Dangote Refinery Declares $22.5bn Revenue, Moves To Net Cash Position In H1

As its landmark Initial Public Offering gathers momentum, Dangote Petroleum Refinery and Petrochemicals has reported stellar financial performance for the nine months ended September 30, 2026, with revenue of $22.5 billion.

The unaudited results, released yesterday, showed that the 700,000-barrels-per-day refinery has moved from a loss of $117.2 million in the same period of 2025 to a net profit of $4.73 billion in 2026, marking one of the most dramatic turnarounds in Nigeria’s corporate history.

The performance comes as subscriptions to its ongoing IPO have already exceeded the original fundraising target, according to Aliko Dangote, president/chief executive of Dangote Industries Limited.

The refinery said revenue surged by 144 per cent from $9.2 billion in the first nine months of 2025 to $22.48 billion in 2026, while Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) jumped nearly ninefold from $627.6 million to $5.52 billion.

EBITDA margin expanded sharply to 24.56 per cent from 6.83 per cent, reflecting improved refining economics, higher throughput and stronger gross margins.

Operating cash flow also rose more than tenfold to $3.68 billion, up from $364.7 million a year earlier, demonstrating strong cash-generating capacity from core operations.

The most striking development is the strengthening of its balance sheet. Cash balances climbed to $6.69 billion from $809.5 million in September 2025, while the company moved from a net debt position of $1.73 billion to a net cash position of $650.8 million.

This means its cash holdings now exceed its net debt obligations, enhancing financial flexibility as it pursues expansion under its Vision 2030 strategy.

The results point to accelerating momentum in the third quarter alone. Revenue rose from $13.91 billion at the end of June to $22.48 billion by September, implying approximately $8.57 billion generated in Q3. EBITDA rose from $2.60 billion at half-year to $5.52 billion, indicating about $2.92 billion in Q3, while net profit rose from $1.82 billion to $4.73 billion, representing an additional $2.90 billion in three months.

Managing director and chief executive officer, David Bird, said the results validate the refinery’s transition from commissioning to full commercial operations.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.

He added, “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. With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio.”

The financial disclosure is timely for the IPO, which comprises 4.1 billion ordinary shares at N525 per share, valued at approximately N2.15 trillion.

The Securities and Exchange Commission recently approved an extension of the closing date from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation.

Aliko Dangote had stressed that the overriding objective is to enable more Africans to participate in the refinery’s ownership rather than merely raise additional capital.