(stock profile prepared by Counters Trust Securities Ltd)

Dangote Sugar Refinery (DSR) started off as a sugar division within Dangote Industries Limited (DIL) in March 2000. The parent company, DIL had been involved in the sugar business since 1978 through the importation and trading of white sugar before commencing sugar refining in 2001. Since then, the company has helped to reduce the country’s dependence on refined sugar importation. All the white sugar produced by the company is sold in Nigeria, but the products find its way to neighboring West African countries through informal crossborder trading. The company imports raw sugar from Brazil, refines it into

Vitamin A fortified white sugar and sells across Nigeria. The factory has undergone two expansions that have increased installed capacity to about 1.44millon metric tones from an initial installed capacity of 600,000 metric tones of raw sugar per annum. The factory’s capacity utilization is currently above 75%, making DSR the largest sugar refinery in sub Saharan African and one of the largest in the world.