Dangote refinery records $4.7bn profit, $22.5bn revenue

Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion and revenue of $22.5 billion for the nine months ended September 30, 2026, marking a significant turnaround from the loss recorded during the same period last year.

The company’s unaudited financial results show that revenue increased by 144 per cent from $9.2 billion in the corresponding period of 2025, while net profit rose from a loss of $117.2 million to $4.73 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed to $5.5 billion from $627.6 million, reflecting improved refining margins, increased throughput and greater operational efficiency.

Operating cash flow rose to $3.68 billion from $364.7 million, while the refinery’s cash balance increased to $6.69 billion. The company also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million in September 2026.

Managing Director and Chief Executive Officer, David Bird, attributed the performance to higher production volumes, improved operational reliability and stronger refining margins.

He said the results demonstrated the refinery’s transition from commissioning and ramp-up activities to sustainable commercial operations.

The financial performance comes as the refinery advances its initial public offering (IPO), aimed at expanding African participation in its ownership. The offer comprises 4.1 billion ordinary shares at ₦525 per share, with the closing date extended to October 27, 2026.

Located in the Lekki Free Zone, Lagos, the refinery has a crude processing capacity of 700,000 barrels per day and is pursuing plans to expand its operations and distribution network across Africa.

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