By Raymond Akorede
Lagos, Nigeria – April 30, 2025 — Dangote Sugar Refinery Plc has reported a 51 percent increase in turnover, reaching ₦665.6 billion for the financial year ended December 31, 2024, up from ₦441.5 billion in 2023. This was disclosed by Chairman Aliko Dangote during the company’s 19th Annual General Meeting (AGM) held in Lagos.
The AGM, chaired in acting capacity by Ms. Bennedikter Molokwu, highlighted the company’s resilience in navigating Nigeria’s tough macroeconomic environment while positioning for greater future growth.
“Despite significant economic headwinds in 2024, our performance has remained strong,” Molokwu stated. “We are confident in the company’s long-term vision and the strategic steps being taken to ensure sustainable profitability.”
In his remarks, Dangote reaffirmed the company’s long-term ambition to scale operations and deepen local impact. “Our outlook for 2025 and beyond is centered on building a sustainable and efficient business. We are targeting production of 1.5 million metric tonnes of refined sugar annually and projecting over 75,000 job opportunities across our value chain,” he said.
Shareholders at the meeting lauded the company’s consistent leadership in Nigeria’s sugar industry, underscoring its strategic importance in national economic development.
Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the company’s 2024 results, especially in a volatile economy. “In an environment where many firms are struggling, Dangote Sugar has demonstrated outstanding growth,” Umar said. “The earnings per share jumping from ₦6 to ₦15.80 is a testament to sound management and a strong commitment to shareholder value.”
Echoing similar sentiments, Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, commended Aliko Dangote and the executive leadership for steering the company to new heights.
Alhaji Mukhtar Mukhtar, Chairman of the Trusted Shareholders Association of Nigeria (TSAN), acknowledged the harsh economic realities businesses are grappling with but described Dangote Sugar’s performance as “a beacon of stability” in the sector.
With an installed refining capacity of 1.49 million tonnes per annum, Dangote Sugar remains one of the largest sugar refineries in Sub-Saharan Africa and a key player in Nigeria’s quest for self-sufficiency in sugar production.
The company’s leadership reiterated its commitment to investing in backward integration and infrastructure to support its long-term goals and contribute meaningfully to Nigeria’s industrial growth.
