Dangote Petroleum Refinery and Petrochemicals FZE has reported a $4.7 billion net profit for the first nine months of 2026, marking a sharp turnaround from a loss in the corresponding period of 2025.
Revenue rose to $22.5 billion for the nine months ended September 30, 2026, from $9.2 billion a year earlier, reflecting increased throughput and improved capacity utilisation at the 650,000-barrel-per-day refinery in Lekki, Lagos.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.5 billion from $627.6 million, lifting the EBITDA margin to 24.6% from 6.8%.
Operating cash flow also increased sharply to $3.7 billion from $364.7 million, while cash balances rose to $6.7 billion from $809.5 million. The company moved from a net debt position of $1.7 billion to a net cash position of $650.8 million.
Ongoing IPO
The results, disclosed in a company statement, come as the refinery undergoes a major share offering that could become Africa’s largest initial public offering.
The IPO involves 4.1 billion shares priced at N525 each, targeting proceeds of approximately N2.15 trillion. The application window has been extended to October 27, 2026, to widen participation across Africa.
Aliko Dangote, the refinery’s controlling shareholder, said the nine-month EBITDA had already surpassed some full-year analyst forecasts, with the company on course to exceed its $7.2 billion full-year target.
Strong refining margins, particularly for diesel and jet fuel, have supported earnings as the facility moved towards sustained high utilisation. The performance marks a significant shift for the roughly $20 billion project, which recorded losses during its initial operational ramp-up.
The stronger cash position and improved balance sheet could also support the refinery’s expansion plans, including a proposed increase in capacity to 1.4 million barrels per day by 2029.
The planned IPO is expected to broaden ownership of the refinery among African investors while providing a potential source of capital for its next phase of expansion.
