Dangote Sugar Refinery, a leading integrated sugar business majority-owned by Nigerian billionaire Aliko Dangote, suffered a loss of more than $86 million in the first half of 2024.
The company's retained loss totaled N77.1 billion ($46.4 million) as of June 30, 2024, turning the sugar business into a loss-making venture.
According to the group's recently published financial statement , the loss deepened to N144 billion ($86.7 million) in the first half of 2024, compared to a total loss of N28 billion ($16.9 million) recorded in the first half of 2023.
Currency losses erase revenue gainsThe $86 million loss in the first six months of 2024 was linked directly to finance costs during the period, which surged to N234.2 billion ($141 million) due to foreign exchange losses amounting to N193.7 billion ($116.6 million).
