Dangote Petroleum Refinery logs $4.7 billion profit in nine months on higher refining throughput

The corporation attributed the turnaround in earnings and improvement in other key performance metrics to higher refining throughput, improved operational reliability and more robust refining margins.

Dangote Petroleum Refinery and Petrochemicals reported $4.7 billion in net profit for the first nine months of 2026, in contrast to a net loss of $117.2 million in the same period of last year, according to its latest unaudited results released on Tuesday.

The refinery, which is currently undertaking a $1.6 billion initial public offering (IPO) to help double current capacity from 700,000 barrels per day to 1.4 million by 2030, recorded a 144 per cent leap in revenue to $22.5 billion during the period.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) – a performance indicator that measures the core profit of a business – accelerated ninefold to $5.5 billion. At the same time, the company said EBITDA margin climbed to 24.6 per cent from 6.8 per cent.

Dangote Petroleum Refinery spotlighted the three months to September as the standout quarter as it posted $2.9 billion, representing 61.3 per cent of its entire post-tax profit for the review period, in the quarter, which also delivered $8.6 billion in revenue, equivalent to 38.2 per cent of the turnover of the nine months.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” said CEO David Bird.

“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.

The strong result also helped the company move from a net debt position of $1.7 billion in September 2025 to net cash of $650.8 million, strengthening its balance sheet.

On Monday, the refinery announced it will extend its ongoing operations, originally planned to close on 13 October, by two weeks to 27 October.

The shares are scheduled for listing on the Nigerian Exchange next month.

The company has benefited greatly from the sweeping fuel shortages the US war against Iran has caused worldwide, notably from increased jet fuel supply to Europe.