Dangote Refinery Posts $4.73bn Nine-Month Profit

Dangote Petroleum Refinery and Petrochemicals FZE made a net profit of $4.73 billion in the nine months to 30 September 2026, reversing a net loss of $117.2 million in the same period of 2025, according to unaudited results released in Lagos on 13 October. Revenue rose 144.47% to $22.48 billion, and EBITDA, a measure of operating earnings before interest, tax, depreciation and amortisation, rose to $5.52 billion from $627.6 million. The figures arrive while the refinery's initial public offering is still open, so they are likely to shape how many Nigerians think about the shares on offer.

The headline numbers

Nairametrics set out the key figures from the results. The table compares the first nine months of 2026 with the same period of 2025.

Two lines stand out. The EBITDA margin rose by 17.73 percentage points, which means the refinery kept far more of each dollar of sales as operating earnings. And the balance sheet moved from net debt to net cash, which Channels Television explained as cash holdings now exceeding reported debt on a net basis.

What the third quarter alone shows

The results are cumulative, so the July to September quarter has to be worked out from the half-year figures. Channels Television did that calculation:

• Revenue rose from $13.91 billion at the end of June to $22.48 billion at the end of September, implying third-quarter revenue of about $8.57 billion.
• EBITDA rose from $2.60 billion in the first half to $5.52 billion, implying about $2.92 billion in the third quarter.
• Net profit rose from $1.82 billion at the half-year mark to $4.73 billion, an extra $2.90 billion in three months.

In plain words, the third quarter on its own produced more profit than the whole first half of the year. That points to a business that is now running closer to full commercial operation rather than still ramping up.

What management says drove the turnaround

Managing Director and Chief Executive David Bird said the quarter showed "the successful transition from commissioning and ramp-up activities to sustainable commercial operations." He linked the jump in earnings to higher throughput, improved operational reliability and stronger gross refining margins.

Bird also said the results provide "a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy," and that the company is focused on increasing refining capacity, broadening its product range and strengthening its distribution network across Africa.

The refinery, in the Lekki Free Zone in Lagos, has a crude processing capacity of 700,000 barrels per day, according to Channels Television and Reuters.

How the results connect to the IPO

The results land in the middle of the public offer. Our earlier reports covered the offer and its extension, so here is only a short recap of the confirmed details.

Reuters said the offer could be Africa's biggest IPO. Channels Television reported that Aliko Dangote had said subscriptions already exceeded the original fundraising target, and that the main aim was to let more Africans own part of the refinery rather than simply raise money.

Points to keep in mind

Strong numbers do not answer every question an investor should ask.

• The results are unaudited. Audited figures can differ, so treat these as a company report, not a final verdict.
• Refining margins move. Bird credited stronger margins for part of the gain. Margins depend on crude and product prices, which can change quickly.
• Nine months is a short record. The company only recently moved out of its ramp-up phase, so there is limited history to judge how steady these earnings will be.
• Read the prospectus. It sets out the risks, the use of proceeds and the terms of the offer, which a results summary cannot.

What this means for investors

• The investment case now has numbers behind it. A $4.73 billion nine-month profit and net cash of $650.8 million give applicants concrete figures to weigh against the ₦525 offer price.
• Valuation still matters. A profitable company can still be expensive. Compare what you pay per share with the earnings the business makes, and remember that IPO allotment is not guaranteed.
• Watch the next results. The full-year figures, and whether the third-quarter pace holds, will show whether this is a lasting level of profit.
• Do not rush because of headlines. The offer runs to 27 October. Use that time to read the prospectus and apply only through official channels.
• Think about your whole portfolio. If the shares list on the NGX, one large energy stock should be one part of a spread of holdings, not the whole plan.

This is for information only and is not investment advice.

FAQ

How much profit did Dangote Refinery make in 2026?

Unaudited results show a net profit of $4.73 billion for the nine months to 30 September 2026, compared with a loss of $117.2 million a year earlier.

What was Dangote Refinery's revenue for the nine months?

Revenue was $22.48 billion, up 144.47% from $9.19 billion in the first nine months of 2025.

When does the Dangote Refinery IPO close?

The SEC approved an extension of the application period to 27 October 2026. The offer price is ₦525 per share.

Sources

• Nairametrics, "Dangote Refinery's Ebitda hits $5.5 billion as 9-month profit surges to $4.73 billion" (13 Oct 2026)
• Channels Television, "Q3: Dangote Refinery Posts $22.5bn Revenue, Records $4.7bn Profit" (14 Oct 2026)
• Reuters via CNBC Africa, "Nigeria's Dangote oil refinery swings to net profit ahead of IPO" (13 Oct 2026)
• Punch, "Dangote Refinery IPO launches on digital banking platform" (6 Oct 2026)