The chairman of Dangote Sugar Refinery Plc, Aliko Dangote, has revealed that the company’s turnover increased by 51 percent to N665.6 billion for the year ended December 31, 2024, as against the corresponding figure of N441.5 billion recorded for the 2023 financial year.
Speaking at the 19th Annual General Meeting (AGM) on Tuesday, Mrs. Bennedikter Molokwu, who chaired the AGM in an acting capacity to represent Aliko Dangote, noted that the company’s performance in 2024 was impacted by various macro-economic challenges, but despite that, the future of the company is very bright.
Dangote said the company’s outlook for 2025 and beyond is to build a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually, and at the same time generate over 75,000 employment opportunities in the company’s value chain.
In the same vein, shareholders at the AGM applauded the Board and management of Dangote Sugar Refinery Plc for maintaining its leadership in the Nigerian sugar industry, despite prevailing economic challenges. The shareholders acknowledged Dangote Sugar as one of the largest sugar refineries in Sub-Saharan Africa and the leading player in Nigeria’s sugar sector. This position is underpinned by a combined installed refining capacity of 1.49 million tonnes per annum.
President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Farouk Umar, commended the company’s performance in its 2024 report. He highlighted that, despite numerous economic hurdles, the company has remained on a solid growth trajectory. “Our turnover of N665.6 billion represents a 51% increase compared to N441.5 billion in the same period in 2023. Earnings per share rose from N6 to N15.80. 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,” he said.
President of the De-Impressive Shareholders’ Association of Nigeria, Pastor Olagoke Samson Olusegun, praised the Chairman, Aliko Dangote, and the executive team for steering the company to higher levels of success.
Also speaking, the Chairman of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, acknowledged the economic difficulties facing businesses in Nigeria. He described Dangote Sugar’s performance as commendable and expressed shareholders’ confidence in continued profits and dividends.
Another shareholder, Mr. Patrick Ajudua, attributed the company’s sustained success to its adaptability and ability to weather economic headwinds. He congratulated the company on its 25th anniversary, remarking that Dangote Sugar has come of age and is poised for even greater achievements.
Several shareholders also lauded the company’s impact on broader society through its Corporate Social Responsibility (CSR) initiatives, which they said have benefited not only shareholders but Nigerians at large.
Group Managing Director/CEO of Dangote Sugar Refinery Plc, Ravindra Singhvi, reiterated the company’s goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.
Executive Director Hajiya Mariya Dangote noted that the company is expanding its Backward Integration Projects (BIPs) and commissioning a new power plant, among other projects, to enhance operational efficiency.
In the Chairman’s statement contained in the Annual Report & Accounts, Aliko Dangote stated that the company remained focused on its strategic initiatives during the year, despite persistent volatility and external pressures. He reaffirmed the company’s commitment to maintaining high standards of corporate governance.
