Dangote Petroleum Refinery and Petrochemicals has reported a sharp improvement in its financial performance, posting a net profit of $4.73 billion for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025.
The company’s unaudited results, released in Lagos, also showed a significant increase in earnings before interest, taxes, depreciation and amortisation (EBITDA), which climbed to $5.52 billion from $627.6 million a year earlier.
The results point to improved operational performance at the 700,000-barrel-per-day refinery, with higher processing volumes, greater operational reliability and stronger refining margins identified as key drivers of growth.
Revenue for the nine-month period was reported at approximately $22.48 billion, while operating cash flow rose to $3.68 billion from $364.7 million in the same period last year. The figures indicate a substantial increase in the facility’s ability to generate cash from its operations.
The refinery also recorded a marked improvement in its liquidity position. Cash balances increased to $6.69 billion from $809.5 million in September 2025, while its financial position moved from net debt of $1.73 billion to net cash of $650.8 million over the same period.
The shift to a net cash position could provide greater financial flexibility as the company pursues its expansion programme and prepares for a planned initial public offering (IPO).
Profitability indicators also improved considerably. EBITDA margin rose to 24.56 per cent from 6.83 per cent in the corresponding period of 2025, reflecting the stronger contribution of operating earnings to revenue.
Third-quarter results show further momentum
The refinery’s financial figures also indicate a strong performance in the third quarter of 2026.
Revenue increased from $13.91 billion at the end of June to approximately $22.48 billion by September 30, suggesting third-quarter revenue of about $8.57 billion.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, implying an additional $2.92 billion during the third quarter.
Net profit similarly increased from $1.82 billion at the end of June to $4.73 billion by September, representing an increase of approximately $2.90 billion over the three-month period.
The figures suggest that the refinery is making progress towards more consistent commercial operations following its commissioning and initial production ramp-up.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improved performance to higher throughput, more stable operations and stronger gross 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 increased to approximately $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to $5.5 billion from $627.6 million.
According to him, the performance reflects the benefits of improved operational reliability and higher processing volumes, alongside stronger refining margins.
Bird said the results demonstrated the resilience of the refinery’s integrated business model and would support its next phase of development.
“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.
Expansion and IPO plans
Beyond its financial performance, the refinery is advancing plans to expand its capacity, broaden its product range and strengthen its distribution network across Africa.
Bird said the expansion programme had commenced, with the company seeking to increase refining capacity and diversify its portfolio while extending its reach across regional markets.
“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,” he said.
The planned IPO is expected to broaden African ownership of the industrial complex, while the expansion strategy is aimed at strengthening the refinery’s position in the regional energy market.
The latest results provide a financial foundation for these ambitions, with improved profitability, stronger cash generation and a move into net cash giving the company greater capacity to pursue its strategic priorities.
