The Chairman of Dangote Sugar Refinery Plc, Aliko Dangote, has announced that the company’s turnover grew by 51% to ₦665.6 billion for the financial year ending December 31, 2024, up from ₦441.5 billion recorded in 2023.
Speaking at the company’s 19th Annual General Meeting (AGM) held on Tuesday, Mrs. Bennedikter Molokwu, who chaired the event in an acting capacity on behalf of Aliko Dangote, acknowledged the macroeconomic challenges faced in 2024. Nonetheless, she expressed optimism about the company’s future.
Dangote stated that the company’s strategic outlook for 2025 and beyond is centered on building a sustainable business, aiming to produce 1.5 million metric tonnes of refined sugar annually, while creating over 75,000 jobs across its value chain.
At the AGM, shareholders applauded the Board and management for sustaining Dangote Sugar’s leadership in Nigeria’s sugar industry despite economic headwinds. They acknowledged the company as one of the largest sugar refineries in Sub-Saharan Africa, with a combined installed refining capacity of 1.49 million tonnes per annum.
Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the company’s 2024 performance.
“Despite numerous economic hurdles, Dangote Sugar remains on a solid growth trajectory. The turnover of ₦665.6 billion represents a 51% increase over 2023. Earnings per share rose from ₦6.00 to ₦15.80. While many companies are struggling, Dangote Sugar continues to expand and increase shareholder value,” he said.
He added that Aliko Dangote had reaffirmed his pledge to make Nigeria self-sufficient in sugar production.
Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, commended the Chairman and executive team for steering the company to new heights. Similarly, Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), described the company’s performance as commendable given Nigeria’s current economic climate and expressed confidence in continued profitability and dividend payments.
Another shareholder, Mr. Patrick Ajudua, attributed the company’s sustained success to its adaptability and resilience. He congratulated Dangote Sugar on its 25th anniversary, noting that the company had matured and was poised for even greater accomplishments.
Shareholders also praised the company’s Corporate Social Responsibility (CSR) efforts, which they said had an impact on shareholders and the broader Nigerian society.
Group Managing Director/CEO, Ravindra Singh Singhvi, reaffirmed the company’s goal of achieving self-sufficiency in sugar production, aiming to produce 700,000 tonnes of sugar locally within the next five years.
Executive Director Mariya Dangote, added that the company is expanding its Backwards Integration Projects (BIPs) and commissioning a new power plant to improve operational efficiency.
In his statement in the Annual Report and Accounts, Aliko Dangote emphasized that despite ongoing economic volatility, the company remained focused on its strategic goals and committed to upholding high standards of corporate governance.
