Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion and revenue of approximately $22.5 billion for the nine months ended September 30, 2026, marking a significant turnaround from the loss recorded in the corresponding period last year.
The unaudited financial results, released in Lagos, showed revenue increased by 144 per cent from $4 billion to $9.2 billion, according to figures cited in the report.
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Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.52 billion from $627.6 million, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The performance represents a major milestone for the 700,000-barrel-per-day facility as it advances plans for an initial public offering (IPO) intended to broaden African ownership of the industrial complex.
The refinery recorded a sharp improvement in profitability, with net profit rising from a loss of $117.2 million in the first nine months of 2025 to $4.73 billion in the same period of 2026.
Its EBITDA margin also expanded to 24.56 per cent from 6.83 per cent, indicating stronger operating performance.
Operating cash flow increased more than tenfold to $3.68 billion, compared with $364.7 million a year earlier.
Cash balances rose to $6.69 billion from $809.5 million, while the company moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The improved financial position is expected to provide greater flexibility as the refinery pursues expansion plans and other strategic priorities.
The report also highlighted stronger performance during the third quarter.
Revenue increased from $13.91 billion at the end of June to $22.48 billion at the end of September, implying third-quarter revenue of approximately $8.57 billion.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, suggesting third-quarter EBITDA of about $2.92 billion.
Net profit increased from $1.82 billion to $4.73 billion over the same period, representing an additional $2.91 billion.
The figures point to growing commercial momentum as the refinery moves beyond its commissioning and initial production ramp-up phases towards more stable operations at scale.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improvement to higher throughput, greater 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.
He added that revenue had increased substantially from the corresponding period in 2025, while EBITDA had climbed from $627.6 million to $5.52 billion, supported by improved operational reliability and stronger gross refining margins.
Bird said the results demonstrated the resilience of the refinery’s integrated business model and provided a strong 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 said.
According to Bird, the company has commenced an expansion programme focused on increasing refining capacity, diversifying its product portfolio and strengthening distribution across Africa.
“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 said.
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The refinery’s financial performance comes as it pursues its IPO and broader expansion ambitions, with plans to strengthen regional energy supply and distribution while creating long-term value for investors and other stakeholders.
