Sugar Company Belonging to Africa’s Richest Man Grows Revenue by 51%, Announces 75,000 Jobs
- Dangote Sugar Refinery has thrilled shareholders with its recent financials, showing strong performance and increased shareholder value
- Compared to the 2023 financial year, Dangote Sugar Refinery has grown its revenues and profits
- The company has also shared growth plans for the new financial year, and this includes plans to create 75,000 jobs
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Dangote Sugar Refinery Plc, one of the companies owned by Africa’s richest man, Aliko Dangote, has reported a turnover of N665.6 billion for 2024.
The company’s financial report showed that the turnover marked a 51% growth year-on-year from N441.5 billion reported in 2023.
Chairman of the company, Aliko Dangote, shared this update with other shareholders at the 19th Annual General Meeting (AGM) on Tuesday, April 29.
Source: Facebook
In the same period, earnings per share also increased from N6 to N15.80, earning commendations from the shareholders.
Dangote, who was represented at the AGM by Ms. Bennedikter Molokwu, noted that the growth was recorded despite major macroeconomic challenges recorded during the fiscal year ended December 31, 2024.
He noted that the future of Dangote Sugar is very bright and shared insights into the outlook for the 2025 financial year.
Dangote Sugar confirms 75,000 new jobs
In his remarks, Dangote confirmed that the plans for 2025 are to improve business sustainability by increasing annual production to 1.5 million metric tonnes (MT) and end sugar importation in Nigeria.
These plans would translate into 75,000 direct and indirect jobs created along the company’s value chain, The Guardian reports.
Group Managing Director/CEO of the Dangote Sugar Refinery Plc, Ravindra Singh Singhvi, added in his remarks that the company aims to produce 700,000 tonnes of sugar locally within the next five years to reduce import dependence.
Executive Director Hajiya Mariya Dangote disclosed other major plans for the year, including the commissioning of a new power plant and expanding the Backward Integration Projects (BIPs).
Shareholders rejoice as Dangote Sugar declares N15.80
Shareholders commended the company for consolidating its position as one of the largest sugar refineries in Africa, and the biggest in Nigeria, with a combined installed refining capacity of 1.49 million MT annually.
The president of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Farouk Umar, noted that in the current economic climate, where many companies are struggling to stay afloat, Dangote Sugar is increasing shareholder value and driving self-sufficiency in sugar production in Nigeria.
The company also got glowing commendations from the president of the De-Impressive Shareholders’ Association of Nigeria, Pastor Olagoke Samson Olusegun, the chairman of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, and several other shareholders who expressed their confidence in the company’s leadership.
Source: Getty Images
They also commended the Corporate Social Responsibility (CSR) initiatives which the company carried out in the year to benefit Nigerians.
Dangote Sugar reports huge loss
Legit.ng earlier reported that Dangote Sugar Refinery Plc reported a loss after tax of N192.6 billion for the 2024 financial year.
This marks a 161% higher loss than the previous year, when the company reported a N73.76 billion loss.
According to the company's audited financial results, which were submitted to the Nigerian Exchange Limited on Tuesday, its loss before taxes increased dramatically to N270.89 billion in 2024 from N108.92 billion the year before.
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Source: Legit.ng
