Dangote Petroleum Refinery and Petrochemicals has recorded a outstanding turnaround in its monetary efficiency, posting $22.5 billion in revenue and $4.7 billion in internet profit for the 9 months ended September 30, 2026, in contrast with a lack of $117.2 million within the corresponding interval of 2025.
The unaudited monetary outcomes, launched in Lagos on Tuesday, revealed that revenue surged by 144 per cent from $9.2 billion within the first 9 months of 2025, whereas earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) jumped practically ninefold to $5.5 billion, reflecting greater refining throughput, improved operational reliability and stronger refining margins.
The efficiency represents a big monetary milestone for the 700,000 barrels per day refinery, which is at the moment endeavor a landmark Initial Public Offering (IPO) geared toward broadening African possession of the economic complicated.
The most placing growth is the refinery’s transformation from a loss-making operation right into a extremely worthwhile enterprise, accompanied by a considerable strengthening of its steadiness sheet.
According to the outcomes, internet revenue rose to $4.73 billion from a lack of $117.2 million a yr earlier, whereas EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting a marked enchancment within the economics of its refining operations. Operating money move additionally elevated greater than tenfold to $3.68 billion, in contrast with $364.7 million within the corresponding interval of 2025, demonstrating the refinery’s rising capability to generate money from its core enterprise.
The firm’s money balances climbed to $6.69 billion from $809.5 million, whereas its steadiness sheet moved from a internet debt place of $1.73 billion in September 2025 to internet money of $650.8 million by September 2026.
The transition to a internet money place is especially vital, indicating that the refinery’s money holdings now exceed its reported debt obligations on a internet foundation, a growth that strengthens its monetary flexibility because it pursues additional enlargement.
The outcomes additionally level to accelerating monetary efficiency throughout the third quarter of 2026. Revenue elevated from $13.91 billion on the finish of June to $22.48 billion by September, implying third-quarter revenue of roughly $8.57 billion.
Similarly, EBITDA rose from $2.60 billion within the first half of the yr to $5.52 billion on the finish of September, indicating that the refinery generated roughly $2.92 billion in EBITDA throughout the third quarter alone.
Net profit additionally elevated from $1.82 billion on the half-year mark to $4.73 billion by September, representing an extra $2.90 billion within the three months to September. These figures underscore the tempo at which the refinery’s business operations have expanded following its commissioning and preliminary manufacturing ramp-up.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the sturdy outcomes to greater throughput, larger operational stability and improved refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird mentioned.
“Revenue increased to US$22.5 billion from US$9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins,” he added.
Bird mentioned the outcomes validated the power of the refinery’s built-in enterprise mannequin and supplied a strong basis for the corporate’s subsequent section of development.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he said.
“With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders,” he added.
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