Dangote Petroleum Refinery and Petrochemicals has reported a strong financial turnaround, recording $22.5 billion in revenue and $4.73 billion in net profit for the nine months ended September 30, 2026.
The unaudited financial results, released in Lagos last Tuesday, showed revenue rose 144 per cent to $9.2 billion from $4.0 billion a year earlier. At the same time, earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion from $627.6 million, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The performance marks a major milestone for the 700,000-barrel-per-day facility as it advances plans for a landmark initial public offering (IPO) designed to broaden African ownership of the industrial complex.
Beyond its revenue growth, the refinery recorded a significant improvement in profitability, cash generation and overall financial position, moving from a loss-making operation in 2025 to a substantially profitable business in 2026.
Net profit rose to $4.73 billion from a loss of $117.2 million in the same period last year, while the EBITDA margin expanded to 24.56 per cent from 6.83 per cent, highlighting stronger operating performance and improved refining economics.
Operating cash flow also increased more than tenfold to $3.68 billion, compared with $364.7 million in the corresponding period of 2025, underscoring the company’s growing ability to generate cash from its core operations.
The refinery’s cash balances rose to $6.69 billion from $809.5 million, while its financial position shifted from net debt of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The move into a net cash position strengthens the company’s financial flexibility, providing additional capacity to support its expansion plans and other strategic priorities.
The results also highlighted a strong acceleration in financial performance during the third quarter of 2026.
Revenue increased from $13.91 billion at the end of June to $22.48 billion at the end of September, implying third-quarter revenue of approximately $8.57 billion.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion by the end of September, indicating that the refinery generated about $2.92 billion in EBITDA during the third quarter.
Net profit similarly increased from $1.82 billion at the end of June to $4.73 billion in September, representing an additional $2.90 billion over the three months.
The figures point to growing commercial momentum as the refinery progresses beyond its commissioning and initial production ramp-up phases towards more stable operations at scale.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improved results to higher throughput, greater operational stability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He noted that revenue rose to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA increased to $5.5 billion from $627.6 million, driven by higher throughput, improved operational reliability and stronger gross refining margins.
Bird said the results demonstrated the resilience of the refinery’s integrated business model and provided a strong platform for its next phase of growth.
“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,” he said.
He added that the company had commenced its expansion programme, with plans to increase refining capacity, diversify its product portfolio and strengthen its distribution network across Africa.
“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,” Bird said.
The refinery’s latest financial performance positions it for its next stage of expansion as it pursues its IPO and broader ambition to strengthen Africa’s energy supply, deepen regional distribution and create long-term value for investors and other stakeholders.