• Contact
Saturday, July 19, 2025
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    Angola Taps U.S. Firm Cybastion to Boost Cybersecurity

    Angola Taps U.S. Firm Cybastion to Boost Cybersecurity

    Burkina Faso boosts gold royalties to align with regional standards e1698698921979

    Burkina Faso mine delivers first gold pour as Australian firm hits milestone

    Democratic Republic of the Congo Flag Photo, High Quality Image of Democratic Republic of the Congo Flag. Waving Democratic Republic of the Congo Flag

    Congo wins $1bn from World Bank to revive giant hydro plan

    Trending Tags

  • Business
    agri preneur

    How a young agri-preneur returned from Israel to modernise avocado farming in Rwanda

    dangote

    “We can turn Africa into a ‘heaven’ in the next five years” — Dangote

    Yellow Card Financial and Visa

    Yellow Card, Visa agree to hasten stablecoin adoption in Africa

    starlink

    Elon Musk’s Starlink goes live in another African country

    agriculture

    Standard Bank agriculture expert says now is the time for tangible AfCFTA progress

    Simon Mann

    Simon Mann, mercenary behind failed ‘wonga coup’, dies aged 72

    de beers

    De Beers to shut down lab-grown diamond brand Lightbox

    cannabis

    South Africa to revise cannabis food laws amid public backlash

    BFA

    BPI expects to earn over €95 million from partial sale of BFA in July

  • Finance
    Armando Jorge Mota

    Armando Jorge Mota Announced as New CEO of Sanlam Angola Seguros

    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    Angola Taps U.S. Firm Cybastion to Boost Cybersecurity

    Angola Taps U.S. Firm Cybastion to Boost Cybersecurity

    Burkina Faso boosts gold royalties to align with regional standards e1698698921979

    Burkina Faso mine delivers first gold pour as Australian firm hits milestone

    Democratic Republic of the Congo Flag Photo, High Quality Image of Democratic Republic of the Congo Flag. Waving Democratic Republic of the Congo Flag

    Congo wins $1bn from World Bank to revive giant hydro plan

    Trending Tags

  • Business
    agri preneur

    How a young agri-preneur returned from Israel to modernise avocado farming in Rwanda

    dangote

    “We can turn Africa into a ‘heaven’ in the next five years” — Dangote

    Yellow Card Financial and Visa

    Yellow Card, Visa agree to hasten stablecoin adoption in Africa

    starlink

    Elon Musk’s Starlink goes live in another African country

    agriculture

    Standard Bank agriculture expert says now is the time for tangible AfCFTA progress

    Simon Mann

    Simon Mann, mercenary behind failed ‘wonga coup’, dies aged 72

    de beers

    De Beers to shut down lab-grown diamond brand Lightbox

    cannabis

    South Africa to revise cannabis food laws amid public backlash

    BFA

    BPI expects to earn over €95 million from partial sale of BFA in July

  • Finance
    Armando Jorge Mota

    Armando Jorge Mota Announced as New CEO of Sanlam Angola Seguros

    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

    Mastercard and ZoodPay join forces to launch the first virtual installment card across EEMEA

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Business

Dangote, Bua show grit amid global sugar crises

TAB by TAB
12/09/2023
in Business
0
Dangote, Bua show grit amid global sugar crises
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

The global sugar market is facing a major crisis, with prices soaring to record highs, driven primarily by the weather events in El Nino which led to a supply squeeze from major sugar-producing countries including Brazil (due to rain-delayed harvest), Thailand (due to drought and competition with high-priced cassava), China, and India amongst others.

Data from the World Bank revealed global sugar prices have increased by 26 percent to $0.53/kg in August 2023 from $0.42/kg in January 2023. The price is also a 36 percent increase from $0.39/kg in August of 2022.

Related posts

agri preneur

How a young agri-preneur returned from Israel to modernise avocado farming in Rwanda

02/07/2025
11
dangote

“We can turn Africa into a ‘heaven’ in the next five years” — Dangote

30/06/2025
5

This increase in prices flows through to the domestic market as Nigeria’s local industry is still largely dependent on imports of raw sugar. The average price of sugar according to the National Sugar Development Council (NSDC) rose by 44.2 percent to N835,400 per metric ton in July 2023 from N579,400 in the corresponding period in 2022, while data from the National Bureau of Statistics show that sugar imports in the first quarter (Q1) of 2023 ranked fourth on the list of imported food items amounting to N75.79 billion.

Ayodeji Ajilore, investment manager at ARM Investment Managers, said the surge in the global sugar price is largely tied to the dual concerns of demand and supply.

“While demand has continued to rise as the global economy aims for pre-pandemic levels, the encumbrance coming from climate issues in India for one, has impaired the supply side of the balance,” he said.

The elevated global sugar prices mean higher market price of sugar in the domestic market which translated to higher revenue for industry players like Dangote Sugar Refinery (DangSugar), BUA Foods, and Golden Sugar Refinery (a subsidiary of Flour Mills of Nigeria Plc) who accounts for over 95 percent of the sugar market in Nigeria, according to the Sugar Annual Report of the United States Department of Agriculture.

revenue from the sale sugar and molasses n bn 1

Data gleaned from the Nigerian Exchange Group (NGX) reveals that revenue generated from sales of sugar and molasses by DangSugar accounts for 99.4 percent of total revenue generated in the first half (H1) of 2023 (N202.78 billion). DangSugar’s revenue from the sale of sugar grew by 9.51 percent to N201.59 billion in H1’2023 compared to N184.08 billion in the corresponding period of 2022.

Similarly, BUA Foods revenue from the sale of sugar and molasses grew by 80.11 percent to N196.5 billion in H1’2023 from N109. 1 billion in H1’2022, thereby accounting for 61.23 percent of its total revenue generated during the period (N320.93 billion).

BUA Foods in an earning release statement attributed the increase in revenue to volume and price adjustments within the period. It also said “contribution margin increased to 40 percent from 30 percent recorded for half year 2022. This was driven by sales volume growth, price adjustments and export sales within the period.”

The company also said “volume sold increased significantly by 29.6 percent to 344,130 tons within the period (H1 2022: 256,509 tons). Fortified Sugar sales sustained her market share with a 176.5 percent increase in sales to ₦151.5 billion.”

Golden Sugar on the other hand, grew its revenue from 20.85 percent to N66.49 billion in the three-month period ended 3oth June 2023 from N55.02 billion in the corresponding period of 2022.

Source: Businessday
Previous Post

Morocco earthquake kills over 800 people, rescuers dig for survivors

Next Post

Virgin Active to expand office space and meeting rooms in gyms

Next Post
Virgin Active to expand office space and meeting rooms in gyms

Virgin Active to expand office space and meeting rooms in gyms

RECOMMENDED NEWS

D R Congo deported former Mossad chief on suspicion of planning coup

D R Congo deported former Mossad chief on suspicion of planning coup

3 years ago
9
Court told Anglo turned blind eye to Zambian lead poisoning

Court told Anglo turned blind eye to Zambian lead poisoning

2 years ago
3
Nigeria’s renewable energy as model for Africa

Nigeria’s renewable energy as model for Africa

4 years ago
9
Twitter is dragging Elon Musk’s billionaire friends into its $44 billion legal battle with a flurry of subpoenas

Twitter is dragging Elon Musk’s billionaire friends into its $44 billion legal battle with a flurry of subpoenas

3 years ago
3

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business - News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • How a young agri-preneur returned from Israel to modernise avocado farming in Rwanda
  • Angola Taps U.S. Firm Cybastion to Boost Cybersecurity
  • Burkina Faso mine delivers first gold pour as Australian firm hits milestone

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business