Dangote Petroleum Refinery and Petrochemicals has reported revenue of $22.48 billion and net profit of $4.73 billion for the nine months ended September 30, 2026, marking a significant financial turnaround as the facility consolidates its position in the global petroleum market. According to the company’s unaudited financial results reported by Reuters on October 13, revenue increased 144 per cent from $9.19 billion in the corresponding period of 2025, when the refinery recorded a net loss of $117.2 million. Earnings before interest, taxes, depreciation and amortisation rose to $5.52 billion from $627.6 million, reflecting higher crude processing volumes, improved operational reliability and stronger refining margins. The performance signals a transition from the costly commissioning and production ramp-up phase to more established commercial operations at the 700,000-barrel-per-day facility.
The refinery’s improved earnings were accompanied by stronger cash generation and a healthier balance sheet. Operating cash flow climbed to $3.68 billion from $364.7 million a year earlier, while cash holdings reached $6.69 billion at the end of September. The company also moved from a net debt position of $1.73 billion in September 2025 to net cash of approximately $650.8 million. Reuters reported that rising demand and global supply disruptions linked to the Iran war have supported sales, including jet fuel exports to Western Europe. Chief executive David Bird said the third-quarter performance demonstrated the successful transition to sustainable commercial operations. For Nigeria, the refinery’s growing output and export reach could strengthen domestic fuel supply, reduce reliance on imported refined products and improve the country’s ability to participate in international petroleum markets, although its wider impact will also depend on pricing, distribution and domestic supply conditions.
The results arrive as the refinery advances a planned $1.6 billion initial public offering intended to broaden African participation in one of the continent’s largest industrial investments. According to Premium Times, the offer period has been extended from October 13 to October 27, 2026, amid investor interest, with the company planning to list its shares on the Nigerian Exchange. The refinery also aims to expand its processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029, alongside plans to broaden its product portfolio and distribution network. Its latest financial performance strengthens the commercial case for expansion, but sustaining these earnings will depend on access to crude, refining margins, operational efficiency and conditions in global energy markets. The coming months will test whether the company can convert its strong results into durable returns for investors while deepening Nigeria’s role in regional fuel production and trade.
