Dangote Sugar Refinery Plc has published its audited financials for 2025, reporting a pretax loss of N72.2 billion, a notable improvement from the N270.8 billion loss recorded in 2024.
Revenue jumped 24.56% to N829.2 billion, largely driven by 50kg sugar sales, which accounted for N807 billion—or 97.4% of total revenue—reflecting strong demand for the company’s flagship product.
Regionally, Lagos accounted for 55.82% of sales, the North 35.35%, the West 6.45%, and the East 2.38%, showing the distribution of revenue across the country.
Cost management also supported results, as Dangote Sugar reduced selling and distribution expenses, impairments, and finance charges—including FX losses on letters of credit—helping to narrow the pretax loss significantly.
Key highlights (FY 2025 vs FY 2024)
- Revenue: N829.21 billion (up 24.57% YoY from N665.69 billion)
- Cost of sales: N706.59 billion (up 11.35% YoY from N634.58 billion)
- Gross profit: N122.63 billion (up from N31.10 billion)
- Administrative expenses: N27.87 billion (up from N18.92 billion)
- Operating profit: N96.13 billion (up from N12.67 billion)
- Finance charges: N175.35 billion (down from N301.27 billion)
- Loss before tax: N72.27 billion (improved from N270.89 billion)
- Loss after tax: N64.11 billion (improved from N192.62 billion)
Driving the Numbers
A cursory look at Dangote Sugar’s 2025 results show total revenue of N829.2 billion, with 50kg sugar sales contributing N807.3 billion, or 97.36% of the total.
- Complementing this, retail sugar sales added N17.7 billion, while molasses and freight income contributed N4.02 billion and N66.4 million respectively.
- As revenue grew, the cost of sales also increased 11.35% to N706.5 billion, mainly due to raw material expenses of N573.3 billion, leaving a gross profit of N122.6 billion.
In addition to core operations, the company earned N558.6 million in other income, primarily from scrap sales and insurance claims, while administrative expenses rose 47.33% to N27.8 billion and ‘selling & distribution’ costs narrowed.
- Cost management helped reverse a N907.1 million impairment loss from last year into a N1.5 billion profit, resulting in an operating profit of N96.1 billion.
After including finance income of N4.5 billion, finance charges of N175.3 billion—including exchange losses on letters of credit—and a N2.4 billion fair value gain; pretax loss improved to N72.2 billion.
On the balance sheet, total assets reached N965.9 billion, led by property, plant, and equipment of N613.4 billion, while total liabilities declined to N836.9 billion and total equity reduced to N128.9 billion.
Market reaction
As of premarket opening on 4th March 2026, Dangote Sugar shares are up 0.06% month-to-date, trading at N83, while year-to-date gains of 38.33% suggest investors may respond positively to improving earnings, sales growth, and cost efficiency.
