Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.73 billion in the nine months ended September 2026, reversing a $117.2 million loss reported in the same period last year.
Unaudited financial results released in Lagos showed that revenue surged 144% to $22.5 billion from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.5 billion from $627.6 million.
The News Chronicle reports that operating cash flow rose more than tenfold to $3.68 billion, while cash balances increased to $6.69 billion. The refinery also moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million.
Chief Executive Officer David Bird attributed the performance to higher refining throughput, improved operational reliability and stronger refining margins.
He said the results marked a transition from commissioning activities to sustained commercial operations, providing a stronger foundation for expansion under the company’s Vision 2030 strategy.
The financial results come as the refinery moves forward with its N2.15 trillion initial public offering (IPO). The Securities and Exchange Commission has extended the closing date of the offering from October 13 to October 27, 2026, to allow for greater participation from investors.
Aliko Dangote has stated that the IPO seeks to provide more Africans with an opportunity to own shares in the refinery, after seeing strong subscription demand.
The company is looking to expand its refining capacity, diversify its petrochemical products and strengthen its distribution in African markets.
