Prime Business AfricaDangote Sugar recorded 74.31 per cent growth in its revenue, as the company generated N213.93 billion for the first quarter (Q1) of 2025, surpassing the N122.72 billion turnover reached in Q1 2024.
The sugar producer also saw its cost of sales rising faster than revenue, as production costs rose by 79.57 per cent year-on-year from N113.97 billion to N204.67 billion.
Join our WhatsApp ChannelThis led to Dangote Sugar reporting N9.25 billion gross profit in the first quarter of this year, compared to the N8.75 billion posted in the corresponding period in 2024.
Furthermore, after deducting administrative, selling and distribution expenses, Dangote Sugar was left with N2.75 billion operating profit, which fell by 48.01 per cent year-on-year from N5.29 billion.
However, the company’s earnings were supported by a 26.89 per cent increase in finance income and a 75.62 per cent decline in finance cost.
According to Dangote Sugar’s consolidated and separate financial statements for the period ended March 31, 2025, finance income increased from N1.89 billion recorded in Q1 2024 to N2.40 billion, while finance cost decreased from N122.52 billion to N29.86 billion during the same period.
Consequently, the sugar producer’s net finance costs dwindled by 77.23 per cent year-on-year from N120.63 billion to N27.46 billion, leading to Dangote Sugar’s loss before tax dropping by 78.82 per cent.
The company recorded a N22.63 billion loss before tax in the first quarter of 2025, compared to the N106.85 billion loss before tax reported in the same period last year.
With Dangote Sugar filing N1.01 billion income tax in Q1 this year, the company ended the period with a N23.64 billion loss after tax, which decreased by 65.72 per cent year-on-year from N68.99 billion.
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