Dangote Sugar Refinery Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	829,215	665,690	441,453	403,246	276,055
Revenue Growth (YoY)	24.57%	50.80%	9.47%	46.08%	28.82%
Cost of Revenue	704,173	627,487	346,621	308,341	225,972
Gross Profit	125,042	38,203	94,832	94,905	50,083
Selling, General & Admin	28,608	16,738	12,957	10,678	11,192
Other Operating Expenses	-2,109	-582.63	-902.06	-1,221	-313.71
Operating Expenses	26,499	15,878	12,438	8,729	11,103
Operating Income	98,543	22,325	82,393	86,176	38,979
Interest Expense	-175,348	-91,619	-29,465	-7,913	-4,638
Interest & Investment Income	-	8,761	10,560	6,379	1,419
Currency Exchange Gain (Loss)	-	-208,903	-172,198	-1,889	-1,992
Other Non Operating Income (Expenses)	4,526	-2,308	-529.2	-664.24	240.29
EBT Excluding Unusual Items	-72,279	-271,743	-109,240	82,089	34,009
Gain (Loss) on Sale of Assets	-	17.16	-	174.6	-16.16
Asset Writedown	-	-	-	-	-7.31
Legal Settlements	-	150.86	-	-	-
Other Unusual Items	-	-6.16	-13.8	-	-
Pretax Income	-72,279	-270,894	-108,922	82,303	34,021
Income Tax Expense	-8,162	-78,277	-35,162	27,561	11,969
Earnings From Continuing Operations	-64,117	-192,617	-73,760	54,742	22,052
Minority Interest in Earnings	53.06	17.5	17.61	-3.96	6.08
Net Income	-64,064	-192,599	-73,743	54,738	22,058
Net Income to Common	-64,064	-192,599	-73,743	54,738	22,058
Net Income Growth	-	-	-	148.15%	-25.89%
Shares Outstanding (Basic)	12,133	12,147	12,147	12,147	12,147
Shares Outstanding (Diluted)	12,133	12,147	12,147	12,147	12,147
Shares Change (YoY)	-0.11%	-	-	-	-
EPS (Basic)	-5.28	-15.86	-6.07	4.51	1.82
EPS (Diluted)	-5.28	-15.86	-6.07	4.51	1.82
EPS Growth	-	-	-	148.15%	-25.89%
Free Cash Flow	-31,119	-402,030	43,292	79,268	76,479
Free Cash Flow Per Share	-2.56	-33.10	3.56	6.53	6.30
Dividend Per Share	-	-	-	1.500	1.000
Dividend Growth	-	-	-	50.00%	-33.33%
Gross Margin	15.08%	5.74%	21.48%	23.54%	18.14%
Operating Margin	11.88%	3.35%	18.66%	21.37%	14.12%
Profit Margin	-7.73%	-28.93%	-16.71%	13.57%	7.99%
Free Cash Flow Margin	-3.75%	-60.39%	9.81%	19.66%	27.70%
EBITDA	145,063	33,035	91,820	95,038	47,447
EBITDA Margin	17.49%	4.96%	20.80%	23.57%	17.19%
D&A For EBITDA	46,520	10,710	9,427	8,862	8,467
EBIT	98,543	22,325	82,393	86,176	38,979
EBIT Margin	11.88%	3.35%	18.66%	21.37%	14.12%
Effective Tax Rate	-	-	-	33.49%	35.18%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.