Tropic Skincare, founded in 2004 by entrepreneur Susie Ma, has achieved another landmark by paying herself dividends of more than £20 million in the past year, after regaining full brand ownership from Lord Alan Sugar. In 2024, Ma received £18.2 million in dividends, followed by an additional £2 million payout in April 2025, as confirmed by Companies House filings.
Profits and Ambitious Growth
This financial triumph was propelled by a surge in trading: pre-tax profit rose 30% to £8.7 million in 2024, with revenues growing 8.75% to £68 million over the previous year. The company, which saw a reduction in average staff from 316 to 286 during the same period, implemented a “cost saving review” to optimize direct costs and improve gross margins, and cut inventories.
Throughout the year, the company saw strong operational performance despite pandemic-related challenges. Strategic cost-saving measures for direct expenses led to improved gross margins, and Tropic Skincare continued investing in its workforce, product development, software, and manufacturing capabilities.
Market Strength and Future Vision
Tropic Skincare expects turnover to rise in 2025 and forecasts that figures will be much higher than 2019 pre-COVID-19 levels. The brand will also expand the number of its ambassadors and work on product quality through 2026. Ma has also strengthened her senior management team in preparation for further growth and international expansion.
The dividend payout continued a trend that began with £11 million in 2023, following Ma’s strategic buyout of Lord Sugar’s remaining 50% stake. Sugar had initially invested £200,000 after Ma’s 2011 appearance on The Apprentice, an investment that’s become one of the show’s most successful.
The Path to Full Ownership
Reflecting on the buyout and the journey, Susie Ma said, “I will always be so grateful for the investment Lord Sugar made, and the potential he saw in Tropic Skincare with me at the helm…I am beyond excited for the infinite possibilities the future holds, and to continue making a positive impact on the planet with our natural, freshly made formulations and inspiring Ambassadors.”
Community, Ambassadors, and Giving Back
Tropic Skincare’s flexible business model leverages over 20,000 brand ambassadors, providing them up to 35% commission on sales with no ongoing fees after their starter kit. Tropic is recognized for its ethical stance, donating 10% of its profits to charities such as United World Schools, funding education projects in Nepal, Cambodia, and Madagascar.
Sustainability and Brand Legacy
True to its mission, Tropic continues its commitment to double offsetting its carbon footprint, prioritizing sustainability, product quality, and people-centric values at every turn. In Susie Ma’s own words, “After founding the company at just 15, and spending every day since building it into the success you see today, reclaiming full ownership has always been my ambition.”
With strong profits, a headline-making payout, and expansion ahead, Susie Ma and Tropic Skincare are charting a bold and ethical path forward in the competitive beauty landscape, inspiring entrepreneurs and consumers alike.
