Dangote Sugar Refinery Plc has reported an impressive 51 percent growth in turnover, reaching N665.6 billion for the financial year ending December 31, 2024—up from N441.5 billion in 2023. This significant boost underscores the company’s resilience and strategic strength in navigating Nigeria’s challenging macroeconomic environment.
At the company’s 19th Annual General Meeting (AGM), chaired in acting capacity by Mrs. Bennedikter Molokwu on behalf of Chairman Aliko Dangote, the board expressed optimism about the future. Dangote, in a statement, reaffirmed the company’s commitment to sustainable growth, with a projection to produce 1.5 million metric tonnes of refined sugar annually and generate over 75,000 jobs across its extensive value chain.
The AGM also highlighted robust shareholder confidence. Attendees commended the company’s leadership and acknowledged Dangote Sugar as a dominant force in Nigeria’s sugar industry and one of the largest refineries in Sub-Saharan Africa, with an 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, praised the performance: “In today’s volatile climate, such a 51% increase in turnover and earnings per share rising from N6 to N15.80 is remarkable. Dangote Sugar has proven its mettle in value creation.”
Other shareholder leaders—Pastor Olagoke Samson Olusegun, Alhaji Mukhtar Mukhtar, and Mr. Patrick Ajudua—echoed similar sentiments, attributing the company’s success to strong governance, adaptability, and its milestone 25-year legacy.
CEO Ravindra Singhvi reiterated the company’s long-term goal of self-sufficiency in sugar production, targeting 700,000 tonnes from local sources in five years. Executive Director Hajiya Mariya Dangote revealed ongoing investments in Backward Integration Projects and a new power plant, reinforcing Dangote Sugar’s strategic roadmap.
Aliko Dangote, in the company’s annual report, emphasized the group’s unwavering commitment to excellence in corporate governance and operational execution despite persistent external pressures.
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