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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Dangote Sugar

DANGSUGAR · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
Dangote Sugar Refinery Plc
Listing
DANGSUGAR on the Nigerian Exchange, active · ISIN NGDANSUGAR02 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    NGN 829 billion

    829,214,876 NGN thousands · p32

    +24.6% vs 2024

  • Operating profit / (loss)

    NGN 96.1 billion

    96,130,016 NGN thousands · p32

    +658.6% vs 2024

  • Profit / (loss) for the year

    −NGN 64.1 billion

    (64,116,896) NGN thousands · p32

    Change not shown.

  • Total assets

    NGN 966 billion

    965,925,567 NGN thousands · p31

    −8.1% vs 2024

  • Total equity

    NGN 129 billion

    128,980,167 NGN thousands · p31

    −39.2% vs 2024

  • Cash from operations

    NGN 13.7 billion

    13,674,658 NGN thousands · p34

    Change not shown.

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the prior-year figure is zero or negative.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 829,214,876 665,689,763
Cost of sales (706,586,072) (634,580,279)
Gross profit 122,628,804 31,109,484
Other income 558,693 2,213,001
Administrative expenses (27,878,559) (18,922,120)
Selling and distribution expenses (729,437) (821,864)
Decrease/(increase) in impairment loss on financial assets 1,550,515 (907,121)
Operating profit 96,130,016 12,671,380
Finance income 4,526,376 7,612,562
Finance charges (175,347,989) (301,277,687)
Finance costs - net1 (170,821,613) (293,665,125)
Change in fair value of biological assets2 2,412,964 10,099,566
Loss before tax (72,278,633) (270,894,179)
Taxation 8,161,737 78,277,361
Loss for the year (64,116,896) (192,616,818)
Revaluation surplus3 –4 432,167,516
Income tax on revaluation surplus5 (19,130,610) (106,568,811)
Other comprehensive income (unlabelled subtotal) (19,130,610) 325,598,705
Total comprehensive (loss)/income for the year (83,247,506) 132,981,887
Non-controlling interest6 (53,060) (17,504)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (5)
  1. “Finance costs - net” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of finance income and finance charges (p32).
  2. “Change in fair value of biological assets” is an issuer-specific line, not mapped to a shared definition: Note 17: IAS 41 fair-value change on growing sugar cane, after net finance costs.
  3. “Revaluation surplus” is an issuer-specific line, not mapped to a shared definition: OCI: revaluation of property, plant and equipment (note 26.1).
  4. “Income tax on revaluation surplus” is an issuer-specific line, not mapped to a shared definition: OCI: deferred tax on the revaluation surplus (note 13.1).
  5. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Attribution of loss for the year.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 613,409,032 616,644,816
Deferred tax assets 9,192,826 8,231,388
Investment in subsidiaries1 –2 –2
Deposit for shares3 –2 –2
Total non-current assets 622,601,858 624,876,204
Inventories 157,563,899 179,825,100
Biological assets4 18,318,686 19,189,380
Trade and other receivables 97,875,464 102,762,826
Other assets 16,116,789 15,144,041
Asset held for sale5 868,642 868,642
Cash and cash equivalents 52,580,229 108,166,527
Total current assets 343,323,709 425,956,516
Total assets 965,925,567 1,050,832,720
Share capital 6,073,439 6,073,439
Share premium 6,320,524 6,320,524
Revaluation surplus 306,468,095 325,598,705
Accumulated loss (189,780,929) (125,717,093)
Equity attributable to owners of the parent (unlabelled subtotal) 129,081,129 212,275,575
Non-controlling interest (100,962) (47,902)
Total equity (unlabelled subtotal) 128,980,167 212,227,673
Lease liability 97,755 2,553,490
Deferred tax liabilities 7,745,175 –6
Financial liabilities7 37,253,788 37,253,788
Non-current liabilities (unlabelled subtotal) 45,096,718 39,807,278
Current tax liabilities 5,219,177 4,410,858
Lease liability 2,642,224 2,741,881
Trade and other payables 87,841,308 98,677,520
Financial liabilities8 688,055,482 680,253,734
Employee benefits9 625,007 681,823
Contract liabilities 7,465,484 12,031,953
Total current liabilities 791,848,682 798,797,769
Total liabilities 836,945,400 838,605,047
Total equity and liabilities 965,925,567 1,050,832,720
Bank overdraft (Note 30)10 (28,347,701) (72,550,865)
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (8)
  1. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 20: Company only; Group prints dashes.
  2. “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Note 21: Company only (deposits into subsidiaries); Group prints dashes.
  3. “Biological assets” is an issuer-specific line, not mapped to a shared definition: Note 17: growing sugar cane at fair value less costs to sell (current).
  4. “Asset held for sale” is an issuer-specific line, not mapped to a shared definition: Note 19.
  5. “Financial liabilities”: mapping to a shared definition is uncertain. Note 30 'Financial liabilities' (p31) combines bank borrowings, letters of credit, commercial papers and the bank overdraft (maturity table, note 33, p70); mapped to borrowings as the closest standard concept. The non-current amount is bank borrowings due after one year (p70).
  6. “Financial liabilities”: mapping to a shared definition is uncertain. Note 30 'Financial liabilities' (p31) combines bank borrowings, letters of credit, commercial papers and the bank overdraft (maturity table, note 33, p70); mapped to borrowings as the closest standard concept. The current amount includes letters of credit, commercial papers and the bank overdraft.
  7. “Employee benefits” is an issuer-specific line, not mapped to a shared definition: Note 28: gratuity (defined benefit) balance, current.
  8. “Bank overdraft (Note 30)” is an issuer-specific line, not mapped to a shared definition: Note 24 (p66): bank overdraft deducted from total cash and bank balance to give cash and cash equivalents for cash-flow purposes; printed negative; on the statement of financial position it sits within current financial liabilities (note 30).

