Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.73 billion in the nine months ended September 30, 2026, reversing a loss of $117.2 million reported in the corresponding period of 2025.
The refinery also posted revenue of $22.5 billion, representing a 144 per cent increase from $9.2 billion recorded in the first nine months of last year, according to its unaudited financial results released in Lagos on Tuesday.
The performance reflects improved refining operations, higher throughput, greater operational reliability and stronger refining margins at the 700,000-barrel-per-day facility.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.52 billion from $627.6 million in the corresponding period of 2025, while the EBITDA margin expanded to 24.56 per cent from 6.83 per cent.
Operating cash flow also increased more than tenfold to $3.68 billion, compared with $364.7 million a year earlier, indicating stronger cash generation from the company’s operations.
The refinery’s cash balance climbed to $6.69 billion as of September 2026, compared with $809.5 million in September 2025.
Its balance sheet also improved significantly, moving from a net debt position of $1.73 billion a year earlier to a net cash position of $650.8 million at the end of September 2026.
The development strengthens the company’s financial position as it pursues expansion plans and advances its initial public offering (IPO).
Third-quarter performance strengthens earnings
The refinery’s financial results also indicate stronger earnings in the third quarter of 2026.
Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying third-quarter revenue of approximately $8.57 billion.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, translating to approximately $2.92 billion generated during the third quarter.
Net profit similarly increased from $1.82 billion at the end of June to $4.73 billion by September, indicating an additional $2.90 billion in earnings during the three-month period.
The results highlight the refinery’s progress from its commissioning and initial production ramp-up phase towards more established commercial operations.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the performance to higher throughput, improved operational stability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He noted that revenue increased to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to $5.5 billion from $627.6 million.
According to him, the results demonstrate the strength of the company’s integrated business model and provide a solid foundation for its next phase of growth.
Bird said the company would continue to expand its refining capacity, broaden its product portfolio and strengthen its distribution network across Africa.
He added that the refinery’s expansion programme was already underway as the company pursued its Vision 2030 growth strategy.
The strategy, he said, would focus on supporting energy security across the continent while creating long-term value for stakeholders.
IPO targets broader African ownership
The strong financial performance comes as Dangote Petroleum Refinery advances plans to broaden public participation in its ownership through an IPO.
The company recently secured approval from the Securities and Exchange Commission to extend the closing date of its share offer from October 13 to October 27, 2026, to accommodate investor interest and facilitate wider cross-border participation.
The offer comprises 4.1 billion ordinary shares at ₦525 per share, representing a total value of approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had exceeded the company’s original fundraising target.
He said the primary objective of the offer was to enable more Africans to participate in the ownership of the refinery rather than simply raise additional capital.
The latest financial results provide investors with an indication of the refinery’s earnings capacity, cash generation and balance-sheet position as it seeks to attract a broader shareholder base.
With revenue growth, rising profitability and a shift to a net cash position, the refinery’s performance marks a significant financial milestone for the industrial complex.
Its ability to sustain the reported earnings, maintain strong refining margins and execute its expansion plans will remain important considerations for investors as the IPO progresses.
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