Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion for the first nine months of 2026, marking a significant turnaround from the $117.2 million loss recorded during the same period last year.
The refinery’s unaudited financial results, released on October 13, show revenue rising 144.47% year-on-year to $22.48 billion, up from $9.19 billion in 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed to $5.52 billion from $627.6 million, reflecting higher refining volumes, improved operational reliability and stronger refining margins.
Beyond profitability, the company recorded a substantial improvement in cash generation. Operating cash flow increased to $3.68 billion, compared with $364.7 million a year earlier, while its cash balance rose 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 a year later.
The results come as the refinery advances its initial public offering (IPO), which aims to raise approximately ₦2.15 trillion through the sale of 4.1 billion shares at ₦525 each. The offering is intended to broaden African participation in the ownership of the industrial complex.
Managing Director and Chief Executive Officer David Bird attributed the improved performance to increased refining throughput, stronger operational stability and better refining margins. The company says it plans to expand refining capacity, broaden its product portfolio and strengthen its distribution network across Africa.
The refinery’s latest results highlight its growing financial scale and its transition from commissioning and ramp-up activities towards sustained commercial operations. However, maintaining these earnings will depend on operating performance, refining margins, feedstock availability and broader energy-market conditions.
