Taiwan Sugar Corp (Taisugar, 台糖) shareholders yesterday approved the distribution of a cash dividend of NT$1.1 per share, after the state-run company last year posted a net profit of NT$4.57 billion (US$164.1 million), surpassing its statutory net profit by NT$1.73 billion.
At the company’s annual general meeting in Tainan, Taisugar announced that it made an operating profit of NT$1.37 billion last year, NT$1.03 billion more than required.
“The company followed market trends and adapted to industry changes, and continuously adjusted its business development strategies, which allowed it to meet the goals set by the government,” Taisugar said in a statement.
Photo courtesy of Taiwan Sugar Cop via CNA
Taisugar has over the past few years diversified its business, making inroads into hog farming, renewable energy, biotechnology and other sectors.
Last year, the company revamped its agriculture business, including modernizing its hog farming facilities, and investing in renewable energy research and development, it said.
Taisugar also adopted strategies of circular economy, using sugarcane by-products to cultivate mushrooms and by-products of mushroom farming as fertilizer, it said.
About 400 tonnes of sugarcane by-products are recycled every month for use in mushroom farming, it added.
As a part of its social responsibility mandate, Taisugar last year started producing alcohol-based sanitizers and other COVID-19 prevention items, the firm said.
It also reduced rents at its properties and accepted delayed rent payments amid the COVID-19 pandemic, Taisugar said.
For this year, the firm aims to better utilize its assets and improve its performance, as well as transition into a “green and healthy enterprise” that “promotes new agriculture and a circular economy in Taiwan,” Taisugar said.
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