Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.73 billion in the first nine months of 2026, reversing a $117.2 million loss posted during the same period last year, Channels Television has reported.
The financial turnaround was accompanied by a shift in the company’s balance sheet, from a net debt of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026.
According to Channels Television, the refinery’s unaudited results showed that revenue reached $22.48 billion during the nine-month period, compared with $9.2 billion in the corresponding period of 2025.
The company also recorded $5.52 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA), while cash generated from operating activities rose to $3.68 billion from $364.7 million a year earlier.
Its cash reserves increased to $6.69 billion, up from $809.5 million in September 2025, strengthening its financial position as it pursues further investment and expansion.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the improved performance to higher processing volumes, more stable operations and stronger refining margins.
Bird said the results reflected the refinery’s progress towards sustained commercial operations. He added that the company would continue to expand its refining capacity, diversify its product range and strengthen distribution across Africa under its Vision 2030 strategy.
The financial results come as the refinery seeks to widen public participation in its ownership through an initial public offering (IPO). Channels Television reported that the Securities and Exchange Commission had approved an extension of the offer’s closing date from October 13 to October 27, 2026, to accommodate increased investor interest.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, giving it a total value of approximately ₦2.15 trillion. Aliko Dangote, president and chief executive of Dangote Industries Limited, had said subscriptions exceeded the original fundraising target, with the initiative also intended to give more Africans an opportunity to own shares in the refinery.
Located in the Lekki Free Zone in Lagos, the refinery has a crude processing capacity of 700,000 barrels per day and operates an integrated refining and petrochemical complex.
