Dangote Sugar Refinery Plc has reported a reduced loss after tax of N23.65 billion for the first quarter ended March 31, 2025, compared to a loss of N68.99 billion in the same period last year.

The company’s revenue grew impressively by 74.3% year-over-year, driven by price increases across its product lines.

Key highlights of the unaudited result shows that revenue rose by 74.3% year on year, driven by increases in 50kg Sugar, 77.4% year on year, Retail Sugar 10.8% year on year, and Molasses 24.5% year on year.

Gross margin declined by 280 basis points year on year to 4.3%, primarily due to heightened cost pressures from cost of sales 79.6% year on year and operating expenses 82.0% year on year.

Loss per share narrowed to N1.95, compared to a loss per share of N5.68 in first quarter of  2024. Net finance costs dropped by 77.2% year on year to N27.46 billion, benefiting from a net foreign exchange gain.

Looking ahead of the year, market analysts are of the view that, while the Sugar Refinery company has made progress in reducing its loss, persistent cost pressures from elevated raw material prices and operating expenses are expected to remain a key constraint to margin recovery and overall earnings performance in the near term.