Dangote Sugar pledges improved profit

DESPITE the 'minor' fire incidence at its bagging store recently, the management of Dangote Sugar Refining Plc (DSR) at the weekend assured its shareholders of improved performance in the 2012 financial year.The Managing Director of the company, Abdulahi Sule, was quoted as saying that the fire incidence was not expected to lead to scarcity of sugar, adding that the impact of the fire was minimal and 'the refinery has strategic reserve which could last for two months even if it does not produce at all.'According to the statement, the sugar company would also reap 'bountifully' when it finally consummated its acquisition of Savannah Sugar Company from Dangote Industries Limited.It explained that the shareholders at the last yearly general meeting of thecompany had endorsed the move.Already, in furtherance of its strategic action plan to consolidate the market expansion, Dangote sugar explained that ithad commenced export of the product to Ghana, Gambia and Sierra-Leone with plans underway to expand to other African countries. Sule explained that the companyhad entered into an agreement with Dangote Industries Limited on the acquisition process and that all hands were on deck toactualise the final acquisition of the firm 'thus making Dangote sugar refinery the first fully integrated sugar manufacturing company in Africa.'He added that the investors would have a good bargain this year as the company had surpassed its profit projection for the first quarter of the year and would likely sustain the trend in the second quarter. According to him, Dangote sugar controlled over 70 per cent of the sugar market in Nigeria and with 'a sugar refinery, which is the second largest in the world.
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