Dangote Petroleum Refinery and Petrochemicals has recorded a major financial turnaround, reporting $22.48 billion in revenue and $4.73 billion in net profit for the nine months ended September 30, 2026.
The result marks a sharp reversal from the $117.2 million net loss recorded during the corresponding period of 2025, as the 700,000-barrel-per-day refinery moves further into commercial operations.
The unaudited results, released in Lagos on Tuesday, showed that revenue increased by about 144 per cent, from $9.19 billion in the first nine months of 2025 to $22.48 billion in the same period of 2026.
The company attributed the improvement to higher refining throughput, stronger refining margins and improved operational reliability.
EBITDA Jumps Nearly Ninefold
Dangote Refinery's earnings before interest, taxes, depreciation and amortisation (EBITDA) also recorded substantial growth.
EBITDA climbed to $5.52 billion, compared with $627.6 million in the first nine months of 2025, representing an increase of almost eight times.
The EBITDA margin rose to 24.56 per cent, from 6.83 per cent a year earlier, indicating a significant improvement in the refinery's operating profitability.
Managing Director and Chief Executive Officer David Bird said the third-quarter performance demonstrated that the refinery had moved beyond its commissioning and production ramp-up phase into more sustainable commercial operations.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He said higher throughput, improved operational reliability and stronger gross refining margins were behind the increase in revenue and EBITDA.
Refinery Generates $3.68bn in Operating Cash Flow
The improvement was also reflected in Dangote Refinery's cash generation.
Operating cash flow increased more than tenfold to $3.68 billion, compared with $364.7 million in the corresponding period of 2025.
Cash balances also increased significantly, reaching $6.69 billion at the end of September, compared with $809.5 million a year earlier.
The stronger cash position has helped transform the company's balance sheet.
Dangote Refinery moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026.
A net cash position means the company's reported cash and cash equivalents exceeded its debt obligations on a net basis. It does not mean that the refinery has no outstanding borrowings.
Third Quarter Delivers Stronger Earnings
The company's performance accelerated during the third quarter.
Revenue stood at $13.91 billion at the end of June but increased to $22.48 billion by the end of September, implying approximately $8.57 billion in revenue during the third quarter alone.
Similarly, EBITDA increased from $2.60 billion at the half-year mark to $5.52 billion at the end of September, indicating approximately $2.92 billion in third-quarter EBITDA.
Net profit rose from $1.82 billion at the end of June to $4.73 billion by September, meaning the company generated approximately $2.91 billion in additional net profit during the third quarter.
The figures underline the pace at which the refinery's commercial operations have expanded after its initial commissioning and production ramp-up.
Higher Refining Throughput Supports Growth
Dangote Refinery's financial improvement comes as the facility continues to increase its role in Nigeria's petroleum market and expand its presence in international markets.
The refinery has a crude processing capacity of 700,000 barrels per day, making it one of the world's largest single-train refineries.
The company said higher throughput was one of the main factors behind the improvement in its financial performance.
Improved operational reliability also allowed the refinery to make better use of its processing capacity, while stronger refining margins increased the amount of profit generated from each barrel processed.
The combination of these factors helped the refinery move rapidly from the losses associated with its earlier ramp-up period to substantial profitability in 2026.
Results Come Ahead of Dangote Refinery IPO
The financial results arrive at an important point for Dangote Refinery as it pursues an initial public offering aimed at broadening African ownership of the facility.
The company is offering 4.1 billion ordinary shares at ₦525 per share, putting the value of the offer at approximately ₦2.15 trillion.
The IPO's closing date has also been extended from October 13 to October 27, 2026, following strong investor interest and efforts to facilitate wider participation across African markets.
The refinery's improved profitability provides investors with a more detailed picture of its earnings and cash-generating capacity as the offering progresses.
The company has said the IPO is intended not only to raise capital but also to broaden ownership of the industrial complex.
Expansion Plans Remain in Focus
Bird said the latest results would provide a foundation for the company's next stage of expansion.
“With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio,” he said.
The company also plans to strengthen its distribution network across Africa and increase its role in supporting energy security on the continent.
Dangote Refinery has outlined longer-term plans to expand its refining capacity to 1.4 million barrels per day by 2029, according to Reuters.
Such an expansion would further increase the facility's ability to supply refined petroleum products to Nigeria and international markets.
A Significant Turnaround for Nigeria's Biggest Refinery
The latest figures represent a substantial change from the financial position recorded a year earlier.
In September 2025, Dangote Refinery was reporting a net loss, negative net debt position and significantly lower operating cash flow. Twelve months later, the company has reported billions of dollars in profit, billions more in cash and a net cash position.
The turnaround comes as the refinery moves from the capital-intensive commissioning and ramp-up phase towards full-scale commercial operations.
It also comes amid significant changes in global petroleum markets, including supply disruptions that have increased demand for refined products in some international markets. Reuters reported that the refinery benefited from increased demand and disruptions linked to the Iran war, including opportunities to supply jet fuel to Western Europe.
For Nigeria, the refinery's performance could have wider implications for the country's petroleum industry as domestic refining capacity expands and dependence on imported refined products declines.
For Dangote Petroleum Refinery itself, the results provide evidence of a rapidly strengthening financial position just as the company seeks wider investor participation and prepares for its next phase of expansion.
