- Dangote Petroleum Refinery swung from a loss to a $4.725 billion (KSh 612.81 billion) net profit in the first nine months of 2026
- Revenue surged to $22.48 billion (KSh 2.92 trillion) as the facility reached full capacity of 700,000 barrels per day
- The refinery extended its IPO deadline to October 27 after investor demand outpaced available shares by three to four times
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Dangote Petroleum Refinery recorded a net profit of $4.725 billion (KSh 612.81 billion) for the nine months ended September 30, 2026, reversing a $117.2 million (KSh 15.20 billion) loss posted during the same period in 2025, according to unaudited financial results released on Tuesday, October 13.
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Revenue more than doubled to $22.48 billion (KSh 2.92 trillion) from $9.19 billion (KSh 1.19 trillion) a year earlier, as Africa's largest oil-processing facility achieved full operational capacity.
The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged to $5.52 billion (KSh 716.04 billion) from $627.6 million (KSh 81.40 billion), driven by higher crude processing volumes, stronger refining margins, and improved operational performance across the facility.
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Full Capacity Fuels Financial Turnaround
The refinery, owned by Africa's richest man, Aliko Dangote, is now processing up to 700,000 barrels of crude oil per day.
The facility also reported cash holdings of $650.8 million (KSh 84.39 billion), a sharp contrast to the $1.7 billion (KSh 220.52 billion) in debt recorded a year earlier, reflecting a significant improvement in its balance sheet position.
The turnaround has reshaped Nigeria's standing in the regional petroleum market, helping the country reduce its reliance on imported refined fuel and positioning it closer to becoming a net exporter of petroleum products.
Dangote Extends IPO Deadline Amid Overwhelming Demand
The refinery's return to profitability has coincided with strong investor interest in its ongoing initial public offering.
Dangote extended the IPO deadline to October 27, past its original October 13 close date, citing demand that has outstripped available shares by three to four times.
The offering was launched on September 14 and involves the sale of 4.1 billion shares, targeting $2.1 billion (KSh 272.41 billion) to fund expansion plans.
To encourage regional participation, nearly 20% of the offering has been reserved for East African investors, an allocation potentially worth up to $300.4 million (KSh 38.96 billion) if fully subscribed.
The $20 billion (KSh 2.59 trillion) facility has set a target of doubling its processing capacity to 1.4 million barrels per day by 2030 through a proposed $14.3 billion (KSh 1.86 trillion) expansion programme.
Should the IPO meet its fundraising target, it is expected to become the largest share sale in African history.
How can Kenyans invest in the Dangote refinery IPO?
In other news on TUKO.co.ke, Kenyan investors can purchase shares in Dangote Petroleum Refinery and Petrochemicals through the Nairobi Securities Exchange (NSE), with the minimum investment set at KSh 535 for 10 Global Depository Receipts (GDRs) priced at KSh 53.50 each.
The KSh 39 billion offer, approved by the Capital Markets Authority (CMA), opened on October 6, 2026, and closes on October 13 at 5pm, with applications available through USSD, an online portal or authorised brokers and payments accepted via M-Pesa or bank transfer.
Successful investors are expected to have their GDRs credited to their Central Depository and Settlement Corporation accounts, with trading on the NSE anticipated to begin around December 8, 2026, subject to regulatory approvals and the offer meeting its minimum subscription threshold.
Investors will be eligible for dividends after applicable Nigerian and Kenyan withholding taxes but face risks including currency fluctuations, limited trading liquidity and possible regulatory delays, while CMA approval does not constitute an investment recommendation.
Source: TUKO.co.ke