Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion and revenue of $22.5 billion for the nine months ended September 30, 2026, marking a significant improvement from the loss recorded in the corresponding period last year.
The unaudited financial results, released in Lagos on Tuesday, showed that revenue increased by 144 per cent from $9.2 billion in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.5 billion from $627.6 million.
The refinery had recorded a loss of $117.2 million in the corresponding period of 2025.
The latest performance reflects increased refining throughput, improved operational reliability and stronger refining margins as the 700,000-barrel-per-day facility consolidates its transition to full commercial operations.
Managing Director of Dangote Petroleum Refinery and Petrochemicals, David Bird, described the results as a significant financial milestone for the company, which is currently pursuing an initial public offering (IPO) to broaden African ownership of the industrial complex.
He said the performance demonstrated the refinery’s transition from commissioning and production ramp-up activities to sustainable commercial operations.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
“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, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”
The results also showed a substantial improvement in the company’s cash generation and financial position.
Operating cash flow increased more than tenfold to $3.68 billion from $364.7 million in the corresponding period of 2025, while cash balances rose to $6.69 billion from $809.5 million.
The company’s financial position also moved from net debt of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
Its EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting improved profitability from its refining operations.
The results further indicated strong growth during the third quarter. Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying revenue of approximately $8.57 billion for the three-month period.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, suggesting third-quarter earnings of about $2.92 billion.
Net profit also climbed from $1.82 billion at the end of June to $4.73 billion by September, representing an additional $2.90 billion in profit during the third quarter.
Bird attributed the performance to higher throughput, operational stability and stronger refining margins, adding that the results validated the company’s integrated business model.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he said.
He added that the company would continue to expand its refining capacity, broaden its product portfolio and strengthen distribution networks across African markets to support energy security and create long-term value for stakeholders.
The financial results come as the refinery advances its IPO, which aims to give more Africans an opportunity to own shares in one of the continent’s largest industrial investments.
The Securities and Exchange Commission recently approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate growing investor interest and facilitate broader cross-border participation.
The offering comprises 4.1 billion ordinary shares at N525 per share, with a total value of approximately N2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had exceeded the company’s initial fundraising target, emphasising that the primary objective was to broaden African participation in the refinery’s ownership.
The latest results provide an indication of the company’s earnings capacity, cash generation and financial strength as it seeks to attract a wider shareholder base.
They also support the group’s Vision 2030 expansion programme, which includes increasing refining capacity, expanding petrochemical production and strengthening distribution networks across African markets.
Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery and Petrochemicals operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day.
The facility represents a major investment in Africa’s energy and industrial infrastructure and is positioned to serve domestic and regional markets.
