By Ayomide Otitoju
Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.7 billion for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025.
The refinery’s unaudited financial results, released in Lagos on Tuesday, showed that revenue rose by 144 per cent to $22.5 billion from $9.2 billion a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.5 billion from $627.6 million, while the EBITDA margin expanded to 24.56 per cent from 6.83 per cent.
The company attributed the performance to higher refining throughput, improved operational reliability and stronger refining margins.
Operating cash flow rose to $3.68 billion from $364.7 million in the corresponding period of 2025, while cash balances increased to $6.69 billion from $809.5 million.
The refinery also moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The results indicated further growth in the third quarter, with revenue rising from $13.91 billion at the end of June to $22.48 billion at the end of September. EBITDA increased from $2.60 billion at half-year to $5.52 billion, while net profit climbed from $1.82 billion to $4.73 billion.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the results reflected the company’s transition from commissioning and ramp-up activities to commercial operations.
He said the improved performance was driven by higher throughput, greater operational stability and stronger gross refining margins.
Bird added that the results provided a foundation for the company’s next phase of growth, including plans to increase refining capacity, expand its product portfolio and strengthen distribution across Africa.
The financial results come as the refinery proceeds with its initial public offering (IPO), which aims to broaden African participation in the ownership of the industrial complex.
The Securities and Exchange Commission recently approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate investor interest and facilitate wider participation across Africa.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, giving the offer a value of approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had said subscriptions had exceeded the company’s original fundraising target, adding that the offer was intended to give more Africans an opportunity to own shares in the refinery.
Located in the Lekki Free Zone, Lagos, the refinery has a crude distillation capacity of 700,000 barrels per day and operates an integrated refining and petrochemical complex.
The facility is a major investment in Nigeria’s energy and industrial infrastructure, with the company pursuing further expansion under its Vision 2030 strategy.
