August 3, 2026/CSL Report
Financial Highlights:
- Revenue: -8.9% y/y to ₦391.9bn
- Cost of Sales: -21.3% y/y to ₦298.0bn
- OPEX: +1.3% y/y to ₦14.0bn
- EBITDA: +123.9% y/y to ₦115.8bn
- Operating Profit: +141.5% y/y to ₦92.0bn
- Profit Before Tax: +299.4% y/y to ₦44.1bn
Dangote Sugar Refinery Plc (DSR) delivered a significantly improved H1 2026 performance, as lower raw material costs supported stronger margins amidst weaker topline performance. While revenue declined amid softer sugar sales, improved cost management and exchange gains underpinned a strong recovery in profitability.
Revenue & Segment Performance
Revenue declined by 8.9% year-on-year (y/y) to ₦391.9 billion (bn) from ₦430.2bn in H1 2025, reflecting weaker demand across its key sugar sales category. The decline was primarily driven by the 50kg sugar segment, with segment revenue dipping 8.5% y/y to ₦381.6bn from ₦416.9bn in H1 2025. Notably, sales from the category remained dominant, contributing 97.4% of total Revenue (H1 2025: 96.9%). Retail sugar sales declined 20.0% y/y to ₦8.3bn (H1 2025: ₦10.3bn), while sales from molasses pared 41.0% y/y to ₦1.9bn from ₦3.3bn. Freight income improved to ₦47.9m from ₦39.8m in H1 2025. Also, on a quarterly basis, Revenue increased 8.7% q/q to ₦204.1bn, indicating a gradual recovery in sales momentum during Q2 2026.
On a regional basis, Lagos remained the largest revenue contributor at ₦223.1bn (H1 2025: ₦228.2bn), accounting for 56.9% of total sales, up from 53.0% in H1 2025. The Northern region continued to strengthen, with its revenue rising 4.6% y/y to ₦138.9bn, and contribution improving to 35.5% from 31.7% in the corresponding period. In contrast, Western and Eastern Nigeria recorded declines of 26.2% y/y and 13.1% y/y, respectively, highlighting softer demand in those regions.
Click here to download full report: DANGSUGAR H1 2026 Quick Take