Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.7 billion for the nine months ended September 30, 2026, reversing a $117.2 million loss recorded during the same period in 2025.
The refinery’s revenue increased by 144 per cent to $22.5 billion from $9.2 billion in the corresponding period last year, according to its unaudited financial results released in Lagos on Tuesday.
The strong performance was driven by higher production volumes, improved operational efficiency and stronger refining margins. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $5.5 billion from $627.6 million a year earlier.
Operating cash flow also increased to $3.68 billion, compared with $364.7 million in the first nine months of 2025. Meanwhile, cash balances climbed to $6.69 billion, while the company moved from a net debt position of $1.73 billion to a net cash position of $650.8 million.
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.
Read Also: rirs-seals-oyichiri-gas-plant-over-alleged-tax-arrears-in-portharcourt
He said the refinery had successfully transitioned from commissioning and production ramp-up to sustainable commercial operations.
The company plans to expand its processing capacity, diversify its product portfolio and strengthen distribution networks across African markets under its Vision 2030 strategy.
The improved financial performance comes as the refinery advances plans for an initial public offering (IPO) to broaden ownership and attract investors across Africa.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with a total value of approximately ₦2.15 trillion. The Securities and Exchange Commission recently extended the closing date from October 13 to October 27, 2026, to allow wider investor participation.
Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery has a crude distillation capacity of 700,000 barrels per day. Its growing financial strength is expected to support further expansion in refining, petrochemicals, and distribution, while strengthening its role in Africa’s energy supply.
