Dangote said this at the company’s Annual General Meeting in Lagos on Thursday.

The figure, represents a decrease of 3.1 per cent, compared with the N83.8bn recorded in 2006.

DSR’s profit after tax, however, stood at N21.5bn in the year under review. That represents an increase of 229 per cent, over the N16.7bn recorded the previous year.

According to the chairman, the company recorded considerable growth in the year under review.

He attributed the drop in turnover, to a reduction in the selling price.

“Gross profit increased by 61 per cent from N20.1bn in 2006, to N32.5bn in 2007. Our production volume grew slightly over 2006, while sales volume remained constant at about 0.90 million tonnes per annum,” Dangote said.

He said that the company was working towards expanding its operations beyond the shores of Nigeria.

A total dividend of 170kobo per share was recommended for the company’s shareholders.

Meanwhile, the All-Share Index of the Nigerian Stock Exchange continued its upbeat trend on Thursday, increasing by 0.4 per cent, from 63,629.87 on Wednesday, to close at 63, 854.3.

Similarly, the market capitalisation of the 217 listed equities, rose by N44bn or 0.4 per cent, from N12.268tn the preceding day, to N12.312tn on Thursday.

In all, a total of 1.081billion shares, valued at N15.290bn, were exchanged by investors in 21,509 transactions.

This represents an increase of 14 per cent in terms of turnover, over the 946.628 million shares, worth N15.946bn, exchanged on Wednesday in 20,337 deals.

Mobil Oil Nigeria Plc led the gainers’ chart with a N10.80 rise to close at N226.80 per share, Total Nigeria Plc chalked up N10 to close at N240 per share.

Conversely, Ecobank Transnational Incorporated, led the losers’ chart, dropping by N7.90 to close at N242.10 per share. Julius Berger Nigeria Plc and Cadbury Nigeria Plc, shed N5.99 and N2.35 respectively, to close at N120 and N44.65 per share.

The banking sector led on the activity chart, trading 455.238 million shares, worth N10.569bn in 9,411 deals.

In the insurance sector, 396.197 million shares, valued at N1.788bn shares, were traded in 5,171 transcations.