Dangote Refinery Makes $4.7 Billion Profit in Nine Months

Dangote Petroleum Refinery and Petrochemicals made $4.7 billion in profit for the first nine months of 2026. This is a big change from a loss of $117.2 million during the same time last year. The company shared these figures in its latest unaudited results on Tuesday.

The refinery said the profit jump came from higher refining output, better operations, and stronger refining margins.

Currently, the refinery is working on a $1.6 billion initial public offering (IPO). This IPO aims to double its capacity from 700,000 barrels per day to 1.4 million by 2030. During this period, the refinery's revenue grew by 144 percent to $22.5 billion.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) shot up nine times to $5.5 billion. The company also noted that the EBITDA margin increased to 24.6 percent, up from 6.8 percent.

Strong Third Quarter

The company highlighted the three months ending in September as a key quarter. It reported $2.9 billion in profit, making up 61.3 percent of its total profit after tax for the whole nine months. The revenue for this quarter was $8.6 billion, or 38.2 percent of the total revenue for the nine months.

CEO David Bird said, "Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations."

He added, "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."

Improved Financial Position

These strong results also helped the company shift from a net debt of $1.7 billion in September 2025 to having $650.8 million in net cash. This improved its financial health.

On Monday, the refinery announced it will extend its operations, which were supposed to end on October 13, by two weeks to October 27.

The shares are set to be listed on the Nigerian Exchange next month.