Dangote Refinery Posts $4.7bn Net Profit, $22.5bn Revenue In 9 Months

Dangote Petroleum Refinery and Petrochemicals has recorded $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025.

The unaudited financial results, released on Tuesday, revealed that revenue surged by 144 per cent from $9.2 billion in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly ninefold to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins.

According to the results, net income rose to $4.73 billion from a loss of $117.2 million a year earlier, while 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 in the corresponding period of 2025.

The company’s cash balances climbed to $6.69 billion from $809.5 million, while its balance sheet 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 also point to accelerating financial performance during 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.

Similarly, EBITDA rose from $2.60 billion in the first half of the year to $5.52 billion at the end of September, indicating that the refinery generated approximately $2.92 billion in EBITDA during the third quarter alone.

Net profit also increased from $1.82 billion at the half-year mark to $4.73 billion by September, representing an additional $2.90 billion in the three months to September.

The managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong results to higher throughput, greater operational stability and improved refining margins.

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

“Revenue increased to US$22.5 billion from US$9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”

Bird said the results validated the strength of the refinery’s integrated business model and provided a solid foundation for the company’s next phase of growth.

“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 stated.

“We remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders.”

The financial performance comes at a defining moment for Dangote Petroleum Refinery, whose IPO is seeking to bring a broader cross-section of Africans into the ownership of one of the continent’s most significant industrial investments.

The company recently secured approval from the Securities and Exchange Commission to extend the closing date of the offer from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation.

The IPO comprises 4.1 billion ordinary shares at N525 per share, representing an offering valued at approximately N2.15 trillion.