Dangote Sugar fostered a change of 51%

Chairman of Dangote Sugar Refinery PLC, Aliko Dangote has revealed that the company’s turnover increased 51 percent to N665.6 billion for the year ended December 31, 2024, compared to the appropriate figures N441.5 billion recorded for the 2023 financial year.

Speaking at the 19th Annual General Meeting (GMS) on Tuesday, MSS Bennedikter Molokwu, who led the GMS in acting capacity, to represent dangote, noted that company performance in 2024 was influenced by various macroeconomic challenges, but even so, the company’s future was very bright.

Dangote said the company’s prospects for 2025 and so on were to build a sustainable business, targeting the production of 1.5 million tons of refined sugar every year and at the same time produced more than 75,000 employment opportunities, in the company’s value chain.

In the same tone, shareholders at the GMS, praise the board and management of Dangote Sugar Refinery PLC to maintain their leadership in the Nigerian sugar industry, despite the applicable economic challenges.

Shareholders recognize dangote sugar as one of the largest sugar refineries in Sub-Sahara Africa and prominent players in the Nigerian sugar sector. This position is supported by a combined purification capacity of 1.49 million tons per year.

The President of the Association for the Progress of Nigerian shareholders, Dr. Farouk Umar, praised the company’s performance in the 2024 report. He highlighted that, regardless of many economic obstacles, the company remained on a solid growth track.

“Our turnover of N665.6 billion representing an increase of 51% compared to N441.5 billion in the same period in 2023. Profit per share rose from N6 to N15.80. In the current economic climate, many companies struggle to grow revenue or maintain profitability,” he said.

Also read: Dangote Sugar launches the term in the merger with nascon, dangote rice

The President of the Association of Shareholders De-Imposed in Nigeria, Father Olagoke Olusegun, praised the chairman, Aliko Dangote, and the executive team for directing the company to a higher success rate.

Also speaking, the Chairperson of the Nigerian Buried Shareholders Association (TSAN), Alhaji Mukhtar Mukhtar, acknowledged the economic difficulties faced by Business in Nigeria. He described the performance of Dangote Sugar as the trust of shareholders who were commendable and expressed in sustainable profits and dividends.

Dangote Sugar Refinery PLC group/CEO Director, Ravindra Singh Singhvi, repeated the company’s goal to achieve self -sufficiency in sugar production for Nigeria, with the target of producing 700,000 tons of sugar locally in the next five years.

Executive Director of Hajiya Mariya Dangote noted that the company expanded the backward integration project (BIPS) and assigned new power plants, among other projects, to improve operational efficiency.

In the chairman’s statement contained in the annual report & account, Dangote stated that the company remained focused on its strategic initiative during the year, despite continuous volatility and external pressure.

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