Dangote Refinery Reports $4.7bn Profit
Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion on revenue of $22.5 billion for the nine months to 30 September 2026, reversing a loss of $117.2 million in the corresponding period of 2025.
The figures, which are unaudited, were released in Lagos on Tuesday and arrive as the company runs an initial public offering that now closes on 27 October.
Revenue rose 144 per cent from $9.2 billion a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed almost ninefold to $5.5 billion from $627.6 million, and the EBITDA margin widened to 24.56 per cent from 6.83 per cent. Managing Director David Bird attributed the improvement to higher throughput, greater operational reliability and stronger refining margins at the 700,000-barrel-per-day plant.
Cash generation and the balance sheet strengthened alongside earnings. Operating cash flow rose to $3.68 billion from $364.7 million, and cash balances reached $6.69 billion, up from $809.5 million. The company moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million in September 2026, meaning its cash holdings now exceed its reported debt on a net basis.
The cumulative figures also point to acceleration in the third quarter. Revenue stood at $13.91 billion at the end of June, which implies roughly $8.57 billion for the three months to September. EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion, implying about $2.92 billion for the quarter, while net profit went from $1.82 billion to $4.73 billion, an increase of roughly $2.9 billion.
Bird described the results as a significant milestone and said the most striking change was the refinery’s shift from a loss-making operation to a highly profitable one with a much stronger balance sheet. He said the third-quarter performance reflected a move from commissioning and ramp-up to “sustainable commercial operations,” and that the results gave the company a solid foundation as it works through the IPO and its Vision 2030 growth strategy. That strategy includes expanding refining capacity, broadening the product portfolio and strengthening distribution across Africa.
The IPO is aimed at widening African ownership of the complex. The Securities and Exchange Commission approved a 14-day extension, moving the closing date from 13 October to 27 October, to accommodate growing investor interest and make cross-border participation easier. The offer comprises 4.1 billion ordinary shares at N525 each, valued at about N2.15 trillion. Aliko Dangote, president and chief executive of Dangote Industries Limited, has said subscriptions have already exceeded the original fundraising target, and that the main aim is to let more Africans share in ownership rather than to raise additional capital.
The refinery operates an integrated refining and petrochemical complex in the Lekki Free Zone in Lagos, with crude distillation capacity of 700,000 barrels per day. The results are company-reported and unaudited, and the release as reported does not provide throughput volumes, product pricing, tax charges or a breakdown of debt.
