May 20, 2024
Dangote Sugar posts N36.27 billion profit in nine months  
Gambian Minister applauds Nigeria’s strides in telecom regulation The Gambian Minister of Communications and Digital Economy, Ousman Bah, at the weekend in Abuja, said Nigeria’s giant strides in telecom regulation are the reason that the nation’s telecoms development has become a reference point. Bah, who led a Gambian delegation, including industry regulators on a courtesy visit to the management of the Nigerian Communications Commission (NCC) in Abuja, said the visit was prompted by the success, which Nigeria has witnessed in the sector, and the need for The Gambia to follow the same path of success. He said it is for this reason that the West African nation has completed arrangements to establish an independent regulatory commission for its telecommunications industry like the NCC of Nigeria. “The current industry statistics is proof that Nigeria is achieving her goals of digitisation of its economy,” he said. He sought the Commission's advisory support and strategic collaboration to accelerate economic growth and improve efficiency in both countries and strengthen all sectors across the African continent. Director of Legal and Regulatory Services at NCC, Josephine Amuwa, who received the delegation on behalf of the Executive Vice Chairman of NCC, Prof. Umar Danbatta, highlighted the impact of the Nigerian Communications Act (NCA) 2003. She said the NCA 2003 empowers the Commission to effectively carry out its regulatory mandate, one of which is to create an enabling environment for competition among operators in the industry, as well as provision of qualitative and efficient telecommunications services throughout the country. Amuwa spoke about the Commission’s role in ensuring that the mandate of the Universal Service Provision Fund (USPF), is accomplished, and that has led to implementation of various programmes to the benefit of Nigerians. "The USPF was also established by the NCA 2003 to ensure that services are extended into the rural communities to ensure that telecoms services are available in unserved and underserved areas, even in the urban areas, to meet government objectives,” she said. Amuwa also cited the consultative and collaborative approach to telecom regulation as one of the factors for Commission's successes. "The Commission adopts a participatory rule-making process where key players in the industry are invited to a public hearing for further deliberations to ensure that the stakeholders' views are considered in establishing these regulatory guidelines," she said. Amuwa encouraged the delegation to visit the Commission's website to study published regulatory guidelines on all necessary matters. She explained that the guidelines give full effect to the provisions and administration of the NCA 2003.
– By Alison_Godswill

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Dangote Sugar posts N36.27 billion profit in nine months  

Nigeria’s largest sugar refinery, Dangote Sugar Refinery Plc has announced a profit before tax (PBT) of N36.27 billion for the nine months ended September 30, 2022. According to the sugar refiner’s unaudited results posted on the Nigerian Exchange portal, PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022.

Profit after tax (PAT) rose from N15.51 billion to N24.83 billion while revenue went up from N195.50 billion to N288.32 billion.

Group managing director, of Dangote Sugar Refinery Plc, Ravindra Singhvi in his remarks attributed the positive results in the nine months to key trade interventions introduced during the year and positive market responses. He said, “Our impressive performance in the period demonstrates our resilience in the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.”

It should be recalled that Dangote Sugar Refinery recorded a profit before tax (PBT) of N29.73 billion for the half year ended June 30, 2022 while profit after tax (PAT) hit N20.24 billion in that period.

Meanwhile, Dangote Sugar Refinery has continued to implement its sugar backward integration projects plans and the enhancement of its Outgrowers Scheme to support the economic growth of the immediate communities. The aim is to develop a robust outgrower scheme with about 5,000 outgrowers when the projects have fully taken off, in addition to the achievement of other targets of its Sugar for Nigeria Project plan.

The key focus is of the sugar refiner is achievement of the Dangote Sugar Backward Integration Projects targets and put Nigeria on the path of sugar self-sufficiency and the world sugar map.

Employee Health & Safety as well as that of its partners remains a top priority at the company’s operations at the Apapa Refinery, its Sugar Backward Integration Operations in Numan, Adamawa State and Tunga, Nasarawa State. All processes are in compliance with stipulated health and safety protocols.

Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses.

Its Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.

To achieve this, Dangote Sugar Refinery Plc acquired DSR Numan Operations (Savannah Sugar Company Limited), located in Numan, Adamawa State in December 2012, and embarked on the ongoing rehabilitation of its facilities and expansion of its 32,000 hectares’ sugarcane estate.

In September 2020, the scheme of merger between DSR and Savannah Sugar Company Limited was completed which gave birth to a bigger and stronger business with considerable opportunity for growth and delivery of superior benefits to all stakeholders. The expansion of the Numan sugar estate is still ongoing as well as the development of the greenfield site acquired at Tunga, Nasarawa State for the achievement of DSR’s sugar for Nigeria development master plan.

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