Dangote Refinery records $22.5bn revenue and $4.7bn profit in nine months, while cash reserves rise to $6.7bn.
Dangote Petroleum Refinery and Petrochemicals has reported $22.48 billion in revenue and $4.73 billion in net profit for the nine months ended September 30, 2026, reversing a loss recorded during the corresponding period last year.
The company’s unaudited financial results, released in Lagos on Tuesday, showed that revenue rose by 144 per cent from $9.2 billion in the first nine months of 2025, while net profit compared with a loss of $117.2 million recorded a year earlier.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased nearly ninefold to $5.52 billion from $627.6 million, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The results also showed a significant improvement in the refinery’s cash position, with cash balances rising to $6.69 billion from $809.5 million in September 2025.
Operating cash flow climbed more than tenfold to $3.68 billion from $364.7 million in the corresponding period last year.
The refinery also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026, strengthening its financial position as it pursues further expansion.
Its EBITDA margin rose to 24.56 per cent from 6.83 per cent, indicating improved profitability from its refining operations.
The results also highlighted stronger performance in the third quarter. Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying revenue of approximately $8.57 billion during the three months.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion by September, indicating third-quarter earnings of about $2.92 billion.
Net profit similarly increased from $1.82 billion at the end of June to $4.73 billion in September, representing an additional $2.90 billion during the third quarter.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the performance to increased throughput, operational stability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
“Revenue increased to US$22.5 billion from US$9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”
Bird said the results demonstrated the strength of the refinery’s integrated business model and provided a 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.”
The financial results come as the refinery pursues an initial public offering (IPO) aimed at broadening African ownership of the industrial complex.
The company recently secured approval from the Securities and Exchange Commission to extend the closing date of the offer from October 13 to October 27, 2026, to accommodate investor interest and encourage wider participation across Africa.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, representing an offer valued at approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions to the offer had exceeded the company’s original fundraising target.
He said the objective was to enable more Africans to participate in the refinery’s ownership rather than simply raise additional capital.
The latest results provide investors with an indication of the refinery’s earnings, cash generation and financial position as it seeks to attract a broader shareholder base.
They also come as the Dangote Group advances its Vision 2030 expansion plans, which include increasing refining capacity, expanding petrochemical production and strengthening distribution networks across African markets.
Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day.
The facility represents a major investment in Africa’s energy and industrial infrastructure, with the company seeking to expand its operations and strengthen its position in regional energy markets.
