Nigeria’s Dangote Petroleum Refinery swung to a net profit of $4.73 billion for the first nine months of 2026, driven by expanding processing throughput and surging domestic fuel deliveries.
According to unaudited financial results released Tuesday, revenue more than doubled to $22.48 billion, compared to $9.20 billion reported in the corresponding nine-month period of 2025.
The strong operational turnaround represents a sharp recovery from a net loss of $117.2 million recorded in 9M 2025, lifting EBITDA margins to 24.6%.
Operating cash flows expanded to $3.70 billion, while the company shifted from a net debt position of $1.70 billion to a net cash balance of $650.8 million.
The financial performance coincides with the energy giant seeking to raise $1.6 billion (N2.15 trillion) in Africa’s largest initial public offering, valuing the megarefinery at nearly $47 billion.
Regulators recently approved a two-week extension for the IPO deadline to October 27 after initial investor demand oversubscribed available shares three to four times over.
Proceeds from the public offering will fund a planned $14.3 billion expansion aimed at scaling refining capacity toward 1.4 million barrels per day.
