NIGERIA – Dangote Sugar Refinery (DSR) Plc has announced the appointment of Mr. Ravindra Singhvi as substantive Group Managing Director/Chief Executive Officer of the company.
Mr Ravindra was appointed the acting the Managing Director of the refinery in 2019, after serving the company as Chief Operating Officer.
He is a chartered accountant with competence in Company Secretary and General Management and holds a CA from the Institute of Chartered Accountants of India (ICAI) and a CS from the Institute of Company Secretaries of India (ICSI).
His experience of 39 years spans across leadership positions in manufacturing and processes in sugar, petrochemicals, cement, and textiles products industries in India.
He is a great asset to the company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects.
Dangote Sugar Refinery Plc
Before joining Dangote Sugar Refinery Plc, he was the Managing Director/CEO of NSL Sugar Limited Hyderabad in India, and Managing Director E.I.D Parry Limited, Chennai India.
Mr Ravindra has also served as the national chairman of Power Committee of Indian Sugar Manufacturers Association and worked with various government bodies to draft new policies and laws.
Notably, he oversaw the signing of the Power Purchase Agreement of 550 MW with the Government of Karnataka State for various sugar companies.
He also served as the Chairman of the Committee for Sugar Association for drafting of the new Sugar Cane Act in the State of Karnataka for fixation of Sugar Cane Price.
The Board of DSR is confident that,”he is a great asset to the company, particularly at this time when it is on a rapid growth trajectory, in view of its recent acquisition and it’s several backward integration projects (BIP) to position itself for further job creation in local plantations and factories, import substitution and deeper contribution to national economic development.”
Recently the company listed additional 146,878,241 ordinary shares on the Nigerian Stock Exchange increasing its issued and fully paid up stocks to 12,146,878,241 ordinary shares of 50 kobo each.
The additional shares arose from the Scheme of Merger between DSR and its sister company Savannah Sugar Company Limited (SSCL).
The merger is aimed to enhance its production capacity and further increase market share.
In its results for the first half of 2020 ended June 30, 2020, the subsidiary of Dangote Group posted a 28.8% rise in revenue from N80.363 billion (US$210.65m) in the corresponding period of 2019 to N103 billion (US$269.98m).
However, the profit of the company in H1 2020 was marginally higher than the profit in the corresponding period of 2019, as a result of higher raw material and consumables costs which rose faster than the increase in revenue, reports Naira Metrics.
The company posted a half-year profit of N11.6billion (US$30.4m) in 2020 compared to N10.9billion (US$28.5m) of 2019.
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