By Seun Ibiyemi
Shareholders of Dangote Sugar Refinery Plc have voiced strong approval of the company’s performance and leadership, following the announcement of a 51 percent surge in turnover for the financial year ending 31 December 2024.
At the company’s 19th Annual General Meeting (AGM) held in Lagos on Tuesday, the management reported a revenue of ¦ 665.6 billion, up from ¦ 441.5 billion in 2023.
The meeting was chaired by Ms Bennedikter Molokwu, who stood in for Board Chairman Aliko Dangote in an acting capacity.
In a message delivered during the AGM, Dangote acknowledged the economic challenges faced in 2024, but reaffirmed the company’s resilience and focus on long-term growth. He shared the company’s ambitious vision for 2025 and beyond, which includes an annual output of 1.5 million metric tonnes of refined sugar and the creation of over 75,000 jobs across the value chain.
Despite persistent economic pressures across sectors, shareholders commended Dangote Sugar for preserving profitability, pushing forward with its Backward Integration Programme (BIP), and continuing to deliver strong returns to investors.
Dr Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, praised the firm’s financial results, particularly the sharp rise in earnings per share from ¦ 6.00 to ¦ 15.80.
“In a year where many firms have battled to survive, Dangote Sugar has delivered exceptional growth,” said Dr Umar. “This is a testament to the strength of its leadership and its commitment to expanding operations while delivering value to shareholders.”
Other shareholders echoed his sentiment. Pastor Olagoke Samson Olusegun of the De-Impressive Shareholders’ Association and Alhaji Mukhtar Mukhtar of the Trusted Shareholders Association of Nigeria (TSAN) both recognised the company’s consistent performance and its status as a standard-bearer in Nigeria’s sugar sector.
Mr Patrick Ajudua, another shareholder, congratulated the company on reaching its 25th anniversary, attributing its long-term success to sound corporate governance and its ability to evolve with the times.
Several shareholders also drew attention to the company’s Corporate Social Responsibility (CSR) programmes, pointing to their significant impact on local communities and national development.
Group Managing Director and CEO, Ravindra Singh Singhvi, reiterated the company’s commitment to helping Nigeria achieve sugar self-sufficiency, with a five-year goal of reaching 700,000 tonnes in local sugar production.
Executive Director Hajiya Mariya Dangote noted that recent investments, including a power plant and expanded Backward Integration Projects, are expected to enhance operational capacity and efficiency across the board.
In the company’s 2024 Annual Report, Aliko Dangote reaffirmed a commitment to strategic growth and robust governance practices. He stated that Dangote Sugar remains firmly positioned to lead the market and deliver sustained value to shareholders in the years ahead.