By DAYO ADESULU
The Dangote Sugar Refinery Plc has announced a remarkable 51% turnover growth, with revenue hitting ₦665.6 billion for the financial year ending December 31, 2024, up from ₦441.5 billion in 2023. This significant performance, despite Nigeria’s economic challenges, reinforces the company’s leadership in the country’s sugar industry.
Dangote Sugar Refinery Gets Strong Financial Performance
Acting on behalf of the Chairman, Aliko Dangote, Mrs. Bennedikter Molokwu, who presided over the 19th Annual General Meeting (AGM), stated that the company weathered various macroeconomic challenges in 2024 but still recorded outstanding growth. She noted that the future remains bright for the company as it continues to pursue expansion and value creation.
According to Aliko Dangote, the outlook for 2025 and beyond includes a strategy to build a sustainable business model that will boost refined sugar production to 1.5 million metric tonnes annually. Additionally, this plan is expected to create over 75,000 jobs across the company’s expansive value chain.
Dangote Sugar Refinery Shareholders Applaud Leadership
Shareholders expressed immense satisfaction with the company’s performance during the AGM. They acknowledged Dangote Sugar Refinery as one of the largest sugar processing companies in Sub-Saharan Africa and the clear leader in Nigeria’s sugar sector. The company boasts a combined installed refining capacity of 1.49 million tonnes per annum.
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Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the company’s earnings growth. “Our turnover of ₦665.6 billion represents a 51% increase compared to ₦441.5 billion in 2023. Earnings per share rose from ₦6 to ₦15.80, which is extraordinary in today’s economic climate,” he said.
He added that many companies are struggling to grow revenue or maintain profitability, but Dangote Sugar has bucked the trend through its aggressive operational expansion and dedication to shareholder value.
Confidence in Continued Profitability
Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, lauded Aliko Dangote and the executive team for their strategic leadership and commitment to delivering consistent growth.
Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), acknowledged the harsh economic climate but emphasized that Dangote Sugar’s performance has been resilient and commendable. He expressed optimism that the company would continue to deliver robust profits and dividends to shareholders.
Mr. Patrick Ajudua, another shareholder, highlighted the company’s adaptability and resilience in the face of economic headwinds. He also congratulated the company on its 25th anniversary, saying that Dangote Sugar has matured and is positioned for even greater success in the coming years.
Commitment to Self-Sufficiency and Operational Excellence
Group Managing Director/CEO Ravindra Singh Singhvi reaffirmed the company’s commitment to making Nigeria self-sufficient in sugar production. He disclosed that the company aims to locally produce 700,000 tonnes of sugar within the next five years, which aligns with the national Sugar Master Plan.
Executive Director, Hajiya Mariya Dangote, revealed that significant investments are being channeled into Backward Integration Projects (BIPs). These include the commissioning of a new power plant and expansion of sugar plantations, which will help enhance operational efficiency and reduce dependence on imports.
Corporate Governance and CSR Initiatives
In the Chairman’s statement contained in the 2024 Annual Report & Accounts, Aliko Dangote reiterated the company’s dedication to high standards of corporate governance. He emphasized that despite persistent volatility, the company maintained focus on its long-term strategic initiatives.
Shareholders also applauded the company’s Corporate Social Responsibility (CSR) programs, noting their impact on communities beyond the business ecosystem. These initiatives have improved infrastructure, education, and healthcare services in several host communities.
Conclusion: A Bright Outlook for Dangote Sugar
The 2024 fiscal results solidify Dangote Sugar Refinery turnover growth as a testament to strong leadership, resilience, and strategic investment. With clear goals to increase local production, generate employment, and maintain industry dominance, the company is poised for sustainable growth in the years ahead.
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