Dangote Sugar Refinery Plc has experienced a further increase in its after-tax losses, attributed to elevated production costs and foreign exchange losses in 2024, which have adversely affected the company's financial performance.
However, analysts are optimistic that the stabilization of the naira and a reduction in inflationary pressures may enable the largest sugar refiner to reverse the trend of losses that has persisted over the past two years and achieve profitability once again.
The after-tax loss escalated to N192.6 billion in 2024, compared to N73.8 billion in 2023, underscoring the effects of naira fluctuations.
According to analysts at Cardinalstone, "Dangote Sugar Refinery Plc reported a net loss of N192.62 billion in its FY'24 audited results, primarily due to rising production costs and significant foreign exchange losses."#ShareThisPost