Dangote Sugar Refinery Balance Sheet

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
Cash & Equivalents	52,580	108,167	204,763	174,858	103,010
Cash & Short-Term Investments	52,580	108,167	204,763	174,858	103,010
Cash Growth	-51.39%	-47.17%	17.10%	69.75%	129.62%
Accounts Receivable	97,875	23,737	8,131	4,649	14,662
Other Receivables	-	23,095	20,011	16,666	5,928
Receivables	97,875	47,036	28,484	21,607	20,697
Inventory	175,883	199,014	62,381	51,207	60,655
Prepaid Expenses	-	3,783	745.01	254.1	131.32
Other Current Assets	16,985	67,957	104,189	86,747	30,334
Total Current Assets	343,324	425,957	400,562	334,673	214,828
Property, Plant & Equipment	613,409	616,645	167,083	157,762	144,678
Long-Term Deferred Tax Assets	9,193	8,231	33,145	-	-
Total Assets	965,926	1,050,833	600,790	492,434	359,506
Accounts Payable	87,841	76,894	33,434	20,364	23,231
Accrued Expenses	625.01	12,442	34,988	22,054	19,666
Short-Term Debt	-	168,406	-	218,243	154,413
Current Portion of Long-Term Debt	688,055	511,848	412,021	243.72	220.04
Current Portion of Leases	2,642	2,742	116.26	981.14	1,220
Current Income Taxes Payable	5,219	4,411	14,446	25,543	10,449
Current Unearned Revenue	7,465	12,032	17,792	6,161	4,506
Other Current Liabilities	-	10,023	8,417	13,848	4,838
Total Current Liabilities	791,849	798,798	521,214	307,438	218,543
Long-Term Debt	37,254	37,254	246.11	531.56	764.45
Long-Term Leases	97.76	2,553	83.95	-	1,135
Long-Term Deferred Tax Liabilities	7,745	-	-	13,238	10,432
Total Liabilities	836,945	838,605	521,544	321,208	230,875
Common Stock	6,073	6,073	6,073	6,073	6,073
Additional Paid-In Capital	6,321	6,321	6,321	6,321	6,321
Retained Earnings	-189,781	-125,717	66,882	158,845	116,254
Comprehensive Income & Other	306,468	325,599	-	-	-
Total Common Equity	129,081	212,276	79,276	171,239	128,648
Minority Interest	-100.96	-47.9	-30.4	-12.79	-16.75
Shareholders' Equity	128,980	212,228	79,246	171,226	128,631
Total Liabilities & Equity	965,926	1,050,833	600,790	492,434	359,506
Total Debt	728,049	722,803	412,467	219,999	157,752
Net Cash (Debt)	-675,469	-614,636	-207,704	-45,141	-54,742
Net Cash Per Share	-55.67	-50.60	-17.10	-3.72	-4.51
Filing Date Shares Outstanding	12,093	12,147	12,147	12,147	12,147
Total Common Shares Outstanding	12,093	12,147	12,147	12,147	12,147
Working Capital	-448,525	-372,841	-120,652	27,234	-3,716
Book Value Per Share	10.67	17.48	6.53	14.10	10.59
Tangible Book Value	129,081	212,276	79,276	171,239	128,648
Tangible Book Value Per Share	10.67	17.48	6.53	14.10	10.59
Land	-	87,389	5,998	5,522	5,522
Buildings	-	38,934	21,555	21,475	18,255
Machinery	-	851,435	97,347	92,966	84,413
Construction In Progress	-	94,232	92,178	83,073	78,165

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