Dangote Sugar explains failure to achieve Q1 2017 forecast

Dangote Sugar Refinery .yesterday explained the reasons behind the firm’s failure to achieve its forecast for the first quarter of 2017.
Speaking during the company’s Facts Behind the Figures presentation at The Nigerian Stock Exchange on Wednesday in Lagos, the company’s Acting Managing Director, Alhaji Sule Abdulahi attributed the problem to the headwind i the nation’s economy that has affected the fortune of most business concerns in the country.
He stated that the challenges was mostly due to low consumption of sugar as well as low supply of energy,
“As for 2017 budget not being met, what has happened are the challenges, you know sugar consumption has been lower and as a result, it impacted some of the budget, I clearly indicated when we talk of ratio, we actually need 80 per cent of gas, 20 per cent of LBM but today we are using 50:50”.
He gave the assurance that price of sugar in the market is no longer on the high side adding that as much as foreign exchange continues to come down and available, the price of the commodity will continue to be affordable.
“On price of sugar, have you not been in the market recently? The price which has gone as high as N20, 000 has come down to N17, 000”, he explained.
Abdulahi disclosed that through the firm’s robust Out Growers Scheme, many people have been offered employment opportunities adding that farmers were given loans and fertilizer for rice production.

Picture caption:
L – R: Tony Ibeziako, Head, Domestic Primary Markets, The Nigerian Stock Exchange (NSE); Haruna Jalo-Waziri, Executive Director, Capital Markets Division, NSE; Engr. Abdullahi Sule, Ag. Group Managing Director, Dangote Sugar Plc and Bennedikter Molokwu, Non-Executive Director, Dangote Sugar Plc at Facts Behind the Figures Presentation at the Exchange on Wednesday.