Dangote Sugar grows turnover by 51%

The chairman of Dangote Sugar Refinery Plc, Aliko Dangote has revealed that the company’s turnover increased by 51 per cent 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, Mss Bennedikter Molokwu, who chaired the AGM in an acting capacity, to represent Dangote, noted that the company’s performance in 2024 was impacted by various macro-economic challenges, but that despite that, the future of the company was 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 had 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,” he said. 

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President of the De-Impressive Shareholders’ Association of Nigeria, Pastor Olagoke 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. 

Group Managing Director/CEO of Dangote Sugar Refinery Plc, Ravindra Singh 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 was 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, Dangote stated that the company remained focused on its strategic initiatives during the year, despite persistent volatility and external pressures. 

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