Dangote Petroleum Refinery has reported a sharp financial turnaround, posting a net profit of $4.73 billion for the first nine months of 2026, compared with a $117.2 million loss recorded during the same period last year.
The unaudited results, released on October 13, come as the refinery extends its initial public offering (IPO) deadline by 10 days, giving prospective investors until October 27 to subscribe to the share offer.
The performance marks a significant shift for the refinery as it moves beyond its commissioning and production ramp-up phase into more established commercial operations.
Revenue more than doubles
The refinery’s revenue climbed to $22.48 billion, up from $9.19 billion in the corresponding period of 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also rose substantially, reaching $5.52 billion from $627.6 million a year earlier.
Operating cash flow increased to $3.68 billion, compared with $364.7 million in the same period last year. By the end of September, the company reported cash holdings of $6.69 billion and had moved from a net debt position of $1.73 billion a year earlier to net cash of $650.8 million.
The improvement reflects higher crude processing rates, better operating performance and stronger refining margins. The refinery has also benefited from increased demand for refined products amid global supply disruptions, including those linked to the Iran war, which have supported its jet fuel sales to Western Europe.
Chief Executive Officer David Bird said the third-quarter performance demonstrated the refinery’s transition from commissioning and ramp-up activities to sustainable commercial operations.
IPO targets ₦2.15 trillion
The financial results arrive at a crucial point for the refinery’s planned public share offering.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250. If fully subscribed, the offer could raise approximately ₦2.15 trillion, equivalent to about $1.6 billion.
The extended deadline gives potential investors additional time to assess the offer and decide whether to participate in one of Africa’s most closely watched public listings.
Expansion plans remain in focus
Built at an estimated cost of $20 billion near Lagos, Dangote Refinery began operations in 2024 and has grown into a major supplier of refined petroleum products to Nigeria and regional markets.
The facility currently has a processing capacity of 700,000 barrels per day, with plans to double capacity to 1.4 million barrels per day by 2029.
Its latest results could strengthen investor interest by demonstrating improved profitability, cash generation and operating performance. However, the figures are unaudited, and strong historical results do not guarantee future earnings or returns for shareholders.
As the IPO deadline approaches, investors will need to weigh the refinery’s growth prospects against the risks associated with its expansion plans, global oil-market conditions and the sustainability of refining margins.
