Dangote Sugar Refinery Plc has announced its 2024 full-year audited results, reporting a loss after tax of N192.62 billion, compared to a loss after tax of N73.76 billion in 2023.

The company’s revenue increased by 50.8% year-on-year to N369.22 billion, driven by price increases across its business segments.

However, the company’s gross margin contracted to 4.7%, due to higher cost pressures stemming from inflation and currency depreciation.

The company’s EBITDA and EBIT margins also deteriorated, due to a 41.8% year-on-year growth in operating expenses. Net finance costs surged by 53.7% year-on-year, driven by exchange losses on letters of credit.

Despite the challenging operating environment, the company is expected to return to profitability in 2025, driven by a softening of inflation and currency pressures.