Dangote Sugar’s strong performance and strategic vision continue to solidify its dominance in the Sub-Saharan sugar industry
Dangote Sugar Records Robust 51% Surge in Turnover, Set to Provide 75,000 Jobs
Lagos, Nigeria – April 29, 2025 Dangote Sugar Refinery Plc reported a robust 51% surge in turnover, reaching N665.6 billion for the 2024 financial year, up from N441.5 billion in 2023. The announcement came during the company’s 19th Annual General Meeting (AGM), chaired by Mss Bennedikter Molokwu on behalf of Chairman Aliko Dangote.
Despite macroeconomic challenges, Molokwu expressed optimism about the company’s future, emphasizing its commitment to sustainable growth. Dangote outlined ambitious plans to produce 1.5 million metric tonnes of refined sugar annually and create over 75,000 jobs across its value chain by 2025, reinforcing its role as a key economic driver in Nigeria.
Shareholders at the AGM praised the leadership of Dangote Sugar, Africa’s largest sugar refinery and Nigeria’s industry leader, with a 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, lauded the company’s resilience and consistent growth amid economic headwinds.
Dangote Sugar’s strong performance and strategic vision continue to solidify its dominance in the Sub-Saharan sugar industry, with stakeholders confident in its ability to navigate challenges and deliver long-term value.
“Our turnover of N665.6 billion represents a 51% 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,” he said.
President of the De-Impressive Shareholders’ Association of Nigeria, Pastor Olagoke Samson Olusegun, praised the Chairman, Aliko Dangote, and the executive team for steering the company to higher levels of success.
Also speaking, the Chairman of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, acknowledged the economic difficulties facing businesses in Nigeria. He described Dangote Sugar’s performance as commendable and expressed shareholders’ confidence in continued profits and dividends.
Another shareholder, Mr. Patrick Ajudua, attributed the company’s sustained success to its adaptability and ability to weather economic headwinds. He congratulated the company on its 25th anniversary, remarking that Dangote Sugar has come of age and is poised for even greater achievements.
Several shareholders also lauded the company’s impact on broader society through its Corporate Social Responsibility (CSR) initiatives, which they said have benefited not only shareholders but Nigerians at large.
Group Managing Director/CEO of Dangote Sugar Refinery Plc, Ravindra Singh Singhvi, reiterated the company’s 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 noted 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’s 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. He reaffirmed the company’s commitment to maintaining high standards of corporate governance. Read More
