July 24. 2025/CSL Research

Financial Highlights:

• Revenue: +45.5% y/y to ₦430.21Bn
• Cost of Sales: +36.4% y/y to ₦378.54Bn
• OPEX: +72.2% y/y to ₦13.82Bn
• EBITDA: +214.7% y/y to ₦51.70Bn
• Operating Profit: +268.9% y/y to ₦38.10Bn
• Loss before Tax: -89.5% y/y to ₦22.11Bn

Dangote Sugar Refinery Plc (DSR) reported a 45.5% year-on-year (y/y) increase in Revenue for H1 2025, reaching ₦430.21 billion compared to ₦295.62 billion in H1 2024. On a quarter-on-quarter (q/q) basis, Revenue rose marginally by 1.1% to ₦216.28 billion in Q2 2025, up from ₦213.93 billion in Q1 2025. The slight q/q increase is attributed to a modest improvement in sales volumes during the second quarter.

Segmental revenue figures for the period are outlined below:

• Sale of Sugar – 50kg: ₦416.85bn, up 46.7% y/y from ₦284.19bn in H1 2024. Contributed 96.90% to total Revenue compared to 96.13% in H1 2024.

• Sale of Sugar – Retail: ₦10.03bn, up 16.6% y/y from ₦8.60bn in H1 2024. Added 2.33% to total Revenue in H1 2025, down from 2.91% in H1 2024.

• Sale of Molasses: ₦3.29bn, up 28.4% y/y from ₦2.56bn in H1 2024. Contributed 0.76% to overall Revenue compared to 0.87% in H1 2024.

• Freight Income: ₦40m, down 85.1% y/y from ₦268m in H1 2024. Contributed 0.01% to total Revenue, down from 0.09% in H1 2024.

Across regions, Revenue from Lagos remained the major contributor to the topline, contributing 53.04% to Revenue (60.94% in H1 2024), and increasing by 26.7% y/y to ₦228.18 billion, up from ₦180.14 billion in H1 2024. Notably, Revenue from the Northern region has continued to improve, growing by 98.4% y/y to ₦163.46 billion from ₦82.40 billion with its contribution advancing to 37.99% in the period, compared to 27.87% in H1 2024. Asset turnover for DSR improved to 0.77x in H1 2025, up from 0.72x and 0.63x in Q1 2025 and FY 2024 respectively.

Stock Rating: Under Review

To read full report, click on the link below​​

​​​​​​​​​​​​​DANGSUGAR H1 2025 Quick Take.pdf​​​​​​​

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