Dangote Petroleum Refinery and Petrochemicals recorded a net profit of ₦6.29 trillion ($4.73 billion) in the first nine months of 2026, marking a significant turnaround from the loss reported during the same period last year.
The refinery’s unaudited financial results for the nine months ended September 30 showed revenue more than doubled to ₦29.96 trillion ($22.48 billion), supported by higher refining volumes, improved operational reliability and stronger refining margins.
The company recorded a net loss of $117.2 million in the corresponding period of 2025, highlighting the scale of its financial recovery as operations expanded.
Operating performance also improved significantly, with earnings before interest, taxes, depreciation and amortisation (EBITDA) rising to $5.52 billion from $627.6 million a year earlier.
The EBITDA margin increased to 24.56 per cent from 6.83 per cent, indicating stronger operating earnings relative to revenue.
Full-Capacity Operations Drive Growth
The refinery’s performance was supported by operations reaching its installed capacity of 700,000 barrels per day, alongside stronger global refining margins.
The improved throughput helped the company respond to demand for refined petroleum products in domestic and international markets. Supply disruptions linked to the conflict involving the United States and Iran also created opportunities for exporters, including increased jet fuel supplies to Western Europe.
David Bird, chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said the third-quarter results reflected the transition from commissioning and ramp-up activities to sustained commercial operations.
Revenue for the nine months rose from $9.19 billion in the corresponding period of 2025 to $22.48 billion in 2026, while operating cash flow increased from $364.7 million to $3.68 billion.
The results indicate that the refinery has strengthened its ability to generate cash from its operations as production and commercial activity expand.
Cash Position Strengthens
The refinery’s financial position also improved considerably during the period.
Its cash balance rose to $6.69 billion from $809.5 million a year earlier. The company also moved from net debt of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026.
The shift indicates that the company’s cash position exceeded its debt under the net-debt calculation used in its reported results, providing a stronger financial base for future expansion.
IPO and Expansion Plans
The strong financial performance comes as the refinery pursues a planned initial public offering (IPO) targeting $1.6 billion, equivalent to approximately ₦2.13 trillion.
The offer involves 4.1 billion shares and is intended to support the company’s growth ambitions. The refinery is also pursuing an expansion programme aimed at increasing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2030.
The company has reported strong investor interest in the offering and extended the subscription period to accommodate demand from investors across Africa.
The planned expansion is expected to increase refining capacity and broaden the company’s product portfolio, while strengthening its distribution network across the continent.
The latest results mark a major financial milestone for the refinery. However, sustaining profitability will depend on refining margins, crude oil supply, operating efficiency and conditions in global petroleum markets.
