Dangote Sugar Refinery Plc has posted an impressive 51% growth in turnover, reaching N665.6 billion for the financial year ended December 31, 2024, compared to N441.5 billion recorded in 2023.
This performance, despite prevailing economic challenges, highlights the company's resilience and ambition to drive Nigeria towards sugar self-sufficiency while creating over 75,000 jobs.
The announcement was made during the company’s 19th Annual General Meeting (AGM), held on Tuesday.
While Chairman Aliko Dangote was represented by Mrs Bennedikter Molokwu, who chaired the session in an acting capacity, his vision for the company’s expansion and long-term sustainability was clearly conveyed.
Dangote, in his statement, noted that the company's outlook for 2025 and beyond remains robust, with plans to scale up production to 1.5 million metric tonnes of refined sugar annually.
This, he emphasised, would not only meet national demand but also significantly boost employment across the sugar value chain.
“The future of the company is very bright. We are not just building a profitable enterprise, we are building an industry that will create 75,000 jobs and secure Nigeria’s sugar needs,” Dangote said.
Shareholders at the AGM responded with resounding applause, commending the Board and management for maintaining Dangote Sugar’s leadership in Nigeria’s sugar industry, which is among the largest in Sub-Saharan Africa.
With a combined installed refining capacity of 1.49 million tonnes per annum, the company remains the dominant force in the sector.
Dr Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the company’s strong financial performance and consistent shareholder value creation.
“In an economic climate where many firms are struggling, Dangote Sugar recorded a turnover of N665.6 billion, a 51% increase.
“Earnings per share also rose significantly from N6 to N15.80. This performance is remarkable,” he said, adding that Alhaji Dangote’s commitment to making Nigeria self-sufficient in sugar is commendable.
Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, described the executive leadership as focused and forward-thinking, crediting them for the company’s sustained upward trajectory.
Similarly, Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), noted the immense challenges facing businesses nationwide and praised Dangote Sugar for its ability to thrive in such a volatile environment.
“We are confident that profits and dividends will continue to grow,” he said.
Another shareholder, Mr Patrick Ajudua, highlighted the company’s ability to adapt and innovate as key to its long-standing success.
He also congratulated Dangote Sugar on its 25th anniversary, calling it a milestone that signals greater achievements ahead.
Beyond profitability, shareholders commended the company’s social impact.
Dangote Sugar’s Corporate Social Responsibility (CSR) initiatives were praised for benefiting not only shareholders but also communities across the country.
Group Managing Director and CEO Ravindra Singh Singhvi reiterated the company’s target of producing 700,000 tonnes of sugar locally within the next five years.
He stressed the importance of reducing reliance on imports and strengthening Nigeria’s agro-industrial sector.
Executive Director, Hajiya Mariya Dangote announced ongoing expansion in the company’s Backward Integration Projects (BIPs), which include the commissioning of a new power plant to boost operational efficiency.
Aliko Dangote, in his statement in the Annual Report & Accounts, assured shareholders of the company’s commitment to high standards of corporate governance, even amid global economic volatility.
“Our focus on strategic initiatives has kept us on course. We remain resilient and dedicated to national development,” Dangote affirmed.
Copyright Notice:
All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without the express written consent of THE NEWS ACCELERATOR NETWORK.
For advertising inquiries, news coverage, or press releases, please contact us at thenewsacceleratornetwork@gmail.com or call 08144048512, 08051017159.
Post a Comment