Dangote Refinery Posts $22.5bn Revenue, $4.7bn Net Profit in Nine Months

By Aduragbemi Omiyale

Dangote Petroleum Refinery and Petrochemicals extended its remarkable financial performance to the third quarter of 2026, recording $22.5 billion in revenue for the nine months ended September 30, 2026, compared with the $9.2 billion recorded in the same period of last year.

In its unaudited financial statements released on Tuesday, the Lagos-based crude oil refiner said its earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly ninefold to $5.5 billion.

In the period under review, the company posted a net profit of $4.7 billion compared with a loss of $117.2 million achieved in the corresponding period of 2025.

According to the results, operating cash flow increased more than tenfold to $3.68 billion from $364.7 million in the corresponding period of 2025, demonstrating the refinery’s growing capacity to generate cash from its core business.

Its cash balances climbed to $6.69 billion from $809.5 million, while its balance sheet moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.

The transition to a net cash position is particularly significant, indicating that the refinery’s cash holdings now exceed its reported debt obligations on a net basis, a development that strengthens its financial flexibility as it pursues further expansion.

The financial performance of the 700,000 barrels per day refinery underscores the pace at which the facility’s commercial operations have expanded following its commissioning and initial production ramp-up.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations.

“Revenue increased to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to $5.5 billion from $627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins,” the chief executive of Dangote Refinery, Mr David Bird, said of the results.

He further said, “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.

“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.”

Business Post reports that Dangote Refinery commenced its initial public offering (IPO) on September 14, 2026, and was earlier scheduled to close today, October 13, 2026, but the exercise has been extended to October 27, 2027.

The energy firm plans to sell about 4.1 billion shares to investors, with 10 million retail investors in mind. This is to broaden African ownership of the industrial complex.

It plans to raise about N2.15 trillion from the IPO, priced at N525 per share, to execute the expansion to 1.4 million barrels per day within the next two years.