Unaudited Results: Dangote Refinery Posts $22.5bn Revenue, $4.7bn Profit in 9 Months

• Revenue surges 144%, EBITDA jumps to $5.5bn as refining margins rise

• Cash reserves hit $6.7bn, facility moves from $1.7bn net debt to $651m net cash

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

Dangote Petroleum Refinery and Petrochemicals has posted a net profit of $4.73 billion on revenue of $22.48 billion in the nine months ended September 30, 2026, marking a dramatic turnaround from a $117.2 million loss recorded in the corresponding period of 2025.

The unaudited results, released yesterday, showed that revenue surged 144 per cent from $9.2 billion in the first nine months of last year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed nearly ninefold to $5.52 billion from $627.6 million.

The performance, according to the company, reflected higher refining throughput, improved operational reliability and stronger refining margins, as the 700,000 barrels per day facility transitions from commissioning and production ramp-up to sustained commercial operations.

Beyond the sharp increase in earnings, the refinery strengthened its financial position, with cash balances rising to $6.69 billion from $809.5 million a year earlier. Its balance sheet also swung from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.

The figures represent a significant shift for the multibillion-dollar industrial complex as it pursues a landmark Initial Public Offering (IPO) intended to broaden African participation in its ownership and advance its expansion plans.

Besides, the refinery’s EBITDA margin expanded to 24.56 per cent from 6.83 per cent in the corresponding period of 2025, indicating a substantial improvement in operating profitability. Operating cash flow also increased more than tenfold to $3.68 billion from $364.7 million, underscoring its growing capacity to generate cash from its core operations.

The movement into a net cash position means the company’s cash holdings exceeded its reported debt obligations on a net basis, providing greater financial flexibility as it implements its expansion programme.

The results also showed that the refinery’s financial performance accelerated in the third quarter, with substantial increases in revenue, operating earnings and net profit between June and September.

According to the unaudited results, eevenue rose from $13.91 billion at the end of June to $22.48 billion by September, implying third-quarter revenue of approximately $8.57 billion.

Similarly, EBITDA increased from $2.60 billion at the half-year mark to $5.52 billion at the end of September, suggesting that the refinery generated approximately $2.92 billion during the third quarter alone.

In the same vein, net profit climbed from $1.82 billion in the first half of the year to $4.73 billion by September, representing an additional $2.90 billion in earnings in the three months to September.

The figures highlighted the pace of the facility’s commercial expansion following its commissioning and initial production ramp-up.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong results to increased throughput, greater operational stability and improved refining margins. Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations.

“Revenue increased to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to $5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins,” Bird pointed out.

Bird said the performance demonstrated the strength of the refinery’s integrated business model and provided a solid foundation for its next phase of growth.

“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 stated.

“With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders,” he added.

The financial results come as the refinery advances its IPO, which is designed to give a broader cross-section of African investors an opportunity to own shares in one of the continent’s largest industrial investments.

The Securities and Exchange Commission (SEC) recently approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation. The offer has now been extended till October 27.

The offer comprises 4.1 billion ordinary shares at N525 per share, translating to a total offering value of approximately N2.15 trillion.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had already exceeded the company’s original fundraising target. He said the overriding objective was to broaden African ownership of the refinery rather than simply raise additional capital.

The latest financial results provide investors with an indication of the refinery’s earnings capacity, cash generation and financial position as it seeks to attract a wider shareholder base.

The IPO also coincides with the implementation of the group’s Vision 2030 growth strategy, which includes plans to increase refining capacity, expand petrochemical production and strengthen distribution networks across African markets.

The expansion programme is expected to build on the refinery’s existing capacity and broaden its product portfolio, while reinforcing its role in meeting the continent’s energy needs.

Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery and Petrochemicals operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day.

Built to international environmental, safety and product-quality standards, the facility is among the world’s modern large-scale refining complexes and represents a major investment in Africa’s energy and industrial infrastructure.