News Africa

Dangote sugar loses $105 million

Dangote Sugar Refinery Plc has reported a loss after tax of N192.6bn for the financial year ended December 31, 2024, representing a 161 percent 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 percent increase in revenue to N665.69bn from N441.45bn in 2023, the company’s cost of sales surged by 78 percent to N634.58bn from N355.15bn, eroding profitability. This resulted in a gross profit decline of 64 percent, dropping to N31.11bn from N86.3bn in 2023.

The company also faced rising finance costs, which soared by 54 percent 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 percent 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 percent 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.

 

Source: www.punchng.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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