Dangote Sugar Soars by 15% as Board Plans Earnings Release
Dangote Sugar Refinery Plc.’s market value soared by 15% on the Nigerian Exchange, NGX, due to improved sentiment. Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum, was in the market to raise N50 billion, an offer that closed last week.
Over the last five trading sessions in the equities market, the ticker DANGSUGAR rose to N41.40 as investors increased bets ahead of the release of its 2024 audited financial statement. The price appreciation registered in the stock market lifted Dangote Sugar Refinery’s value to N502.88 billion, though significantly below its 52-week high.
Dangote Sugar had tough year in the stock market in 2024, making the listed of top losers due to massive selloffs. The volatility has reduced as the counter is now trading at N41.40 in the local bourse, trading at more than 36% discount to its 52-week high on NGX.
In a notice, the company told the Nigerian Exchange that its board of directors will meet on February 27 to consider and approve audited financial statements for 2024.
Consequently, the closed period for trading in the shares of the company, which commenced on 1st January 2025, remains in force until 24 hours after the filing of the financial statements.
In 2024, Agusto & Co. affirms the “A+” rating assigned to Dangote Sugar Refinery Plc, reflecting its good cash flow and liquidity positions, mainly supported by its favourable trade terms with customers and moderate leverage metrics.
As at 31 December 2023, Dangote Sugar Refinery PLC had an authorised share capital of 12,146,878,239 ordinary shares of 50 kobo each, which had been issued and fully paid up.
As at the same date, Dangote Industries Limited controlled the majority (66.87%) of the company’s share capital while other members of the public held the balance of 33.13%. “In our opinion, Dangote Sugar Refinery PLC’s ownership structure is concentrated,” Agusto said in a rating note. #Dangote Sugar Soars by 15% as Board Plans Earnings Release Yield on Nigerian Treasury Bills Falls ahead of Rebase Data
