Dangote Petroleum Refinery and Petrochemicals recorded a $4.73 billion net profit in the nine months to September 2026, reversing a $117.2 million loss in the corresponding period last year, as revenue rose 144 per cent to $22.5 billion.
The unaudited results, released in Lagos on Tuesday, showed earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion from $627.6 million a year earlier, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
Revenue increased from $9.2 billion in the first nine months of 2025, while operating cash flow surged to $3.68 billion from $364.7 million, indicating stronger cash generation from the refinery’s operations.
The company’s cash balance also rose to $6.69 billion from $809.5 million, while its financial position shifted from net debt of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
Managing Director and Chief Executive Officer, David Bird, attributed the performance to improved throughput, operational stability and stronger refining margins, saying the refinery had moved beyond commissioning and ramp-up activities towards sustainable commercial operations.
Bird said the results strengthened the company’s financial foundation as it pursued its Vision 2030 growth strategy, including plans to expand refining capacity, broaden its product portfolio and strengthen distribution across African markets.
The results come as the refinery seeks wider African ownership through an initial public offering (IPO) comprising 4.1 billion ordinary shares at ₦525 each, with a total offer value of approximately ₦2.15 trillion.
The Securities and Exchange Commission recently approved an extension of the offer period from October 13 to October 27, 2026, to allow more investors across Africa to participate.
President of Dangote Group, Aliko Dangote, said the extension was intended to broaden investor participation rather than raise additional funds, adding that subscriptions had already exceeded the company’s original fundraising target.
Located in the Lekki Free Zone, Lagos, the refinery has a crude distillation capacity of 700,000 barrels per day. Its latest financial performance comes as the company seeks to expand its industrial operations and distribution network across the continent.