Dangote Sugar’s annual loss widens more than twofold to N193bn

Dangote Sugar Refinery Plc, Nigeria’s biggest sugar producer, has reported an annual loss for the second year in 2024 largely on higher cost of production.

The company’s after-tax loss widened to N192.6 billion from N73.7 billion in the previous year, according to its latest audited financial statement released on Tuesday. Its revenue grew to N665.7 billion from N441.5 billion, while cost of sales increased by 78.9 percent to N634.6 billion.