By Taibat Ummi Yakubu
Dangote Petroleum Refinery and Petrochemicals has reported a dramatic turnaround in its financial performance, recording a net profit of $4.73 billion in the first nine months of 2026 after posting a loss in the corresponding period last year.
The refinery’s unaudited results, released in Lagos on Tuesday, showed that revenue surged by 144 per cent to $22.48 billion in the nine months ended September 30, up from $9.2 billion recorded during the same period in 2025.
Net profit also rebounded sharply from a loss of $117.2 million a year earlier, reflecting stronger refining operations, improved reliability and more favourable refining margins.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion, nearly nine times the $627.6 million recorded in the first nine months of 2025.
Its EBITDA margin rose from 6.83 per cent to 24.56 per cent, indicating a significant improvement in profitability relative to revenue.
The refinery also strengthened its cash position during the period. Cash balances increased to $6.69 billion as of September 2026, compared with $809.5 million a year earlier, while operating cash flow expanded more than tenfold to $3.68 billion from $364.7 million.
Another major shift was the company’s movement from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million a year later, giving it greater financial flexibility as it pursues expansion plans.
The results also pointed to stronger earnings in the third quarter. Revenue rose from $13.91 billion at the end of June to $22.48 billion by September, implying approximately $8.57 billion in revenue during the three-month period.
EBITDA increased from $2.60 billion at the half-year mark to $5.52 billion in September, suggesting third-quarter earnings of about $2.92 billion. Net profit similarly climbed from $1.82 billion to $4.73 billion, an increase of approximately $2.90 billion over the period.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improved performance to higher throughput, greater operational stability and stronger refining margins.
Bird said the latest figures reflected the refinery’s transition from commissioning and ramp-up activities to more stable commercial operations.
He added that the results demonstrated the strength of the company’s integrated business model and provided a foundation for its next phase of growth.
According to him, the refinery would continue expanding its capacity, broadening its product range and strengthening distribution networks across Africa as part of its Vision 2030 strategy.
The company’s financial performance comes as it advances plans for an initial public offering (IPO) intended to widen African participation in the ownership of the industrial complex.
The Securities and Exchange Commission recently approved an extension of the IPO closing date from October 13 to October 27, 2026, to accommodate investor interest and encourage broader participation.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, putting its total value at approximately ₦2.15 trillion.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, previously disclosed that subscriptions had exceeded the company’s initial fundraising target. He said the initiative was also intended to give more Africans an opportunity to own shares in the refinery.
The latest financial results offer potential investors insight into the company’s profitability, cash generation and debt position as it seeks to broaden its shareholder base.
Located in the Lekki Free Zone in Lagos, the refinery has a crude distillation capacity of 700,000 barrels per day and operates as part of an integrated refining and petrochemical complex.
The company’s expansion plans include increasing refining capacity, growing petrochemical production and extending distribution across African markets, with the broader objective of strengthening its presence in the continent’s energy industry.
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