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash generated from/(used in) operations 17,108,291 (362,961,825)
Tax paid (3,376,817) (13,412,266)
Gratuity paid1 (56,816) (30,224)
Net cash generated from/(used in) operating activities 13,674,658 (376,404,315)
Purchase of property, plant and equipment (44,793,282) (29,934,830)
Deposit for shares2 –3 –3
Proceeds on disposal of property, plant and equipment 47,323 22,512
Interest received 4,526,376 7,612,562
Net cash used in investing activities (40,219,583) (22,299,756)
Unclaimed dividend received4 –5 39,535
Lease liabilities payment6 (3,022,205) (226,251)
Proceed from commercial papers7 125,841,826 95,855,046
Movement in letters of credit8 (44,037,702) (12,615,061)
Interest payment on bank loans (33,522,419) (7,513,968)
Proceeds from bank loans 249,550,195 157,190,472
Loan from Dangote Petroleum and Petrochemical Limited9 –5 3,659,480
Repayment of borrowings (278,866,377) (11,141,149)
Net cash generated from financing activities 15,943,318 225,248,104
Net decrease in cash and cash equivalents (10,601,607) (173,455,967)
Effect of exchange rate changes on cash and cash equivalents (781,527) 4,308,926
Cash and cash equivalents at beginning of year 35,615,662 204,762,703
Cash and cash equivalents at end of the year 24,232,528 35,615,662
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (7)
  1. “Gratuity paid” is an issuer-specific line, not mapped to a shared definition: Note 28: benefits paid, within operating activities.
  2. “Deposit for shares” is an issuer-specific line, not mapped to a shared definition: Note 21: Company only; Group prints dashes.
  3. “Unclaimed dividend received” is an issuer-specific line, not mapped to a shared definition: Note 24.1: unclaimed dividends returned by the registrars.
  4. “Lease liabilities payment”: mapping to a shared definition is uncertain. One line for lease payments; the statement does not say whether it is principal only (p34).
  5. “Proceed from commercial papers” is an issuer-specific line, not mapped to a shared definition: Note 30.
  6. “Movement in letters of credit” is an issuer-specific line, not mapped to a shared definition: Note 30: net movement in letters of credit (financial liabilities).
  7. “Loan from Dangote Petroleum and Petrochemical Limited” is an issuer-specific line, not mapped to a shared definition: Note 30: related-party loan received.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 (5.28) (15.86)
Profit / (loss) attributable to shareholders (NGN thousands)2 (64,063,836) (192,599,314)
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted loss per share (Naira)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Dangote Sugar Refinery Plc Annual Report and Financial Statements for the year ended December 31, 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: PricewaterhouseCoopers (Chartered Accountants, Lagos), unmodified opinion · signed

    Auditor's sign-off: Yinka Yusuf, engagement partner, for PricewaterhouseCoopers

    Final status: Independent auditor's report on the consolidated and separate financial statements (PDF p26-p30) signed for PricewaterhouseCoopers, engagement partner Yinka Yusuf (FRC/2013/PRO/ICAN/004/00000005161), dated 3 March 2026 (p30, page image); statements approved by the board on February 24, 2026 and signed by the chairman, the group managing director/CEO and the chief financial officer (p31, page image).

    Document date
    3 Mar 2026
    Auditor's report
    3 Mar 2026
    Board approval
    24 Feb 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “N'000”)
    • Cash and cash equivalents in the cash-flow statement are net of the bank overdraft (note 24, p66): 24,232,528 (2024: 35,615,662) against cash and cash equivalents of 52,580,229 (2024: 108,166,527) on the statement of financial position (p31).
    • TEXT LAYER HOLDS HIDDEN DASHES: on p32 the text layer has dashes between the Group and Company columns on several rows (e.g. 'Gross profit 122,628,804 31,109,484 - 122,628,804 31,109,484') that are not visible on the printed page (render compared). They hold no figures, sit after the Group columns and do not affect the Group values read; no hidden figure differs from the printed page.
    • Net current liabilities: total current liabilities 791,848,682 against total current assets 343,323,709 (Group, p31); accumulated loss (189,780,929). Note 1.3 (p35) states the statements are prepared on a going-concern basis with the continuing support of the group holding company; the auditor's report has no material-uncertainty paragraph.
    Technical details
    File
    88 pages, with a text layer
    SHA-256
    4a3e6b498eaa4974db4186f5bf1dc94c83e5528b3678c230cae97e3a41a03348
    Entity as printed
    Dangote Sugar Refinery Plc
    Exchange copy
    retrieved 2026-10-08T17:55:50Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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