The refinery’s revenue climbed 144 per cent to $22.5bn as stronger refining margins and improved operations boosted earnings, while its financial position shifted from net debt to net cash….
Dangote Petroleum Refinery and Petrochemicals has reported a sharp improvement in its financial performance, recording $4.73 billion in net profit for the nine months ended September 30, 2026, against a loss of $117.2 million in the same period last year.
The company’s unaudited results, released in Lagos, showed that revenue rose to $22.48 billion from $9.2 billion in the corresponding period of 2025, representing an increase of approximately 144 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed significantly to $5.52 billion from $627.6 million a year earlier, reflecting increased refining throughput, improved operational reliability and stronger refining margins.
The performance marks a major improvement for the 700,000-barrel-per-day facility as it consolidates its operations and advances plans to expand its business across Africa.
The refinery’s EBITDA margin increased to 24.56 per cent from 6.83 per cent, indicating stronger earnings relative to revenue, while operating cash flow rose to $3.68 billion from $364.7 million over the same period.
Its cash balance also expanded to $6.69 billion, compared with $809.5 million in September 2025.
The results further showed that the company moved from a net debt position of $1.73 billion a year earlier to net cash of $650.8 million as of September 2026, strengthening its financial position.
A breakdown of the figures indicates that revenue increased from $13.91 billion at the end of June to $22.48 billion by September, translating to approximately $8.57 billion in revenue during the third quarter.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, while net profit increased from $1.82 billion to $4.73 billion over the same period.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the results to higher production volumes, improved operational stability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He noted that the growth in revenue and earnings reflected improvements in the refinery’s operations compared with the corresponding period of the previous year.
Bird added that the results demonstrated the strength of the company’s integrated business model and would support its next phase of expansion.
He said the refinery would continue to increase its processing capacity, expand its product range and strengthen its distribution network across Africa as part of efforts to support the continent’s energy security.
The financial results come as the company pursues an initial public offering (IPO) intended to widen African participation in the ownership of the industrial complex.
The refinery recently secured approval from the Securities and Exchange Commission to extend the closing date of its share offer from October 13 to October 27, 2026, to allow more investors to participate.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, giving it a total value of approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had said subscriptions had exceeded the company’s initial fundraising target, adding that the offer was designed primarily to give more Africans an opportunity to own shares in the refinery.
Located in the Lekki Free Zone in Lagos, the refinery has a crude processing capacity of 700,000 barrels per day and forms part of an integrated industrial complex focused on refining and petrochemical production.
Its latest financial performance places the facility at a significant stage in its development, as it seeks to strengthen its commercial operations, attract wider investment and expand its footprint in Africa’s energy market.
