AFRICA'S NO.1 FOOD, BEVERAGE & MILLING INDUSTRY MAGAZINE

High volumes sales sweeten Dangote Sugar Refinery’s half year revenue rising by 27.8%

Aug 2, 2021Aug 2, 2021 Editor

NIGERIA – One of Nigeria’s leading sugar processors, Dangote Sugar Refinery, has recorded a double-digit growth in its half-year revenue for the period ended June 2021 to N131.95 billion (US$320m) in contrast to N103.23 billion (US$250m) recorded at the same period in the preceding year. The 27.8% jump in top-line performance is attributed to increase in group sales volume to 388,589 tonnes while production volume also increased by 7.6 per cent to 403,846 tonnes driven by operations optimization drive. The Nigeria Stock Exchange Listed company generates its revenue through the…

Dangote, BUA, FMN prioritized sugar importers in Nigeria following massive investments in industry

Jul 17, 2021Jul 17, 2021 Editor

NIGERIA – The Central Bank of Nigeria (CBN) has restricted importation of sugar into the country to be only undertaken by the three major industry players i.e., Dangote Sugar Refinery Plc, Golden Sugar Company owned by Flour Mills of Nigeria Plc, and BUA Sugar Refinery Limited. The Apex bank in a circular titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, hinged its reason for selecting the aforementioned sugar manufacturers on the fact that they had made reasonable progress in achieving backward…

Dangote Sugar records 41.5% growth in revenue catapulted by surge in commodity price

May 11, 2021May 11, 2021 Editor

NIGERIA – Dangote Sugar Refinery, one of Nigeria’s leading sugar processors has reported a 41.5% surge in first quarter (Q1) revenue, for the period ended March 2021, to N67.39 billion (US$164m) compared to N47.6 billion (US$116.4m) earned in the same period in 2020. The rise in revenue is attributed to increase in sales volume as well as an uptick in price, reports Naira Metrics. During the period under review, the sugar producer witnessed its sales value increase by 41.5%. The company has indicated that it had no choice but to…

Flour Mills of Nigeria expands sugar project with acquisition of additional land

Apr 23, 2021Apr 23, 2021 Editor

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading foods and agro-allied groups has announced it has acquired an additional 5,200 hectares of land in Sunti Golden Sugar Estates located in Mokwa, Niger state, in line with its expansion plans. The investment is a move to further reaffirm its commitment to the backward integration strategy of the Nigerian Sugar Master Plan, as well as the overall growth of the sugar industry in Nigeria. According to reports by Nairametrics, the upland acquisition will bring the total land size of…

Dangote Sugar shuts operations at Niger State over community wrangles

Mar 15, 2021Mar 15, 2021 Editor

NIGERIA – The Dangote Sugar Refinery (DSR) Plc has put a stop to its Backward Integration Project (BIP) in Niger State which was undertaken in collaboration with the state government, due to land acquisition dispute. The joint venture, Dangote Niger Sugar Limited is one of the BIP’s established by the leading sugar miller, alongside Savannah Sugar Company in Numan Adamawa State, Tau Sugar Project in Taraba State and Tunga Sugar Project in Nasarawa State. The initiative is a 10-year sugar development plan aimed to produce 1.5 million metric tonnes per…

Dangote Sugar yearly revenue surge by 33%, showcasing resilient performance

Mar 2, 2021Mar 2, 2021 Editor

NIGERIA – Dangote Sugar Refinery (DSR) has reported a 33% rise in group revenue for the financial year of 2020 to N214.30bn (US$562.39m) from N161.09bn (US$422.75m) in 2019. The sugar milling giant attributes the rise in earnings to an increase of 6.9% in sales volume from previous year’s 684,487 tonnes to 731,701 tonnes. Despite the disruptions to the economy, owning majorly to coronavirus pandemic, it recorded an increase of 13.7 per cent in production volume to 743,858 tonnes from 654,071 tonnes in 2019. Revenue drew strength from the performance of…

Dangote urea fertilizer plant set to open in first quarter of 2021

Feb 4, 2021Feb 4, 2021 Editor

NIGERIA – Dangote Industries Limited has announced that its US$2.5 billion granulated urea fertilizer plant which is located at Ibeju Lekki, Lagos State is set to commence full operation in the first quarter of 2021 after its take off suffered some setbacks owing to disruptions caused by the COVID-19 pandemic. The Dangote Urea fertilizer plant is set-up to boost food sufficiency in Nigeria by tapping into the country’s demand for fertilizer, a critical component for boosting productivity. According to recent information, the newly completed fertilizer complex is said to have…

OCP Africa breaks ground on US$13m fertilizer blending plant in Nigeria

Nov 9, 2020Nov 9, 2020 Editor

NIGERIA – OCP Africa, a subsidiary of leading global provider of phosphate and its derivatives in the region, OCP Group, is investing US$13m in the establishment of an Agricultural Centre of Excellence in Sokoto State, Northern Nigeria. According to reports by This Day, the facility will comprise of a fertilizer blending plant and a training center for farmers, fertilizer blenders and other stake holders in the agricultural value chain. Having a production capacity of 200,000 MT per annum, the blending plant is expected to become operational in July 2021. It…

Dangote Sugar elevates acting Managing Director to Company’s CEO

Nov 2, 2020Nov 2, 2020 Editor

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…

Dangote Tomato Processing Company resumes tomato processing

Feb 7, 2020Jun 11, 2020 Editor

NIGERIA – The Dangote Tomato Processing Company, has officially resumed production of tomato paste today Friday, 7 Jan after suspending operations in April 2019, due to inadequate supply of raw materials. Its Managing Director, Alhaji Abdulkarim Kaita, said that the company had concluded necessary preparations for the commencement of operations. “We have since recruited about 100 workers both skilled and casual, as we are prepared to run the company for 24 hours on daily basis,” he said. Kaita, who is also the Managing Director of Dangote Farms Ltd, said when…