June 04, 2009 at 16:51 GMT
Dangote Sugar Refinery Plc (DANGSUGAR) year 2008 proposed dividend payout to investors has dropped by 29.41 percent (29.41%) in its full year result just released on the Floor of the Nigerian Stock Exchange (NSE) for the period ended December 31 2008.
This was contained in the full year trading result made available to Proshare NI in Lagos Nigeria.
The Directors are recommending a final dividend of 35 kobo per share in the review period which is about 30 percent (30%) lower compared to the 50 Kobo final dividend in year 2007 year end.
A breakdown of this shows that DANGSUGAR paid an interim dividend of 85 Kobo and 120 Kobo in years 2008 and 2007 respectively; bringing the total dividend payout to 120 Kobo in year 2008 compared to 170 kobo in year 2007 indicating a drop of 29.41 percent in the review period.
In the same vein, DANSUGAR, which has 12,000,000,000 units of shares in issue declared a Turnover of N80.67 billion in year 2008 compared to N80.65 billion in year 2007 showing a slight increase of 0.03 percent (0.03%).
Profit before Tax (PBT) declined from N30.66 billion in year 2007 to N30.15 billion in year 2008 representing a decline of 1.66 percent (1.66%) in the review period.
While Profit after Tax (PAT) rose slightly from N21.48 billion in year 2007 to N21.87 billion in year 2008 indicating a rise of 1.83 percent (1.83%) in the period under review.
However, the date of closure of register of members is June 17 to June 19 2009, while the payment date is July 3 2009.
As at the time of filling in this Report, Proshare NI is yet to clarify the reason for the drop in dividend payout to investors by Dangote Sugar.