Dangote Sugar Refinery Plc has announced a significant loss after tax of N192.6 billion for the financial year ended December 31, 2024, representing a 161% increase from the N73.76 billion loss recorded in the previous year.
Key Point: Despite a 51% increase in revenue to N665.69 billion, the company's profitability was severely impacted by a 78% surge in cost of sales to N634.58 billion, resulting in a 64% decline in gross profit.
The company's financial performance was further weighed down by:
- A significant increase in finance costs, which soared by 54% to N301.28 billion
- A widening loss before tax to N270.89 billion
- A substantial rise in total liabilities to N838.61 billion, primarily due to an increase in financial liabilities
However, the company's total comprehensive income was boosted by a revaluation surplus of N432.17 billion, resulting in a total comprehensive income of N132.98 billion. The company's total assets also increased by 75% to N1.05 trillion, driven by a surge in property, plant, and equipment.
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