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Dangote Petroleum Refinery and Petrochemicals has swung from a loss to a $4.73 billion net profit in the first nine months of 2026, according to unaudited results released in Lagos on Tuesday.
The company reported a loss of $117.2 million in the corresponding period of 2025. Revenue rose 144 per cent to $22.5 billion from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed nearly ninefold to $5.5 billion from $627.6 million.
EBITDA margin widened to 24.56 per cent from 6.83 per cent. Operating cash flow rose more than tenfold to $3.68 billion from $364.7 million.
Cash balances reached $6.69 billion, up from $809.5 million, moving the refinery from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million. The net cash position means cash holdings now exceed reported debt obligations, strengthening its flexibility for expansion.
Quarterly figures show the pace picking up. Revenue moved from $13.91 billion at end-June to $22.48 billion by September, implying about $8.57 billion in the third quarter. EBITDA rose from $2.60 billion to $5.52 billion, implying roughly $2.92 billion in the quarter, while net profit grew from $1.82 billion to $4.73 billion.
Managing Director and Chief Executive Officer, David Bird, credited higher throughput, 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.
He said the results validated the strength of the refinery’s integrated business model.
“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 added. “With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio.”
Bird said the company would continue to strengthen its distribution network across Africa and support energy security on the continent.
The results come as the 700,000 barrels-per-day refinery runs its Initial Public Offering (IPO). The Securities and Exchange Commission has approved extending the closing date from October 13 to October 27, 2026, to accommodate investor interest across Africa and wider cross-border participation.
The offer comprises 4.1 billion ordinary shares at N525 each, valued at about N2.15 trillion.
President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has said subscriptions had exceeded the original fundraising target, stressing that the aim was to widen African ownership rather than raise additional capital.
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