Initial View – Dangote Sugar Refinery Plc FY 2018- Smuggling of cheap sugar hurts topline
In Dangote Sugar Refinery (Dangsugar) released its full year 2018 result wherein it reported weaker earnings (-45% to N22 billion), 5% deviation from our earnings estimate – mainly due to higher than expected tax paid during the period. For clarity, effective taxes over the period printed at 36.5% (5-year average: 28% and ARM Estimate: 30%). […]