LAGOS, Oct 13 – Nigeria’s Dangote Petroleum Refinery reported a sharp improvement in financial performance for the first nine months of 2026, swinging to a net profit of $4.73 billion as higher processing rates and stronger refining margins boosted earnings ahead of its planned initial public offering.
Unaudited results released on Tuesday showed the refinery reversed a $117.2 million net loss recorded during the same period last year, as revenue increased to $22.48 billion from $9.19 billion.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion, compared with $627.6 million a year earlier, reflecting stronger operating performance and improved refining economics.
The results provide a financial snapshot of the 700,000-barrel-per-day facility as it pursues a $1.6 billion IPO, which could become Africa’s largest initial public offering.
Cash Generation Strengthens
The refinery’s operating cash flow increased to $3.68 billion in the nine months to September, up from $364.7 million in the corresponding period of 2025.
Cash holdings reached $6.69 billion at the end of September, while the company moved from a net debt position of $1.73 billion a year earlier to net cash of $650.8 million.
The shift in its financial position reflects the combination of stronger earnings and cash generation as the refinery expands its contribution to Nigeria’s petroleum supply chain.
The facility’s scale and improving financial performance are central to its public-market offering, which would give investors an opportunity to acquire an ownership stake in one of Africa’s largest industrial projects.
Dangote Extends IPO Subscription Period
The refinery has extended the subscription period for its planned IPO by two weeks, moving the closing date from October 13 to October 27, citing strong investor demand.
The offering is seeking to raise approximately $1.6 billion. The extension gives prospective investors additional time to participate in the share sale.
The refinery’s latest results could strengthen investor interest by highlighting its transition from an initial operating phase toward higher profitability and positive net cash.
However, the sustainability of its earnings will depend on refining margins, crude supply costs, operating efficiency and broader conditions in international petroleum markets.
