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Dangote Sugar Refinery, the largest sugar manufacturing company in Nigeria, released its audited financial statements for the full year ended December 31, 2015, at the Nigerian Stock Exchange on Thursday. The report shows that the company’s pre-tax profits rose 7.7 percent year-on-year to N16.55 billion last year, compared to N15.27 billion reported in 2014.

Dangote Sugar, which is controlled by Africa’s richest man, Aliko Dangote, said revenues rose 6 percent to N101.06 billion in 2015, from N94.86 billion in 2014. Earnings per share fell to N96 per share in 2015, compared to N97 per share in 2014.

The company has proposed a dividend of 50 kobo per share.

With a capacity of 1.44 million metric tonnes per annum, Dangote Sugar Refinery controls over 70 percent of Nigeria’s sugar market. The company owns 95 percent of Savannah Sugar Company, which cultivates 100,000 hectares of sugarcane across states in Nigeria.
 
The price of the company’s stock closed at N5.49 at the end of trading on the NSE on Thursday.