Dangote Petroleum Refinery and Petrochemicals recorded revenue of $22.5 billion and a net profit of $4.7 billion for the nine months ended September 30, 2026, compared with a net loss of $117.2 million in the corresponding period of 2025.
The unaudited financial results, released in Lagos on Tuesday, showed a significant improvement in the company’s earnings, cash generation and balance sheet as the 700,000-barrel-per-day refinery consolidates its operations.
Revenue increased by 144 per cent from $9.2 billion in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly ninefold to $5.5 billion from $627.6 million.
The company attributed the improved performance to higher refining throughput, greater operational reliability and stronger refining margins.
Net income rose to $4.73 billion from a loss of $117.2 million a year earlier, while the EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting improved profitability from its refining operations.
Operating cash flow also increased more than tenfold to $3.68 billion from $364.7 million in the corresponding period of 2025.
The refinery’s cash balances climbed to $6.69 billion from $809.5 million, while its financial position improved from net debt of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The shift to a net cash position means the company’s cash holdings exceeded its reported debt obligations on a net basis, strengthening its financial flexibility as it pursues expansion plans.
Third-quarter performance accelerates
The results also indicate a substantial increase in the refinery’s financial performance during the third quarter of 2026.
Revenue 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.
EBITDA increased from $2.60 billion at the half-year mark to $5.52 billion at the end of September, suggesting the company generated about $2.92 billion in EBITDA during the third quarter.
Net profit similarly rose from $1.82 billion at the end of June to $4.73 billion by September, representing an additional $2.90 billion in earnings over the three-month period.
The figures highlight the expansion of the refinery’s commercial operations following its commissioning and initial production ramp-up.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the performance to improved throughput, operational stability and 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 Dangote Petroleum Refinery advances its initial public offering (IPO), which is aimed at expanding African participation in the 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 facilitate wider cross-border participation.
The IPO comprises 4.1 billion ordinary shares offered at ₦525 per share, giving the offer a value of approximately ₦2.15 trillion.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, had disclosed that subscriptions to the offer had exceeded the company’s original fundraising target.
He said the primary objective was to enable more Africans to participate in the refinery’s ownership rather than simply raise additional capital.
The latest financial results provide an indication of the company’s earnings capacity, cash generation and financial position as it seeks to broaden its shareholder base.
The performance is also relevant to the group’s Vision 2030 expansion strategy, which includes increasing refining capacity, expanding petrochemical production and strengthening distribution networks across African markets.
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.
The facility represents a major investment in Africa’s energy and industrial infrastructure and is designed to meet international environmental, safety and product-quality standards.
