Dangote Sugar Refinery Cash Flow 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
Net Income	-64,064	-192,599	-73,743	54,738	22,058
Depreciation & Amortization	46,520	12,598	10,268	9,732	9,272
Loss (Gain) From Sale of Assets	-15.77	-17.16	-	-174.6	16.16
Asset Writedown & Restructuring Costs	-	2.34	-343.23	-	14.17
Loss (Gain) From Sale of Investments	-1,551	-	-	-63.54	-15.32
Provision & Write-off of Bad Debts	-	-277.56	383.29	-	-
Other Operating Activities	-1,336	105,537	71,859	10,272	9,037
Change in Accounts Receivable	6,438	28,134	-25,296	-57,216	12,920
Change in Inventory	25,545	-126,534	-1,679	12,764	7,020
Change in Accounts Payable	-	-	-	73,878	65,939
Change in Unearned Revenue	-4,566	-5,800	11,592	-	-
Change in Other Net Operating Assets	6,705	-193,146	69,752	1,490	1,564
Operating Cash Flow	13,675	-372,095	62,807	105,420	127,826
Operating Cash Flow Growth	-	-	-40.42%	-17.53%	112.34%
Capital Expenditures	-44,793	-29,935	-19,515	-26,152	-51,347
Sale of Property, Plant & Equipment	47.32	22.51	-	203.16	55.65
Other Investing Activities	4,526	7,613	10,560	6,379	1,419
Investing Cash Flow	-40,220	-22,300	-8,955	-19,569	-49,872
Short-Term Debt Issued	125,842	95,855	-	-	-
Long-Term Debt Issued	249,550	160,850	-	-	-
Total Debt Issued	375,392	256,705	-	-	-
Long-Term Debt Repaid	-325,926	-23,982	-2,085	-1,684	-1,426
Net Debt Issued (Repaid)	49,466	232,723	-2,085	-1,684	-1,426
Common Dividends Paid	-	-	-18,220	-12,147	-18,220
Other Financing Activities	-33,522	-7,474	-28.2	-138.07	-158.1
Financing Cash Flow	15,943	225,248	-20,334	-13,969	-19,804
Foreign Exchange Rate Adjustments	-781.53	-	-3,613	-32.73	-
Net Cash Flow	-11,383	-169,147	29,904	71,848	58,149
Free Cash Flow	-31,119	-402,030	43,292	79,268	76,479
Free Cash Flow Growth	-	-	-45.38%	3.65%	129.39%
Free Cash Flow Margin	-3.75%	-60.39%	9.81%	19.66%	27.70%
Free Cash Flow Per Share	-2.56	-33.10	3.56	6.53	6.30
Cash Interest Paid	-	7,514	67.47	177.34	247.88
Cash Income Tax Paid	-	13,412	22,319	9,661	1,547
Levered Free Cash Flow	-33,882	-175,911	8,955	9,778	14,777
Unlevered Free Cash Flow	75,711	-118,649	27,371	14,723	17,676
Change in Working Capital	34,121	-297,345	54,369	30,916	87,443

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