Dangote Refinery Reports $22.5 Billion Revenue and $4.7 Billion Profit in Q3 2026

Dangote Petroleum Refinery and Petrochemicals has announced impressive financial results for the first nine months of 2026. The company reported a revenue of $22.5 billion and a net profit of $4.7 billion, a sharp contrast to a loss of $117.2 million during the same period in 2025.

This turnaround highlights the refinery’s successful shift into a profitable industrial enterprise. The financial results, released in Lagos, show that revenue increased by 144% from $9.2 billion in the first nine months of 2025. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose nearly ninefold to $5.5 billion, thanks to higher refining output and better operational performance.

The refinery, which can process 700,000 barrels of crude oil daily, is also in the process of an Initial Public Offering (IPO) to allow more Africans to invest in the company. The financial results indicate a significant improvement in the refinery’s operations, with net income rising from a loss of $117.2 million to a profit of $4.73 billion.

Operating cash flow surged to $3.68 billion, up from $364.7 million a year earlier, showing the refinery’s ability to generate cash from its core activities. The company’s cash reserves increased to $6.69 billion, moving from a net debt of $1.73 billion in September 2025 to a net cash position of $650.8 million by September 2026.

David Bird, the Managing Director and CEO, credited the strong performance to higher production levels and improved refining margins. He stated that the results reflect the success of their business model and provide a solid foundation for future growth.

The IPO has been extended to October 27, 2026, to meet rising investor interest. The offering includes 4.1 billion shares priced at ₦525 each, aiming to raise about ₦2.15 trillion. Aliko Dangote, the CEO of Dangote Industries, emphasized that the goal is to enable more Africans to own a part of this significant industrial project.

Located in the Lekki Free Zone in Lagos, the Dangote Refinery is one of the most modern large-scale refining complexes in the world, built to high environmental and safety standards.