Dangote Sugar Refinery Plc has announced a 51% increase in turnover, rising to ₦665.6 billion for the financial year ended December 31, 2024, up from ₦441.5 billion in 2023. This was disclosed at the company’s 19th Annual General Meeting (AGM), where stakeholders applauded the performance amid economic challenges.
Speaking at the AGM on behalf of Chairman Aliko Dangote, acting chair Mss Bennedikter Molokwu noted that the company remained resilient despite macro-economic headwinds. Dangote emphasized that the company’s future outlook remains strong, with plans to scale up refined sugar production to 1.5 million metric tonnes annually and create over 75,000 jobs across its value chain.
Shareholders, including leaders of various investor associations, hailed Dangote Sugar for maintaining its industry leadership. Dr. Farouk Umar of the Association for the Advancement of the Rights of Nigerian Shareholders praised the increase in earnings per share from ₦6 to ₦15.80 and the company’s strategic growth, saying Dangote Sugar is “on a solid growth trajectory.”
Other shareholders, such as Pastor Olagoke Samson Olusegun and Alhaji Mukhtar Mukhtar, lauded the management’s focus and corporate governance, while Mr. Patrick Ajudua commended the company’s resilience as it marks its 25th anniversary.
CEO Ravindra Singh Singhvi reaffirmed the company’s goal to make Nigeria self-sufficient in sugar production, targeting 700,000 tonnes of local sugar production in five years. Executive Director Hajiya Mariya Dangote highlighted ongoing projects, including Backward Integration Projects and a new power plant, aimed at boosting efficiency.
Aliko Dangote, in the annual report, reiterated the company’s dedication to strategic growth and sustainable impact through robust Corporate Social Responsibility (CSR) efforts.
