Dangote Sugar Refinery Plc recorded a profit earlier than tax of N78.17 billion for the 9 months ended 30 September 2026, in contrast with a loss earlier than tax of N8.72 billion in the corresponding interval of 2025.
The return to pre-tax profitability got here regardless of a 9.1% decline in income, with gross profit growing as value of gross sales fell sharply than gross sales.
The firm’s unaudited monetary statements additionally reported a considerable discount in borrowings following its 2026 rights situation and debt repayments.
Key Highlights
- Revenue: N569.41 billion (Down 9.07% YoY from N626.24 billion).
- Gross profit: N126.47 billion (Up 40.42% YoY from N90.06 billion).
- Pre-tax profit: N78.17 billion, in contrast with a loss earlier than tax of N8.72 billion in the corresponding interval of 2025.
- Profit after tax: N74.25 billion, in contrast with a loss after tax of N10.59 billion in the corresponding interval of 2025.
- Earnings per share: N3.67, in contrast with a loss per share of N0.87 in the corresponding interval of 2025.
Driving the numbers
Dangote Sugar’s income declined by 9.07% to N569.41 billion in the primary 9 months of 2026.
The bulk of gross sales got here from its 50kg sugar product, which generated N555.10 billion. Retail sugar gross sales contributed N12.04 billion, whereas molasses generated N2.11 billion, and freight earnings contributed N158.08 million.
- The regional breakdown reveals that Lagos remained the biggest market, contributing N309.55 billion, or roughly 54.4% of complete income.
- Northern Nigeria generated N212.18 billion, representing about 37.3% of income.
- Western Nigeria contributed N33.45 billion, whereas the japanese area generated N14.23 billion. The figures present that the corporate’s gross sales remained concentrated in Lagos and the northern market.
- Although income declined, gross profit elevated by 40.42% to N126.47 billion. This was supported by a discount in value of gross sales to N442.94 billion from N536.18 billion in the corresponding interval of 2025. The value of gross sales subsequently declined quicker than income, permitting the group to retain a bigger share of its gross sales as gross profit.
Other earnings additionally elevated to N23.78 billion from N12.74 billion. This offered extra help to earnings, though the development in gross profit was the extra important motion in the reported earnings assertion.
Financing bills remained a key consideration. Finance prices included N11.76 billion on letters of credit score, N24.80 billion in accrued curiosity on financial institution loans, N14.60 billion in industrial paper curiosity, N5.44 billion in overdraft curiosity and N330.94 million in lease curiosity. Finance earnings from financial institution deposits amounted to N5.21 billion.
- The steadiness sheet displays a big change in the group’s funding construction. Borrowings fell to N89.32 billion from N736.22 billion a yr earlier.
- The firm’s gearing disclosure additionally confirmed a discount in its gearing ratio to 13% from 371% in September 2025.
The statements file a rights situation that raised roughly N485.88 billion, involving the issuance of about 8.10 billion new abnormal shares at N60 every. The supply closed in June 2026 and was reported as oversubscribed.
- However, money and money equivalents declined to N23.80 billion from N79.88 billion in September 2025.
- The money movement assertion additionally data substantial repayments of borrowings and actions in industrial paper and letters of credit score. These funding actions are related to the autumn in money, whilst the corporate’s debt place improved.
- Inventory elevated to N180.46 billion from N130.50 billion a yr earlier. The largest elements included manufacturing provides of N60.68 billion, uncooked supplies of N47.99 billion and completed items of N11.26 billion.
- The group additionally reported uncooked supplies in transit of N31.03 billion. These stock balances characterize a good portion of present property and might be essential to monitor alongside gross sales and money technology.
Overall, Dangote Sugar returned to profitability in the nine-month interval, supported by stronger gross profit and better different earnings. The discount in borrowings and gearing represents a significant change in its steadiness sheet place. However, the decline in income and money balances, collectively with the sizeable stock place, stay essential concerns when assessing the sturdiness of the restoration.
Balance Sheet
On the steadiness sheet, complete exterior debt decreased to N89.32 billion as at 30 September 2026, down from N736.22 billion at 30 September 2025. The reported borrowing steadiness is introduced as a single determine in the gearing disclosure.
Total property additionally fell to N943.20 billion as at 30 September 2026, in contrast with N1.02 trillion at 30 September 2025, whereas money steadiness recorded N23.80 billion as at 30 September 2026, down from N79.88 billion at 30 September 2025.
Market response
Dangote Sugar share value of N68.00 as at 30 September 2026.
This represents a 12.9% YtD progress from N60.20.
