Susie Ma enjoys multimillion pound payday as Tropic Skincare profits surge

Susie Ma, a former finalist of the BBC’s hit series The Apprentice and founder of Tropic Skincare, has rewarded herself with a £20 million dividend after a robust year of trading followed her acquisition of Lord Sugar’s 50 per cent stake in the company.

Pre-tax profits at the Croydon-based skincare brand soared by more than 30 per cent to reach £8.7 million in 2024, as recently filed accounts reveal. Revenues climbed to £68 million, up from £62.3 million the previous year. The company distributed £18.2 million in dividends during 2024, with an additional £2 million agreed this April.

Ma, currently 36 and estimated to be worth £73 million by the Sunday Times Rich List, bought out Sugar in April 2023. The deal, widely considered one of the most successful in the show’s history, was structured so that Sugar, who resigned as a director in April 2023, is being repaid in instalments. In the same year, shareholders benefited from an £11 million dividend.

Tropic operates an innovative sales model, combining online channels with a network of over 20,000 part-time ambassadors. These ambassadors, who pay £198 for a starter kit and operate without ongoing fees, receive both digital support and a commission ranging from 25 to 35 per cent on their sales.

The company’s ethos includes a pledge to donate 10 per cent of profits to charitable causes. In 2024, this commitment translated into £615,000 in donations, with nearly half allocated to United World Schools. Through this partnership, Tropic supports the education of children in 160 underprivileged communities abroad.

Ma began her entrepreneurial journey at just 15, selling homemade body scrubs at Greenwich Market. Tropic Skincare now makes almost all its products fresh daily at its Croydon factory. A recent cost-saving review has improved the group’s gross margins, and Ma has boosted the management team, anticipating accelerated growth in the coming year.