Nov. 1 (Bloomberg) -- 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.
--With assistance from Chris Kay in Abuja. Editors: Emily Bowers, Alastair Reed.
To contact the reporter on this story: Maram Mazen in Abuja at email@example.com
To contact the editor responsible for this story: Antony Sguazzin at firstname.lastname@example.org