By Ayomide Otitoju
Dangote Sugar Refinery Plc has reported a 51% increase in turnover to N665.6 billion for the financial year ended December 31, 2024, up from N441.5 billion in 2023. The company disclosed the development at its 19th Annual General Meeting (AGM) held on Tuesday.
Addressing shareholders, Ms. Bennedikter Molokwu, who chaired the AGM in an acting capacity on behalf of Chairman Aliko Dangote, acknowledged the impact of macroeconomic challenges on the company’s performance but expressed optimism about its long-term prospects.
Aliko Dangote, in a statement contained in the company’s Annual Report and Accounts, reaffirmed the refinery’s strategic focus on building a sustainable business and outlined plans to boost refined sugar production to 1.5 million metric tonnes annually. He also projected that the company’s expansion could generate over 75,000 jobs across its value chain.
Shareholders at the AGM commended the Board and management for maintaining Dangote Sugar’s leadership in Nigeria’s sugar industry, despite prevailing economic headwinds. With an installed refining capacity of 1.49 million tonnes per annum, Dangote Sugar remains one of the largest refineries in Sub-Saharan Africa.
Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, lauded the company’s earnings per share, which rose from N6 to N15.80. “In today’s economic climate, growing revenue and maintaining profitability is no small feat. We applaud the Board for expanding operations and enhancing shareholder value,” he said, noting Dangote’s pledge to make Nigeria self-sufficient in sugar production.
Other shareholder groups echoed similar sentiments. Pastor Olagoke Samson Olusegun of the De-Impressive Shareholders’ Association praised Dangote’s leadership, while Alhaji Mukhtar Mukhtar of the Trusted Shareholders Association of Nigeria described the company’s performance as “commendable” amid Nigeria’s economic challenges.
Mr. Patrick Ajudua, another shareholder, attributed the company’s consistent success to strategic resilience and adaptability. He congratulated Dangote Sugar on its 25th anniversary, saying it had “come of age” and was well-positioned for future growth.
Group Managing Director/CEO, Ravindra Singh Singhvi, reiterated the company’s commitment to achieving self-sufficiency in sugar production, targeting 700,000 tonnes of locally produced sugar within the next five years. Executive Director Hajiya Mariya Dangote added that expansion of the company’s Backward Integration Projects (BIPs) and the commissioning of a new power plant would further drive operational efficiency.
Aliko Dangote emphasized in his Chairman’s report that the company remained committed to its strategic goals and high corporate governance standards, despite external pressures and market volatility.
