDA) decreased to N48.5 billion with a margin of 18 per cent, a 35 per cent decrease compared to 27 per cent (N58.03 billion) for the same period in 2020.

    The Group also declared a dividend of N12.147 billion for shareholders for the year under review.

    He stated that upon approval, the dividend would be paid to shareholders in the register of members as at June 1, net withholding tax at the standard rate.

    Dangote stated that the company’s performance during the year under review was commendable amidst the challenges and the negative impact of the COVID-19 pandemic on economic activities.

    He expressed hope that the turnover for the year 2022 would be better given the strategies in place to reenergise distribution to serve its customers better in spite of infrastructural and environmental challenges.

    “The goal of Dangote Sugar Backward Integration Master plan remains the achievement of 1.5 million metric tonnes annually from locally grown sugarcane in support of the quest for sugar sufficiency in the country by the Federal Government of Nigeria.

    “This will be achieved in addition to the extended value chain benefits that will be derived from the projects including thousands of jobs that will be generated in the sector from these projects.

    “We furthered the implementation of process optimisation, cost savings and product promotion strategies with the launch of our new brand identity and the pursuit of the Dangote Sugar Backward Integration Master Plan.

    “The board and management will continue to implement strategic actions to sustain and surpass this performance while engaging with all stakeholders in the sector and our communities to ensure the realization of the objectives of the company,” he said.

    He encouraged shareholders yet to embrace the E-dividend payment option to do so to ensure the prompt payment of their dividends.

    Mr Ravindra Singhvi, Group Managing Director, Dangote Sugar Refinery Plc, said the company’s sales and production volume grew to 771,321 tonnes and 811,962 tonnes respectively.

    This, he said, meant a 5 per cent and 9 per cent volume growth respectively when compared with the same period in 2020.

    Singhvi noted that against the backdrop of COVID-19, the company’s continued implementation of operational efficiencies sustained its leadership position in the market in the face of various challenges.

    He said to achieve this performance, the company continued the implementation of strategic actions towards its commitment to improve its performance and generate value for all stakeholders.

    “During the year under review, we continued with the pursuit of our goals to create long term value for all stakeholders ranging from our employees, customers communities, investors, shareholders, etc.

    “Our strategy is to achieve sustainable growth over the long term with the efficient management of operations in spite of the challenges for increased shareholders value through sound and responsible business decisions that deliver steady growth in earnings and dividends.

    “During the year under review, we improved our brand visibility with the introduction of our brand new product packaging, which enhanced our market position, supported with improved service delivery to our customers,” he said.

    Meanwhile, the company’s directors recommend for shareholders’ approval, a dividend of N1.00 for every ordinary share of 50 Kobo each for year ended December 31, 2021.

    A shareholder, Mrs Bisi Bakare, commended the company for the food fortification award received for the year under review.

    “I’m asking that we shore up on capacity utilisation to bridge the sugar demand gap locally and international to improve Nigeria’s export base,” he said.

    Another shareholder, Mr Patrick Ajudua, expressed satisfaction with the performance of the company, particularly at a time like this with the various environmental operating challenges.

    He charged the management to improve upon the capacity utilisation of the plant to be better positioned to meet local and export needs.

    The News Agency of Nigeria reports that Dangote Sugar Refinery Plc is one of the largest sugar refineries in sub-saharan Africa with a 1.44 metric tonnes refining capacity.

    The company has a strategic backward integration master plan to produce 1.5 million metric tonnes of refined granulated sugar from locally grown sugar across various sites in Nigeria.

