Dangote Sugar Refinery Plc has recorded a significant 51% increase in turnover, hitting ₦665.6 billion for the year ended December 31, 2024 — up from ₦441.5 billion in 2023 — despite macroeconomic challenges in the country.
Speaking at the company’s 19th Annual General Meeting (AGM) held in Lagos, Bennedikter Molokwu, who chaired the meeting in an acting capacity on behalf of Aliko Dangote, said the company’s robust performance reflects its strategic resilience and long-term vision.
In a message delivered at the AGM, Dangote revealed that the company’s strategic focus going forward is to build a sustainable business model by targeting 1.5 million metric tonnes of refined sugar production annually. The expansion is also expected to create over 75,000 jobs across its value chain.
Group Managing Director/CEO, Ravindra Singh Singhvi, reiterated the firm’s commitment to self-sufficiency in sugar production, with a five-year plan to locally produce 700,000 tonnes of sugar.
Executive Director Hajiya Mariya Dangote added that Dangote Sugar is expanding its Backward Integration Projects (BIPs) and commissioning a new power plant, aimed at boosting efficiency and energy self-reliance.
“We remained focused on our strategic initiatives despite external volatility and are committed to maintaining the highest standards of corporate governance,” Dangote said.
Shareholders commended the Board and management for maintaining market leadership amid Nigeria’s economic challenges.
Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, hailed the 2024 financial results as proof of the company’s resilience and strong growth trajectory.
Similarly, Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), praised the company for sustaining profitability and delivering shareholder value.
Patrick Ajudua, another shareholder, congratulated Dangote Sugar on its 25th anniversary, highlighting its evolution into one of Sub-Saharan Africa’s largest sugar refineries with an installed refining capacity of 1.49 million tonnes per annum.
“Dangote Sugar has come of age. Its ability to thrive amid economic headwinds makes us optimistic about even greater achievements ahead,” Ajudua said.
