Dangote Petroleum Refinery and Petrochemicals FZE has reported a $4.73 billion net profit for the nine months ended September 30, 2026, reversing a $117.2 million loss recorded in the corresponding period of 2025 as higher refining throughput and stronger refining margins boosted earnings.
The refinery’s unaudited financial results, released on Tuesday, showed revenue rose 144.47% year-on-year to $22.48 billion from $9.19 billion. Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion from $627.6 million, reflecting improved operational performance and stronger profitability.
According to Nairametrics, the refinery’s EBITDA margin expanded to 24.56% from 6.83% a year earlier, indicating a significant improvement in operating earnings relative to revenue. The results also showed that operating cash flow increased to $3.68 billion from $364.7 million, while cash holdings rose to $6.69 billion from $809.5 million.
Dangote Refinery’s Managing Director and Chief Executive Officer, David Bird, attributed the performance to the transition from commissioning and ramp-up activities to sustained commercial operations.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said, adding that higher throughput, improved operational reliability and stronger gross refining margins supported the increase in revenue and EBITDA.
The stronger earnings come amid disruptions to global refining and fuel supply following the conflict involving Iran, which has pushed up margins for products such as diesel and aviation fuel. Oilprice.com reported that Dangote Refinery increased exports into markets affected by supply shortages, including jet fuel shipments to Western Europe.
The refinery’s financial position also improved substantially during the period. It moved from net debt of $1.73 billion at the end of September 2025 to a net cash position of $650.8 million by September 2026, while its cash balance reached $6.69 billion.
The results arrive as Dangote Refinery pursues an initial public offering (IPO) aimed at raising $1.6 billion at an indicative valuation of about $47 billion. Oilprice.com reported that the subscription period, initially scheduled to close on October 13, had been extended to October 27 following strong investor demand and reported difficulties experienced by some investment platforms.
The refinery plans to use the fundraising to support its expansion programme, which targets an increase in capacity to 1.4 million barrels per day by 2029. The proposed expansion would strengthen its position in the global refining industry and increase its potential to supply petroleum products across African and international markets.
Bird said the company would continue to expand refining capacity, broaden its product portfolio and strengthen its distribution network across Africa as it implements its Vision 2030 strategy.
Dangote Refinery’s latest results mark a significant financial turnaround from the commissioning phase of its operations, with the facility recording $22.48 billion in revenue, $5.52 billion in EBITDA and $4.73 billion in net profit in the first nine months of 2026.