Dangote Refinery Records $4.7bn Profit as Revenue Hits $22.5bn
The refinery’s unaudited financial results, released in Lagos on Tuesday, showed that revenue rose by 144 per cent from $9.2bn in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation increased to $5.52bn from $627.6m.
The company had recorded a net loss of $117.2m in the comparable period last year.
The latest figures indicate improved refining performance, supported by increased throughput, greater operational reliability and stronger refining margins, as the 700,000-barrel-per-day facility consolidates its commercial operations.
The refinery’s EBITDA margin also expanded to 24.56 per cent from 6.83 per cent, reflecting improved profitability across its operations.
Operating cash flow increased more than tenfold to $3.68bn from $364.7m in the corresponding period of 2025, while cash balances rose to $6.69bn from $809.5m.
The company also recorded a significant improvement in its financial position, moving from net debt of $1.73bn in September 2025 to a net cash position of $650.8m by September 2026.
The development means the refinery’s cash holdings exceeded its debt obligations on a net basis, strengthening its financial position as it pursues further expansion.
The results also highlighted stronger performance in the third quarter, with revenue increasing from $13.91bn at the end of June to $22.48bn at the end of September.
This indicates that the company generated approximately $8.57bn in revenue during the third quarter alone.
EBITDA rose from $2.60bn at the half year mark to $5.52bn by September, representing an estimated $2.92bn generated during the third quarter.
Net profit similarly increased from $1.82bn at the end of June to $4.73bn in September, indicating earnings of approximately $2.90bn in the three months.
Managing Director of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improved financial performance to higher throughput, more stable operations and better refining margins.
He said the results demonstrated the refinery’s transition from commissioning and initial production activities to sustained commercial operations.
Bird added that the performance had strengthened the company’s financial foundation as it advanced its initial public offering and pursued its Vision 2030 growth strategy.
According to him, the company plans to increase refining capacity, expand its product portfolio and strengthen distribution networks across African markets to support the continent’s energy security.
The financial results come as the refinery pursues an initial public offering aimed at expanding African participation in its ownership.
The Securities and Exchange Commission recently approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate investor interest and encourage wider participation across African markets.
The offer comprises 4.1 billion ordinary shares priced at N525 each, giving it a total value of approximately N2.15tn.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions had exceeded the company’s initial fundraising target.
He said the offer was intended primarily to give more Africans an opportunity to own shares in the refinery, rather than simply raise additional capital.
The latest financial results provide investors with an indication of the refinery’s earnings capacity, cash generation and balance sheet strength as the company seeks to broaden its shareholder base.
Beyond the share offer, the performance is also expected to support the group’s Vision 2030 expansion plans, which include increasing refining capacity, growing petrochemical production and extending distribution networks across Africa.
Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery and Petrochemicals operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day.
The facility represents a major investment in Africa’s energy and industrial infrastructure, with operations spanning petroleum refining and petrochemical production.
