NewsOnline Nigeria reports that Dangote Sugar Refinery Plc incurred a loss before tax of N108.92 billion compared to a pre-tax profit of N82.3 billion a year earlier.
This Nigeria news platform understands that the company attributes these losses primarily to the substantial devaluation of the naira which has mostly eroded the operating profits of most manufacturing companies in the country.
According to the notes accompanying the company’s recently released 2023 annual report and financial statements, Dangote Sugar incurred foreign exchange losses totaling N172.198 billion.
This wiped out its operating profit of N76.68 billion.
The losses resulted in a 53% depletion of shareholders’ funds from N171.2 billion to N79.2 billion.
Key highlights
Insights: The company further communicated that it has taken robust margin management and cost management initiatives to address the significant forex volatility and cost inflation.
These are very commendable and needed to restore the deteriorating investor confidence as reflected in the share price marginal 5.2% YtD. In 2023, the share price gained 255%
Police have taken over the Rivers Assembly Quarters heightening tension in the state. NewsOnline…
Nigerian Journalist, Daniel Ojukwu has regained his freedom after unlawful detention. NewsOnline Nigeria reports…
Black market dollar to naira exchange rate Saturday 11th May 2024 can be accessed below.…
Alex Otti has accused Former Governor Ikpeazu of diverting ₦10 Billion Airport Funds into 32…
Emir of Tikau in Yobe State, Muhammadu is dead. NewsOnline Nigeria reports that the…
Governor Fubara has ordered the immediate relocation of the Rivers Assembly sitting to the government…