Dangote Sugar Refinery (NSA:DSRP) Operating Income: ₦98,533 Mil (TTM As of Dec. 2025)

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NSA:DSRP Dangote Sugar Refinery PLC NSA:DSRP
65 GF Score
Price ₦73.00
GF Value ₦80.28
Valuation Fairly Valued
! 9 Warning Signs
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What is Dangote Sugar Refinery Operating Income?

Dangote Sugar Refinery NSA:DSRP +0.07% 65 Operating Income is ₦98,533 Mil as of Dec. 2025. GuruFocus rates NSA:DSRP with a GF Score™ of 65/100 and a GF Value™ of ₦80.28 (Fairly Valued). The stock has 9 warning signs investors should review.

Dangote Sugar Refinery's Operating Income for the six months ended in Dec. 2025 was ₦98,533 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was ₦98,533 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Dangote Sugar Refinery's Operating Income for the six months ended in Dec. 2025 was ₦98,533 Mil. Dangote Sugar Refinery's Revenue for the six months ended in Dec. 2025 was ₦829,215 Mil. Therefore, Dangote Sugar Refinery's Operating Margin % for the quarter that ended in Dec. 2025 was 11.88%.

Warning Sign:

Dangote Sugar Refinery PLC operating margin has been in a 5-year decline. The average rate of decline per year is -19.9%.

Dangote Sugar Refinery's 5-Year average Growth Rate for Operating Margin % was -19.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Dangote Sugar Refinery's annualized ROC % for the quarter that ended in Dec. 2025 was 6.56%. Dangote Sugar Refinery's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 2.41%.

Dangote Sugar Refinery  (NSA:DSRP) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Dangote Sugar Refinery's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2024 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=98532.619 * ( 1 - 11.29% )/( (1332346.201 + 1331270.119)/ 2 )
=87408.2863149/1331808.16
=6.56 %

where

Invested Capital(Q: Dec. 2024 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1050832.72 - 91327.772 - ( 147519.807 - max(0, 798797.769 - 425956.516+147519.807))
=1332346.201

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=965925.567 - 83180.421 - ( 52580.229 - max(0, 791848.682 - 343323.709+52580.229))
=1331270.119

Note: The Operating Income data used here is one times the annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Dangote Sugar Refinery's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2024  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=17985.905/( ( (600751.402 + max(136621.424, 0)) + (594282.025 + max(163560.677, 0)) )/ 2 )
=17985.905/( ( 737372.826 + 757842.702 )/ 2 )
=17985.905/747607.764
=2.41 %

where Working Capital is:

Working Capital(Q: Dec. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(20501.479 + 199014.48 + 32907.619) - (91327.772 + 0 + 24474.382)
=136621.424

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(44642.812 + 175882.586 + 44186.255) - (83180.421 + 0 + 17970.555)
=163560.677

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Dangote Sugar Refinery's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=98532.619/829214.876
=11.88 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Dangote Sugar Refinery Operating Income Related Terms

Dangote Sugar Refinery Operating Income Historical Data

* Premium members only.

The historical data trend for Dangote Sugar Refinery's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Dangote Sugar Refinery Operating Income Chart

Dangote Sugar Refinery Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 39,171.58 84,768.39 82,954.38 23,605.32 98,532.62

Dangote Sugar Refinery Semi-Annual Data
Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 39,171.58 84,768.39 82,954.38 23,605.32 98,532.62
NSA:DSRP
65GF Score
Dangote Sugar Refinery PLC NSA:DSRP
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Dangote Sugar Refinery Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was ₦98,533 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₦98,533 Mil mean?
Dangote Sugar Refinery (NSA:DSRP) has a Operating Income of ₦98,533 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Dangote Sugar Refinery and its competitors.
Is Dangote Sugar Refinery's Operating Income too high?
Dangote Sugar Refinery's current Operating Income is ₦98,533 Mil. Overall, Dangote Sugar Refinery has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dangote Sugar Refinery's Operating Income compare to MDLZ and HSY?
Dangote Sugar Refinery's Operating Income of ₦98,533 Mil can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Dangote Sugar Refinery and its competitors. Dangote Sugar Refinery's current Operating Income is ₦98,533 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dangote Sugar Refinery stock overvalued right now?
Based on GuruFocus' analysis, Dangote Sugar Refinery (NSA:DSRP) is currently considered Fairly Valued. The stock's GF Value™ is ₦80.28, compared to a current price of ₦73.00 — trading 9.1% below its estimated fair value. The current Operating Income is ₦98,533 Mil. Dangote Sugar Refinery's overall GF Score™ is 65/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Dangote Sugar Refinery (NSA:DSRP), the current Operating Income is ₦98,533 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Dangote Sugar Refinery (NSA:DSRP) Overvalued in 2026?

Based on GuruFocus' analysis, Dangote Sugar Refinery stock appears to be undervalued. The current stock price of ₦73.00 is trading 9.1% below its estimated GF Value™ of ₦80.28. GuruFocus considers Dangote Sugar Refinery to be Fairly Valued.

Key valuation signals for NSA:DSRP:

  • Operating Income: ₦98,533 Mil
  • GF Value™: ₦80.28 vs. price of ₦73.00 (9.1% below fair value)
  • GF Score™: 65/100 with 9 warning signs

No single metric tells the full story. See the NSA:DSRP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Dangote Sugar Refinery Business Description

Address Terminal E, Shed 20, 3rd Floor, GDNL Building, NPA Wharf Port Complex, Apapa, Lagos, NGA
Dangote Sugar Refinery PLC is engaged in refining raw sugar to produce fortified and non-fortified granulated white sugar. The company distributes refined white sugar to consumers and industrial customers in Nigeria. The company is also engaged in the cultivation and milling of sugar cane to finished sugar. Its geographical segments include Northern Nigeria, Western Nigeria, Eastern Nigeria, and Lagos. The company derives a majority of its revenue from the Lagos region.
65GF Score

Get the complete analysis for NSA:DSRP

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦73.00
Price
₦80.28
GF Value