Dangote sugar loses N193bn

Dangote Sugar Refinery Plc has reported a loss after tax of N192.6bn for the financial year ended December 31, 2024, representing a 161 per cent increase from the N73.76bn loss recorded in the corresponding period of 2023.

The company’s audited financial statements, filed with the Nigerian Exchange Limited on Tuesday, showed that its loss before tax widened significantly to N270.89bn in 2024, compared to N108.92bn in the previous year.

Despite recording a 51 per cent increase in revenue to N665.69bn from N441.45bn in 2023, the company’s cost of sales surged by 78 per cent to N634.58bn from N355.15bn, eroding profitability. This resulted in a gross profit decline of 64 per cent, dropping to N31.11bn from N86.3bn in 2023.

The company also faced rising finance costs, which soared by 54 per cent to N301.28bn in 2024 from N201.66bn in the previous year, further impacting its bottom line.

However, the firm recorded a revaluation surplus of N432.17bn, boosting its total comprehensive income to N132.98bn, compared to a comprehensive loss of N73.76bn in 2023.

On the balance sheet, Dangote Sugar’s total assets rose to N1.05tn in 2024, a 75 per cent increase from N600.79bn recorded in 2023, driven by a surge in property, plant, and equipment, which grew to N616.64bn from N167.08bn.

Meanwhile, its total liabilities increased by 61 per cent to N838.61bn in 2024 from N521.54bn, primarily due to a significant rise in financial liabilities.

The PUNCH reported that Dangote Sugar Refinery Plc has launched an offering to raise N50bn from debt capital market investors through the issuance of Series 6 and Series 7 commercial papers under its N150bn debt programme.