    Source: NAN

  •  National Salt Company of Nigeria NASCON Allied Industry Plc a subsidiary of Dangote Industries DIL Ltd said it recorded a net profit of N2 97 billion while profit before tax rose from N3 9 billion to N4 3 billion for the year 2021 This translates to a 10 25 per cent profit before tax increase The company said this in a statement signed by Mr Francis Awowole Browne Media and Communication Personnel DIL on Sunday in Lagos According to the statement shareholders of the company commended its impressive performance in spite of the harsh economic operating environment just as the company emerged the best haulage company of the year NASCON Chairman Mrs Yemisi Ayeni said the company was able to surmount the crisis posed by the COVID 19 pandemic and the attendant unfavourable economic climate This she noted the company was able to achieve due to certain business strategies put in place which insulated the company from the negative effects of the pandemic Also Acting Managing Director NASCON Mr Thabo Mabe stated that the company would not rest on its achievements but move from street to street market to market introducing its array of products to consumers As a company in the fast moving consumer goods sector the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months he said Group Executive Director Commercial NASCON Hajiya Fatima Aliko Dangote said the company used the period of the downturn occasioned by the pandemic to lay a solid groud with the construction of the state of the art salt processing factory in Apapa Going forward the company would begin to reap the reward which ultimately would translate to higher dividends for the shareholders she said Representative of the shareholders Mrs Bisi Bakare said the performance reflected its management s ability to steer through difficult times in the face of inadequate power supply fluctuating exchange regime and dwindling consumers purchasing power She stated that the overall performance of the company was also reflective of its seven sustainability pillars geared towards ensuring that the company connects with all stakeholders Another shareholder Mrs Adetutu Siyanbola said the company s transport team section should be commended for winning the best haulage company of the year The development she said was worthy of note out of the 684 companies that enrolled for the Road Transport Safety Standardisation Scheme of the Federal Road Safety Corps FRSC A shareholders rights activist Mr Sunny Nwosu lauded the board and management of NASCON for their ability to pay dividends in spite of the harsh operating environment such as the Apapa Wharf gridlock and the downturn in national economy He noted that while other companies were lamenting and cutting down on production the company was paying dividend a commendable development NAN
    NASCON records N2.97bn net profit, shareholders laud success
     National Salt Company of Nigeria NASCON Allied Industry Plc a subsidiary of Dangote Industries DIL Ltd said it recorded a net profit of N2 97 billion while profit before tax rose from N3 9 billion to N4 3 billion for the year 2021 This translates to a 10 25 per cent profit before tax increase The company said this in a statement signed by Mr Francis Awowole Browne Media and Communication Personnel DIL on Sunday in Lagos According to the statement shareholders of the company commended its impressive performance in spite of the harsh economic operating environment just as the company emerged the best haulage company of the year NASCON Chairman Mrs Yemisi Ayeni said the company was able to surmount the crisis posed by the COVID 19 pandemic and the attendant unfavourable economic climate This she noted the company was able to achieve due to certain business strategies put in place which insulated the company from the negative effects of the pandemic Also Acting Managing Director NASCON Mr Thabo Mabe stated that the company would not rest on its achievements but move from street to street market to market introducing its array of products to consumers As a company in the fast moving consumer goods sector the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months he said Group Executive Director Commercial NASCON Hajiya Fatima Aliko Dangote said the company used the period of the downturn occasioned by the pandemic to lay a solid groud with the construction of the state of the art salt processing factory in Apapa Going forward the company would begin to reap the reward which ultimately would translate to higher dividends for the shareholders she said Representative of the shareholders Mrs Bisi Bakare said the performance reflected its management s ability to steer through difficult times in the face of inadequate power supply fluctuating exchange regime and dwindling consumers purchasing power She stated that the overall performance of the company was also reflective of its seven sustainability pillars geared towards ensuring that the company connects with all stakeholders Another shareholder Mrs Adetutu Siyanbola said the company s transport team section should be commended for winning the best haulage company of the year The development she said was worthy of note out of the 684 companies that enrolled for the Road Transport Safety Standardisation Scheme of the Federal Road Safety Corps FRSC A shareholders rights activist Mr Sunny Nwosu lauded the board and management of NASCON for their ability to pay dividends in spite of the harsh operating environment such as the Apapa Wharf gridlock and the downturn in national economy He noted that while other companies were lamenting and cutting down on production the company was paying dividend a commendable development NAN
    NASCON records N2.97bn net profit, shareholders laud success
    Economy4 months ago

    NASCON records N2.97bn net profit, shareholders laud success

    National Salt Company of Nigeria (NASCON) Allied Industry Plc, a subsidiary of Dangote Industries (DIL) Ltd., said it recorded a net profit of N2.97 billion, while profit before tax rose from N3.9 billion to N4.3 billion for the year 2021.

    This translates to a 10.25 per cent profit before tax increase.

    The company said this in a statement signed by Mr Francis Awowole- Browne, Media and Communication Personnel, DIL, on Sunday in Lagos.

    According to the statement, shareholders of the company commended its impressive performance, in spite of the harsh economic operating environment, just as the company emerged the best haulage company of the year.

    NASCON Chairman, Mrs Yemisi Ayeni, said the company was able to surmount the crisis posed by the COVID-19 pandemic and the attendant unfavourable economic climate.

    This, she noted the company was able to achieve due to certain business strategies put in place, which insulated the company from the negative effects of the pandemic.

    Also, Acting Managing Director, NASCON, Mr Thabo Mabe, stated that the company would not rest on its achievements but move from street to street, market to market, introducing its array of products to consumers.

    “As a company in the fast-moving consumer goods sector, the management team has developed plans and strategies to capture more share in chosen markets and will gradually deploy them in the coming months,” he said.

    Group Executive Director, Commercial, NASCON, Hajiya Fatima Aliko Dangote, said the company used the period of the downturn occasioned by the pandemic to lay a solid groud with the construction of the state of the art salt processing factory in Apapa.

    “Going forward, the company would begin to reap the reward which ultimately would translate to higher dividends for the shareholders,” she said.

    Representative of the shareholders, Mrs Bisi Bakare, said the performance reflected its management’s ability to steer through difficult times in the face of inadequate power supply, fluctuating exchange regime and dwindling consumers’ purchasing power.

    She stated that the overall performance of the company was also reflective of its seven sustainability pillars geared towards ensuring that the company connects with all stakeholders.

    Another shareholder, Mrs Adetutu Siyanbola, said the company’s transport team section should be commended for winning the best haulage company of the year.

    The development, she said, was worthy of note; out of the 684 companies that enrolled for the Road-Transport-Safety-Standardisation-Scheme of the Federal Road Safety Corps(FRSC).

    A shareholders’ rights’ activist, Mr Sunny Nwosu, lauded the board and management of NASCON for their ability to pay dividends in spite of the harsh operating environment such as the Apapa Wharf gridlock and the downturn in national economy.

    He noted that while other companies were lamenting and cutting down on production, the company was paying dividend; a commendable development.

    (NAN)