Dangote Sugar To Achieve 1.5Mt Annually From Locally Cultivated Sugarcane
…Posts N441.5B Revenue In 2023 Full Year
The Chief Executive Officer of Dangote Sugar, Ravindra Singhvi,has disclosed that the company intends to achieve 1.5MT annually from locally grown sugarcane.
He made this known while presenting details of the company’s 2023 full-year result to the Nigerian Exchange at the weekend.
According to him, “ “In line with the core objective of the National Sugar Master Plan which is for Nigeria to attain self-sufficiency in sugar production, Dangote Sugar is working on enhancing its existing refinery operations in Numan, Adamawa State, as well as developing its greenfield sites at the Nasarawa Sugar Company Project, amongst other sites. The Company intends to achieve 1.5MT annually from locally grown sugarcane.”
On the 2023 year-end financial result, Ravindra Singhvi, stated that, “Dangote Sugar achieved commendable results despite difficult operating conditions characterised by rising inflation and strained consumer incomes…
He announced a 9 per cent increase in its group revenue to N441.5 billion for the year ended December 31, 2023, and a recurring profit after tax, up by 71.5 percent to N97.9 billion.
On the Dangote Sugar company’s outlook, Ravindra Singhvi, said, “Our focus is to enhance the effectiveness of our supply chain management processes, leading to cost reduction and improved overall efficiency. Longer-term, the backward integration project, which aims to produce 1.5MT of refined sugar annually from locally produced sugarcane, is expected to alleviate some pressure on costs and our demand for foreign currency.”
The Dangote Sugar CEO, said that the proposed merger between Dangote Sugar, National Salt Co Nigeria(NASCON) and the Dangote Rice Limited, marks a significant milestone in the company’s journey.
In his words, “This strategic move reflects our commitment to growth and innovation, positioning us to harness future opportunities in the foods industry. We have applied to the Securities and Exchange Commission for the approval of the merger, and we continue to engage the regulators. We are confident that this proposed merger will drive sustainable long-term success and yield greater returns to all our stakeholders.”
The company’s commitment, he said, remains steadfast, ensuring the delivery of high-quality products to valued customers as it continues to work towards fulfilling Nigeria’s Sugar Master Plan, positioning Nigeria as a self-reliant player in the global sugar industry.
With a combined installed refining capacity of 1.49 million tonnes per annum between its Apapa and Numan refineries, the company is a significant player in local sugar production, cultivating 75 per cent of the sugar cane used. Supported by a fleet of over 800 haulage trucks, the company ensures effective product delivery across Nigeria.
Furthermore, upon completion of the ongoing refinery upgrade in Numan, this operation is anticipated to generate 32 megawatts of electricity through the installation of new turbines and 2 high-pressure boilers capable of producing 90 tonnes of steam per hour. Additionally, the company intends to produce ethanol and animal feed from by-products such as molasses and bagasse.
Dangote Sugar Refinery Plc is a leading sugar processor in Nigeria engaged in the refining, distributing, and marketing of granulated sugar to major players in the food and beverage, pharmaceutical, and skin care industries as well as distributors.
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