Dangote Sugar Refinery Plc has unveiled plans to create over 75,000 jobs in its value chain as part of its strategy to drive growth.
The announcement was made during the 19th Annual General Meeting held on Tuesday, where the company announced an increase in its turnover, with a 51 per cent growth to N665.6bn for the year ended December 31, 2024, up from N441.5bn recorded in 2023.
At the AGM, which was chaired in an acting capacity by the Director of Dangote Sugar Refinery Plc, Bennedikter Molokwu, on behalf of the Chairman Aliko Dangote, the company’s performance in 2024 was discussed.
Dangote noted that the company is not only focused on increasing its refining capacity but is also keen on expanding its employment footprint. He outlined the company’s goal of generating more than 75,000 jobs within its value chain as part of its growth strategy. This includes the expansion of sugar production facilities and other related operations that will foster sustainable business practices and support local communities.
Dangote also highlighted that the company’s long-term target for 2025 and beyond is to increase refined sugar production to 1.5 million metric tonnes annually. This would place Dangote Sugar as a key contributor to Nigeria’s self-sufficiency in sugar production, reducing the nation’s reliance on sugar imports.
Shareholders at the meeting expressed their confidence in the company’s management and strategy.
The President of the Association for the Advancement of the Rights of Nigerian Shareholders, Farouk Umar, commended Dangote Sugar’s performance in 2024, particularly in light of the economic difficulties faced by businesses in Nigeria. He emphasized the company’s remarkable growth, with a turnover of N665.6bn, marking a 51 per cent increase from the previous year’s N441.5bn. Additionally, earnings per share grew from N6 to N15.80.
“Our turnover of N665.6bn represents a 51 per cent increase compared to N441.5bn in the same period in 2023. Earnings per share rose from N6 to N15.80. In the current economic climate, many companies are struggling to grow revenues or maintain profitability. We must commend the Board for its efforts in expanding operations and increasing shareholder value. Alhaji Dangote has pledged that the company will make Nigeria self-sufficient in sugar production,” Dr. Umar stated.
Additionally, the President of the De-Impressive Shareholders’ Association of Nigeria, Olagoke Olusegun, also lauded the company’s leadership for steering Dangote Sugar to new heights, despite the ongoing economic challenges. He reiterated the shareholders’ satisfaction with the company’s results and the commitment to long-term success.
The Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, Ravindra Singhvi, outlined the company’s goal of achieving self-sufficiency in sugar production in Nigeria. He revealed that the company intends to produce 700,000 tonnes of sugar locally within the next five years, contributing significantly to Nigeria’s sugar needs and reducing the country’s dependence on sugar imports.
Executive Director Mariya Dangote also provided insights into the company’s ongoing projects, which include the expansion of Backward Integration Projects and the commissioning of a new power plant.
In his statement contained in the Annual Report & Accounts, Aliko Dangote reaffirmed the company’s focus on sustainable growth and high standards of corporate governance.
The PUNCH reported that Dangote Sugar Refinery Plc has reported a loss after tax of N192.6bn for the financial year ended December 31, 2024, representing a 161 per cent increase from the N73.76bn loss recorded in the corresponding period of 2023.
