Despite a rise in revenue, Dangote Sugar Refinery Plc on Thursday reported a N22.11 billion loss before tax for the first half of the year ended June 30, 2025, compared to a loss before tax of N211.42 billion in the same period in 2024.
In its half-year financials submitted to the Nigerian Exchange Limited (NGX), the sugar refining company posted a loss of N24.27 billion in H1 2025, a decline from the N144.01 billion loss recorded in H1 2024.
Revenue during the period climbed to N430.21 billion, reflecting a nearly 46% increase from N295.62 billion generated in the first half of 2024.
A breakdown of revenue showed that sales of sugar-50kg contributed N416.85 billion in H1 2025, up from N284.19 billion in H1 2024, while sales of sugar-retail rose from N8.6 billion to N10.32 billion year-on-year.
Additionally, revenue from the sale of molasses grew to N3.29 billion in H1 2025, up from N2.56 billion in the same period of 2024. However, freight income dropped significantly to N39.8 million from N267.82 million year-on-year.
As a result of these losses, basic earnings per share stood at negative N2.00 in H1 2025, compared to negative N11.86 recorded a year earlier.
The company’s weak performance was largely influenced by finance cost and cost of sales, reflecting broader macroeconomic headwinds affecting Nigerian businesses.
Cost of sales surged to N378.53 billion in H1 2025, representing a 36% increase from N277.5 billion in H1 2024. Meanwhile, finance cost declined by 72.3%, falling from N234.2 billion to N64.97 billion.
From its balance sheet, Dangote Sugar Refinery reported total assets of N1.05 trillion as of June 30, 2025, representing a 47% growth from N714.65 billion recorded in its 2024 full-year report.