Lagos, Nigeria – Dangote Petroleum Refinery and Petrochemicals has reported a strong financial turnaround, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026.
The company’s unaudited financial results, released on Tuesday, showed a dramatic recovery from a $117.2 million loss recorded during the corresponding period in 2025, underscoring the refinery’s rapid emergence as one of Africa’s most profitable industrial enterprises.
Revenue rose by 144 per cent from $9.2 billion recorded in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) surged to $5.5 billion, compared with $627.6 million a year earlier.
The performance reflects higher refining throughput, improved operational reliability and stronger refining margins at the 700,000-barrels-per-day facility located in the Lekki Free Zone, Lagos.
The refinery’s profitability was matched by a significant improvement in its balance sheet. Cash reserves increased to $6.69 billion from $809.5 million, while the company moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million a year later.
Operating cash flow also climbed sharply to $3.68 billion, up from $364.7 million in the corresponding period of 2025, highlighting the refinery’s growing ability to generate cash from its operations.
Financial results further showed accelerated growth during the third quarter of 2026. Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, translating to approximately $8.57 billion in third-quarter revenue alone.
Similarly, EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion by the end of September, while net profit increased from $1.82 billion to $4.73 billion during the same period.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong performance to improved plant efficiency and growing commercial operations.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
“Revenue increased to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to $5.5 billion from $627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”
He added that the results validated the refinery’s integrated business model and would support its next growth phase.
The strong financial showing comes as the company progresses with its landmark Initial Public Offering (IPO), designed to expand African participation in the ownership of the refinery.
The company recently secured regulatory approval to extend the offer closing date from October 13 to October 27, 2026, citing strong investor interest across Africa. The IPO consists of 4.1 billion ordinary shares priced at ₦525 per share, giving the offer a value of approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, recently disclosed that subscriptions had already surpassed the company’s fundraising target, emphasizing that the objective was to broaden ownership among Africans rather than merely raise additional capital.
Industry analysts say the latest financial results strengthen the company’s investment appeal, showcasing robust earnings, strong cash generation and improved financial stability.
Operating one of the world’s largest single-train refineries, the Lekki-based facility has a crude processing capacity of 700,000 barrels per day and is expected to play a key role in advancing energy security, petrochemical production and industrial development across Africa.
