Dangote Sugar Refinery Plc has reported a loss before tax of N108.92 billion compared to a pre-tax profit of N82.3 billion a year earlier.
The company attributed the losses primarily to the substantial devaluation of the naira which has mostly eroded the operating profits of most manufacturing companies in the country.
According to the notes accompanying the company’s recently released 2023 annual report and financial statements, Dangote Sugar incurred foreign exchange losses totaling N172.198 billion.
This wiped out its operating profit of N76.68 billion.
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The losses resulted in a 53% depletion of shareholders’ funds from N171.2 billion to N79.2 billion.
A breakdown of the result showed a revenue of N441.453 billion from N403.246 billion in 2022, +9.47% YoY. Gross profit dropped to N86.304 billion from N91.963 billion in 2022, -6.15% YoY. Operating profit also declined to 76.68 billion from N82.41 billion in 2022, -11.8% YoY.
The company recorded a loss with Profit after tax hitting -N73.760 billion from N54.742 billion in 2022, -234.74% YoY. Earnings per share dropped to -N6.07k from N4.51k in 2022, -234.59% YoY.
