Speaking at the company's 19th Annual General Meeting (AGM) held on Tuesday, Mss Bennedikter Molokwu, acting as chairperson on behalf of Aliko Dangote, acknowledged the impact of macroeconomic challenges on the company's performance in 2024. However, she conveyed a positive outlook for the future of Dangote Sugar.
Aliko Dangote, in his statement, outlined the company's ambitious vision for 2025 and beyond, which includes building a sustainable business and targeting an annual production of 1.5 million metric tonnes of refined sugar. This expansion is also projected to generate over 75,000 employment opportunities across the company's value chain.
Shareholders at the AGM expressed strong approval for the Board and management of Dangote Sugar Refinery Plc, commending their leadership in maintaining the company's dominant position within the Nigerian sugar industry despite the prevailing economic difficulties.
Dangote Sugar was recognized by its shareholders as one of the largest sugar refineries in Sub-Saharan Africa and the leading player in Nigeria's sugar sector, boasting a combined 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, lauded the company's robust performance in its 2024 report. He emphasized that Dangote Sugar had demonstrated solid growth despite numerous economic obstacles.
"Our turnover of N665.6 billion represents a 51% increase compared to N441.5 billion 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," Dr. Umar noted. He further commended the Board's efforts in expanding operations and increasing shareholder value, while also highlighting Aliko Dangote's pledge to make Nigeria self-sufficient in sugar production.
Pastor Olagoke Samson Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, praised Chairman Aliko Dangote and the executive team for their adept leadership in steering the company towards greater success.
Alhaji Mukhtar Mukhtar, chairman of the Trusted Shareholders Association of Nigeria (TSAN), acknowledged the challenging economic landscape for businesses in Nigeria but described Dangote Sugar's performance as commendable, expressing shareholders' confidence in continued profitability and dividend payouts.
Mr. Patrick Ajudua, another shareholder, attributed the company's sustained success to its adaptability and resilience in navigating economic headwinds. He congratulated Dangote Sugar on its 25th anniversary, stating that the company had matured and was well-positioned for even greater achievements in the future.
Several shareholders also commended Dangote Sugar's positive impact on the wider community through its Corporate Social Responsibility (CSR) initiatives, which they noted had benefited both shareholders and the broader Nigerian populace.
Ravindra Singh Singhvi, the Group Managing Director/CEO of Dangote Sugar Refinery Plc, reiterated the company's commitment to achieving self-sufficiency in sugar production for Nigeria, setting a target of producing 700,000 tonnes of sugar locally within the next five years.
Executive Director Hajiya Mariya Dangote highlighted the company's ongoing efforts in expanding its Backward Integration Projects (BIPs) and commissioning a new power plant, among other strategic projects aimed at enhancing operational efficiency.
In his chairman's statement within the Annual Report & Accounts, Aliko Dangote reaffirmed the company's unwavering focus on its strategic initiatives throughout the year, despite persistent market volatility and external pressures. He also reiterated Dangote Sugar's commitment to upholding high standards of corporate governance.