Dangote Petroleum Refinery and Petrochemicals has recorded a net profit of $4.73 billion in the nine months ended September 30, 2026, reversing a $117.2 million loss in the corresponding period of 2025, as revenue rose 144 per cent to $22.5 billion.

The unaudited financial results, released in Lagos yesterday, showed a sharp improvement in the performance of the 700,000-barrel-per-day refinery, with earnings growth and stronger cash generation coming as the company advances its N2.15 trillion initial public offering (IPO).

Revenue increased from $9.2 billion in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.5 billion from $627.6 million. EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting higher refining throughput, improved operational reliability and stronger refining margins.

Operating cash flow increased more than tenfold to $3.68 billion from $364.7 million in the corresponding period of 2025, while cash balances rose to $6.69 billion from $809.5 million.

The refinery also moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026, an improvement of about $2.38 billion, which indicated that the company’s cash exceeded its debt obligations on a net basis at the end of the period.

The results also point to accelerating earnings in the third quarter. Revenue rose from $13.91 billion at the end of June to $22.48 billion by September, indicating revenue of approximately $8.57 billion in the three months to September.

EBITDA increased from $2.60 billion at half-year to $5.52 billion at the end of September, implying third-quarter EBITDA of about $2.92 billion. Net profit similarly rose from $1.82 billion at half-year to $4.73 billion, adding approximately $2.90 billion in the third quarter.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the performance to higher throughput, greater operational stability and improved refining margins.

“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.”

Bird said the results demonstrated the strength of the refinery’s integrated business model and provided a foundation for its expansion plans.

“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.”

The financial performance comes as the refinery seeks to broaden African participation in its ownership through the IPO. The Securities and Exchange Commission recently approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had exceeded the company’s original fundraising target, saying the overriding objective was to enable more Africans to participate in the refinery’s ownership rather than merely raise additional capital.

The latest results provided investors with a clearer picture of the refinery’s earnings capacity, cash generation and financial position as it seeks to expand its shareholder base. The figures also come as the company pursues its Vision 2030 strategy, which includes increasing refining capacity, expanding petrochemical production and strengthening distribution networks across African markets.