Dangote Petroleum Refinery and Petrochemicals has reversed a loss of $117.2 million into a net profit of $4.7 billion in the first nine months of 2026, as revenue more than doubled to $22.5 billion and the company moved into a net cash position.
The unaudited results for the period ended September 30, 2026, were released in Lagos on Tuesday.
They show revenue up 144 per cent from $9.2 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly ninefold to $5.5 billion.
The company credited higher refining throughput, better operational reliability and stronger refining margins.
The 700,000 barrels per day refinery’s EBITDA margin widened to 24.56 per cent from 6.83 per cent.
Operating cash flow rose more than tenfold to $3.68 billion from $364.7 million, and cash balances climbed to $6.69 billion from $809.5 million.
The balance sheet also turned around, moving from net debt of $1.73 billion in September 2025 to net cash of $650.8 million in September 2026. This means cash holdings now exceed reported debt on a net basis, giving the company more room to fund expansion.
Performance picked up speed in the third quarter. Revenue rose from $13.91 billion at the end of June to $22.48 billion by September, implying about $8.57 billion for the quarter.
EBITDA climbed from $2.60 billion at the half year to $5.52 billion, implying roughly $2.92 billion in the quarter, while net profit grew from $1.82 billion to $4.73 billion, an addition of about $2.90 billion.
Managing Director and Chief Executive Officer David Bird said the figures show a successful shift from commissioning and ramp-up to sustainable commercial operations.
“Revenue increased to US22.5billionfromUS9.2 billion in the corresponding period of 2025,” he said, noting that EBITDA rose from $627.6 million to $5.5 billion on higher throughput, improved reliability and stronger gross refining margins.
Bird added that the results reflect the strength of the company’s integrated business model and give it a solid base as it progresses through its Initial Public Offering (IPO) and executes its Vision 2030 growth strategy.
He said the expansion programme is already underway, with a focus on raising refining capacity, widening the product portfolio and strengthening distribution across Africa.
The results come while the IPO is still open. The Securities and Exchange Commission has approved an extension of the closing date from October 13 to October 27, 2026, to meet growing investor interest and ease cross-border participation.
The offer covers 4.1 billion ordinary shares at ₦525 each, valued at about ₦2.15 trillion.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has said subscriptions have already passed the original fundraising target, stressing that the main aim is to let more Africans own a share of the refinery rather than simply raise capital.
The Vision 2030 programme also covers expanded petrochemical production alongside higher refining capacity.
Located in the Lekki Free Zone, Lagos, the refinery is an integrated refining and petrochemical complex built to international environmental, safety and product quality standards.
It ranks among the world’s most modern large-scale refineries.
