Dangote Sugar of Nigeria Falls to Record Low as Profit Plunges

Dangote Sugar Refinery Plc, Nigeria’s biggest producer of the sweetener by market value, fell to the lowest on record after saying nine-month profit slumped 49 percent.

Dangote Sugar’s stock dropped 29 kobo, or 4.9 percent, to 5.68 naira, the lowest since March 2007, when the company listed its shares on the Nigerian Stock Exchange, by the 2:30 p.m. close in Lagos, the commercial capital.

Net income fell to 4.4 billion naira ($28 million) from 8.57 billion naira a year earlier, the company said in a statement published on the website of the bourse today.

Revenue increased to 22 percent to 79.6 billion naira while the cost of sales climbed to 68.9 billion naira, from 50.8 billion naira a year earlier, the company said, without providing details.

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.