Caption: From left, Group Executive Director, Logistics & Distribution, Dangote Industries Limited, Abdu Dantata; Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin; Majority Leader, Kenya National Assembly, Hon. Kimani Ichung’wah; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; Minority Leader, Kenya National Assembly, Hon. Junet Mohamed; and Member of Parliament, Nakuru Town East Constituency/Chairman, Energy Committee, Kenya National Assembly, Hon. David Gikaria, during a visit by a delegation of Kenyan parliamentarians to the Dangote Petroleum Refinery in Lagos.
The management of the Dangote Petroleum Refinery and Petrochemicals, on Tuesday presented its unaudited financials for the nine-month to September 2026, the most striking revelation of which its transformation from a loss-making business into a highly profitable enterprise.
Specifically, the result showed a robust recovery in revenue, confirming the company’s increased capacity utilization which ultimately translated to rebound in its fortune with a profit before and after tax.
Revenue for the period, according to a statement, surged by 144 per cent from $9.2 billion in the first nine months of 2025 to $22.5 billion, while profit after tax closed the period at $4.7 billion, compared with a loss of $117.2 million in the corresponding period of 2025.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly ninefold to $5.5 billion, on the back of what the company called improved operational reliability and stronger refining margins and a significant financial milestone for the 700,000 barrels per day refinery.
Dangote Petroleum Refinery is currently undertaking a landmark Initial Public Offering (IPO) expected to broaden African ownership of the industrial complex.
Net income rose to $4.73 billion from a loss of $117.2 million a year earlier, EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting a marked improvement in the economics of its refining operations, just as operating cash flow increased more than tenfold to $3.68 billion, compared with $364.7 million in the corresponding period of 2025, demonstrating the refinery’s growing capacity to generate cash from its core business. The company’s cash balances climbed to $6.69 billion from $809.5 million, while its balance sheet moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026. The transition to a net cash position is particularly significant, indicating that the refinery’s cash holdings now exceed its reported debt obligations on a net basis, a development that strengthens its financial flexibility as it pursues further expansion.
Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying a third-quarter revenue of approximately $8.57 billion. Similarly, EBITDA rose from $2.60 billion in the first half of the year to $5.52 billion at the end of September, indicating that the refinery generated approximately $2.92 billion in EBITDA during the third quarter alone. Net profit also increased from $1.82 billion at the half-year mark to $4.73 billion by September, representing an additional $2.90 billion in the three months to September. These figures underscore the pace at which the refinery’s commercial operations have expanded following its commissioning and initial production ramp-up.
Commenting on the performance, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong results to higher throughput, greater operational stability and improved refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said, adding that the results validated the strength of the refinery’s integrated business model and provided a solid foundation for the company’s next phase of growth.
Continuing, he stressed: “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 stated. “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.”
The company recently secured approval from the Securities and Exchange Commission (SEC) to extend the closing date of the offer from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation. The IPO comprises 4.1 billion ordinary shares at ₦525 per share, representing an offering valued at approximately ₦2.15 trillion.
