Dangote Sugar Reports 51% Turnover Growth
…Targets 1.5m Tonnes Production, 75,000 Jobs
By Patience Ikpeme
Dangote Sugar Refinery Plc has recorded a 51 per cent growth in turnover, reaching N665.6 billion for the financial year ended December 31, 2024, up from N441.5 billion in 2023.
The announcement was made during the company’s 19th Annual General Meeting (AGM) held on Tuesday, where Mrs. Bennedikter Molokwu presided in an acting capacity on behalf of the Chairman, Aliko Dangote.
Despite macro-economic headwinds in 2024, the company delivered strong performance figures. Dangote, in his statement to shareholders, disclosed that the future outlook includes plans to produce 1.5 million metric tonnes of refined sugar annually and create over 75,000 jobs across its value chain.
Shareholders at the AGM expressed satisfaction with the company’s resilience and continued dominance in Nigeria’s sugar sector. They noted Dangote Sugar’s installed refining capacity of 1.49 million tonnes per annum, which places it among the largest sugar refineries in Sub-Saharan Africa.
President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Farouk Umar, praised the company for its 2024 performance. He pointed out that earnings per share jumped from N6 in 2023 to N15.80 in 2024, a feat achieved despite the challenging economic environment.
“In the current economic climate, many companies are struggling to grow revenues or maintain profitability. We must commend the Board for their efforts in expanding operations and increasing shareholder value. Alhaji Dangote has pledged that the company will make Nigeria self-sufficient in sugar production,” Umar said.
Similarly, Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, credited the executive leadership with steering the company to greater heights. He was joined by Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), who described the company’s performance as commendable and expressed optimism for continued dividends and profitability.
Mr. Patrick Ajudua, another shareholder, pointed to the company’s ability to adapt and sustain growth despite economic uncertainties. He also congratulated Dangote Sugar on its 25th anniversary, noting its achievements over the years.
Shareholders further acknowledged the company’s impact through its Corporate Social Responsibility (CSR) programmes, which they said have had meaningful benefits for communities across Nigeria.
Group Managing Director/CEO of Dangote Sugar Refinery Plc, Ravindra Singh Singhvi, restated the company’s goal of achieving self-sufficiency in sugar production, with a medium-term target of producing 700,000 tonnes locally over the next five years.
Executive Director Hajiya Mariya Dangote informed shareholders of the ongoing expansion of the company’s Backward Integration Projects (BIPs) and the commissioning of a new power plant to improve efficiency.
In the Chairman’s statement in the Annual Report & Accounts, Dangote said the company stayed focused on its strategic initiatives despite volatility and external pressures, and will continue to uphold high standards of corporate governance.
The 2024 AGM marked another chapter in the company’s 25-year journey as it moves toward meeting its production goals and strengthening its role in Nigeria’s economic development.
