Dangote Petroleum Refinery announced on Tuesday, October 13, a net profit of 4.73 billion dollars for the first nine months of 2026, compared with a loss of 117.2 million dollars a year earlier. These unaudited results come as the Nigerian refinery seeks to raise about 1.6 billion dollars through an initial public offering.
Revenue reached 22.48 billion dollars between January and September, compared with 9.19 billion over the same period of 2025. Earnings before interest, taxes, depreciation and amortisation came to 5.52 billion dollars, up from 627.6 million a year earlier, according to figures released by the company.
The refinery attributes the growth to higher volumes processed, better refining margins and improved operations. The Lekki facility has operated at a stated capacity of up to 700,000 barrels per day. It also benefited from stronger demand for refined products caused by supply disruptions linked to the war in Iran, which in particular allowed it to ship jet fuel to Western Europe, according to Reuters.
Operating cash flow reached 3.68 billion dollars, compared with 364.7 million a year earlier. Dangote says it held 6.69 billion dollars in liquidity at the end of September and has moved from a net debt of 1.73 billion dollars to a net cash position of 650.8 million.
The offering covers 4.1 billion shares priced at 525 naira each. Its closing, initially scheduled for October 13, has been pushed back to October 27 to give African subscribers more time, according to the company.
The refinery, which began operations in 2024 after an investment estimated at about 20 billion dollars, has reduced Nigeria's reliance on fuel imports and is expanding sales in regional markets. The company plans to raise its capacity to 1.4 million barrels per day by 2029.