DANGOTE Sugar Refinery Plc has announced a 51% increase in turnover, reaching N665.6 billion for the fiscal year ending December 31, 2024, up from N441.5 billion in 2023.
The company also outlined ambitious plans to expand production and generate significant employment opportunities.
At the 19th Annual General Meeting (AGM) held on Tuesday, Mrs. Bennedikter Molokwu, who presided in an acting capacity on behalf of Chairman, Aliko Dangote, acknowledged the macroeconomic challenges faced in 2024 but expressed optimism about the company’s future.
She emphasized Dangote Sugar’s commitment to sustainable growth, targeting an annual production of 1.5 million metric tonnes of refined sugar while creating over 75,000 jobs across its value chain.
Shareholders commended the Board and management for sustaining the company’s leadership in Nigeria’s sugar industry despite economic headwinds.
Dangote Sugar remains one of the largest sugar refineries in Sub-Saharan Africa, with a combined 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 financial performance, noting a rise in earnings per share from N6 to N15.80.
He highlighted the company’s resilience in a difficult economic climate and its commitment to achieving national self-sufficiency in sugar production.
Similarly, Pastor Olagoke Samson Olusegun of the De-Impressive Shareholders’ Association of Nigeria lauded Aliko Dangote and the executive team for driving growth and profitability.
Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), described the company’s performance as commendable, expressing confidence in sustained profitability and dividends.
Mr. Patrick Ajudua, another shareholder, attributed the company’s success to its adaptability and long-term strategic planning. He also recognized Dangote Sugar’s Corporate Social Responsibility (CSR) initiatives, which have positively impacted communities across Nigeria.
Ravindra Singhvi, Group Managing Director/CEO of Dangote Sugar Refinery Plc, reiterated the company’s goal of producing 700,000 tonnes of sugar locally within five years to support Nigeria’s self-sufficiency.
Executive Director Hajiya Mariya Dangote highlighted ongoing expansion projects, including Backward Integration Programs (BIPs) and a new power plant, aimed at improving operational efficiency.
In his statement within the Annual Report, Aliko Dangote reaffirmed the company’s focus on strategic growth, corporate governance, and resilience amid economic uncertainties.
He expressed confidence in Dangote Sugar’s continued contribution to Nigeria’s industrial and economic development.
