Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025, as the African industrial giant consolidates its transition into a major profit-generating industrial enterprise.
The unaudited financial results, released in Lagos on Tuesday, reveal that revenue surged by 144 per cent from $9.2 billion in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly ninefold to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The performance represents a significant financial milestone for the 700,000 barrels per day refinery, which is currently undertaking a landmark Initial Public Offering (IPO) aimed at broadening African ownership of the industrial complex.
The most striking development is the refinery’s transformation from a loss-making operation into a highly profitable enterprise, accompanied by a substantial strengthening of its balance sheet.
According to the results, net income rose to $4.73 billion from a loss of $117.2 million a year earlier, while EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting a marked improvement in the economics of its refining operations.
Operating cash flow also increased more than tenfold to $3.68 billion, compared with $364.7 million in the corresponding period of 2025, demonstrating the refinery’s growing capacity to generate cash from its core business
The company’s cash balances climbed to $6.69 billion from $809.5 million, while its balance sheet moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The transition to a net cash position is particularly significant, indicating that the refinery’s cash holdings now exceed its reported debt obligations on a net basis, a development that strengthens its financial flexibility as it pursues further expansion.
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