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The Management of Dangote Sugar Refining Plc has said that the company had surpassed its profit projection for the first quarter of the year and will likely sustain the trend in the second quarter despite the challenges and the inclement industrial climate.
They said that the company has been on steady rise, high and above its performance projections since the beginning of the operating year.
The management said at the weekend that the minor fire incidence at its bagging store notwithstanding, it would continue with its cutting edge business plans to achieve its set goals to the benefits of the investors.
Managing Director of the Company, Engineer Abdulahi Sule allayed fears being expressed in certain quarters that the recent fire that gutted a section of its Apapa refinery would lead to scarcity of Sugar.
“It is not true because the impact of the fire was minimal and besides, the refinery has strategic reserve which could last for two months even if it does not produce at all,” he said.
It was learnt that the sugar company would also reap bountifully when it finally consummates its acquisition of Savannah Sugar company from Dangote Industries Limited, a move that has been endorsed by the shareholders at the last Annual General Meeting of the company.
A statement from Dangote Group said that already, in furtherance of its strategic action plan to consolidate the market expansion, Dangote Sugar has commenced export of the product to Ghana, Gambia, Sierra-Leone with plans already to enter other African countries.
Engineer Sule said in an interview in Lagos that the leading sugar company had entered into an agreement with Dangote Industries limited on the acquisition process and that all hands were on deck to actualise the final acquisition of the firm thus making Dangote Sugar refinery the first fully integrated sugar manufacturing company in Africa.
According to him, Dangote Sugar controls over 70 per cent of the sugar market in Nigeria and with “a sugar refinery which is the second largest in the world, it wouldn’t be a bad business strategy to step up our foray into West African markets having dominated the local market, yet with more capacity for production.
He said: “We have started exportation of Sugar into Ghana, Gambia and other countries after a pilot scheme. Over all, we are seeing a more positive prospect than we had envisaged because we had thought upon acquisition of Savannah Sugar our production would move up by 100,000mt per annum within three years, but with what we have put on ground, we would achieve that within a reasonable time frames.
“The acquisition of Savannah sugar is very strategic, by the time we take off fully; we would be creating more jobs 10 times we presently have. Then we will be producing ethanol from sugar molasses therefore increasing our profit margin.”
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