*Aliko Dangote, Chairman of Dangote Sugar Refinery Plc, highlights the company鈥檚 turnover increased by 51 percent to N665.6 billion for the financial year ended December 31, 2024, as against N441.5 billion recorded 2023 financial year

Isola Moses | 绿帽献妻

Aliko Dangote, Chairman of Dangote Sugar Refinery Plc, has disclosed the company鈥檚 turnover increased by 51 percent to N665.6 billion for the year ended December 31, 2024, as against the corresponding figure of N441.5 billion recorded for the 2023 financial year.

Mrs. Bennedikter Molokwu, who chaired the AGM, representing Dangote at the 19th Annual General Meeting (AGM) Tuesday, April 29, 2025, noted that the company鈥檚 performance in 2024 was impacted by various macro-economic challenges.

Dangote Group, in a statement, Tuesday noted Mrs. Molokwu, however, said despite the challenges, the future of the company is very bright.

Dangote said the company鈥檚 outlook for 2025 and beyond would be building a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually, and at the same time, generate over 75,000 employment opportunities, in the company鈥檚 value chain.

The statement also discloses the shareholders at the AGM, applauded the Board and management of Dangote Sugar Refinery Plc for maintaining its leadership in the Nigerian sugar industry, despite prevailing economic challenges.

The shareholders as well acknowledged Dangote Sugar as one of the largest sugar refineries in Sub-Saharan Africa and the leading player in Nigeria鈥檚 sugar sector.

It stated: “This position is underpinned by a combined installed refining capacity of 1.49 million tonnes per annum.”

Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, commended the company鈥檚 performance in its 2024 report.

Umar highlighted that, despite numerous economic hurdles, the company has remained on a solid growth trajectory.

He also stated: 鈥淥ur turnover of N665.6 billion represents a 51 percent increase compared to N441.5 billion in the same period in 2023.

“Earnings per share rose from N6 to N15.80. In the current economic climate, many companies are struggling to grow revenues or maintain profitability.

“We must commend the Board for their efforts in expanding operations and increasing shareholder value.

“Alhaji Dangote has pledged that the company will make Nigeria self-sufficient in sugar production,鈥� he said.

Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders鈥� Association of Nigeria, applauded Dangote, the company’s Chairman, and the executive team for steering the company to higher levels of success.

Speaking at the event also, Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), acknowledged the economic difficulties facing businesses in Nigeria.

Mukhtar described Dangote Sugar鈥檚 performance as commendable and expressed shareholders鈥� confidence in continued profits and dividends.

Another shareholder, Mr. Patrick Ajudua, attributed the company鈥檚 sustained success to its adaptability and ability to weather economic headwinds.

Ajudua also congratulated the company on its 25th anniversary.

He said Dangote Sugar had come of age, and is poised for even greater achievements.

Several shareholders also lauded the company鈥檚 impact on broader society through its Corporate Social Responsibility (CSR) initiatives, which they said have benefited not only shareholders but Nigerians at large, the statement said.

In his presentation, Ravindra Singh Singhvi,

Group Managing Director/CEO of Dangote Sugar Refinery Plc, reiterated the company鈥檚 goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.

Executive Director Hajiya Mariya Dangote also observed that the company is expanding its Backward Integration Projects (BIPs) and commissioning a new power plant, among other projects, to enhance operational efficiency.

In the Chairman鈥檚 statement contained in the Annual Report & Accounts, Aliko Dangote stated that the company remained focused on its strategic initiatives during the year, despite persistent volatility and external pressures.

The President/Chief Executive of Dangote Group reaffirmed the company鈥檚 commitment to maintaining high standards of corporate governance.

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