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Dangote Sugar final dividend to hit N1.70 Kobo



Proshare NI

April 03, 2008 at 18:53 GMT


Dangote Sugar Refinery Plc’s final dividend for the 2007 year end is to hit N1.70 Kobo if the Board of the company gives its approval at the forthcoming Annual General Meeting (AGM) of the company to be held in Lagos Nigeria. Joseph Okonmah, Head Corporate Affairs of the company today made this disclosure to Proshare NI.


Prior to this time, the company has paid quarterly dividends of 40 Kobo per share for the period of March, June and September 2007 respectively.


Therefore, with the 50 Kobo it is proposing to offer investors in the last quarter from the results of the company declared sometimes in March, 2008. If the board gives its approval, the total dividend payable to investors for the year ended December 31, 2007 would be N1.70 Kobo per share.


The notice to the forthcoming AGM made available to Proshare NI; shows that if the board approves the dividend, only shareholders whose names appear in the company’s Register of Members at the close of business on Thursday, 27th March, 2008 would benefit.


The audited financial results of the company for the year ended 31st December, 2007 made available to Proshare NI, turnover declined slightly from N83.767 billion in 2006 to N80.649 billion in 2007 indicating a decline of 3.72 percent.


While Profit before Tax (PBT) grew significantly from N16.657 billion in 2006 to N30.662 billion in 2007 representing a growth of 84.08 percent in the year under review.  Profit after Tax (PAT) also increased from N16.657 billion in 2006 to N21.478 billion in 2007 showing an increase of 28.94 percent.


Gross Profit also rose significantly from N20.144 billion in 2006 to N32.465 billion in 2007 indicating a rise of 61.2 percent. While Earnings per Share (EPS) also increased from N1.67 Kobo in 2006 to N2.15 Kobo in 2007 indicating an increase of 29 percent in the year under review.

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