Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion for the nine months ended September 30, 2026, as investor subscriptions for its initial public offering (IPO) gather pace ahead of the October 27 closing deadline.
The company said revenue rose by 144 per cent year on year to $22.5 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $5.5 billion.
It also reported a shift from a net debt position to a net cash position during the period, attributing its financial performance to higher refining throughput, improved operational reliability and stronger refining margins.
The results represent a turnaround from the loss recorded in the corresponding period of 2025 and have reinforced investor interest in the share offer, according to the company.
Dangote Refinery said subscriptions had come from individual investors, pension funds, asset managers, business owners, professionals and members of the African diaspora, with participation extending beyond Nigeria to other African countries and international markets.
“The level of investor interest we are seeing reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.
Management described the offer as an opportunity for individual and institutional investors to acquire ownership in one of Africa’s major industrial enterprises, pointing to the refinery’s potential contributions to energy security, foreign exchange generation, regional trade and industrial development.
The company reiterated that the IPO would close on Tuesday, October 27, 2026, with no further extension. Investors who wish to participate have been advised to complete their subscriptions through stockbrokers and approved distribution channels before the deadline.
The company also thanked regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations and other market participants for supporting the offer.
The reported financial results and investor demand place the refinery’s share offer in focus as the company seeks to broaden ownership of the industrial asset and attract capital market participation in its future growth.