Dangote Sugar reports N665.6 billion turnover, announces plans to create 75,000 jobs

• Dangote Sugar Refinery has thrilled shareholders with its caller financials, showing beardown show and accrued shareholder value
• Compared to the 2023 fiscal year, Dangote Sugar Refinery has grown its revenues and profits
• The institution has besides shared maturation plans for the caller fiscal year, and this includes plans to make 75,000 jobs

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The Dangote Sugar Refinery Plc, 1 of the companies owned by Africa’s richest man, Aliko Dangote, has reported a turnover of N665.6 cardinal for 2024.

The company’s fiscal study shows that the turnover marks a 51% maturation year-on-year from N441.5 cardinal reported successful 2023.

Chairman of the company, Aliko Dangote, shared this update with different shareholders astatine the 19th Annual General Meeting (AGM) connected Tuesday.

Shareholders are besides going to person dividends of N15.80 per share, much than 150% maturation from the N6 received past year. Photo credit: Dangote Sugar
Source: Facebook

In the aforesaid period, Earnings per stock besides accrued from N6 to N15.80, earning commendations from the shareholders.

Dangote, who was represented astatine the AGM by Ms. Bennedikter Molokwu, noted that the maturation was recorded contempt large macroeconomic challenges recorded during the fiscal twelvemonth ended December 31, 2024.

He noted that the aboriginal of Dangote Sugar is precise bright, and shared insights into the outlook for the 2025 fiscal year.

Dangote Sugar confirms 75,000 caller jobs

In his remarks, Dangote confirmed that the plans for 2025 are to amended concern sustainability by expanding yearly accumulation to 1.5 cardinal metric tonnes (MT) and end sweetener importation successful Nigeria.

These plans would construe into 75,000 nonstop and indirect jobs created on the company’s worth chain, the GUARDIAN reports.

Group Managing Director/CEO of the Dangote Sugar Refinery Plc, Ravindra Singh Singhvi, added successful his remarks that the institution aims to nutrient 700,000 tonnes of sweetener locally wrong the adjacent 5 years to reduce import dependence.

Executive Director Hajiya Mariya Dangote revealed different large plans for the year, including the commissioning of a caller powerfulness works and expanding the Backward Integration Projects (BIPs).

Shareholders rejoice arsenic Dangote Sugar declares N15.80

Shareholders commended the institution for consolidating its presumption arsenic 1 of the largest sweetener refineries successful Africa, and the biggest successful Nigeria, with a combined installed refining capableness of 1.49 cardinal MT annually.

The President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Farouk Umar, noted that successful the existent economical climate, wherever galore companies are struggling to enactment afloat, Dangote Sugar is expanding shareholder worth and driving self-sufficiency successful sweetener accumulation successful Nigeria.

The institution besides 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 respective different shareholders who expressed their assurance successful the company’s leadership.

Dangote sugar's gross nett fell 64% from N86.3 cardinal successful 2023 to N31.11 billion, affecting bottomline. Photo credit: Dangote sugar/contributor
Source: Getty Images

They besides commended the Corporate Social Responsibility (CSR) initiatives which the institution carried retired successful the twelvemonth to payment Nigerians.

Dangote Sugar reports immense loss

Legit.ng earlier reported that Dangote Sugar Refinery Plc reported a nonaccomplishment aft taxation of N192.6 cardinal for the 2024 fiscal year.

This marks a 161% higher nonaccomplishment than the erstwhile year, erstwhile the institution reported a N73.76 cardinal loss.

According to the company's audited fiscal results, which were submitted to the Nigerian Exchange Limited connected Tuesday, its nonaccomplishment earlier taxes accrued dramatically to N270.89 cardinal successful 2024 from N108.92 cardinal the twelvemonth before.

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Source: Legit.ng