Dangote Petroleum Refinery has reported a net profit of $4.725bn for the nine months ended September 30, 2026, reversing the loss recorded in the corresponding period last year as it prepares to raise about ₦2.15tn through a share offering.
The refinery’s revenue rose to $22.5bn from $9.2bn in the same period of 2025, while earnings before interest, taxes, depreciation and amortisation increased to $5.5bn from $627.6m, according to the company’s financial results released on Tuesday.
The improved performance reflects increased production and capacity utilisation at the Lekki, Lagos-based facility, which has a stated processing capacity of 650,000 barrels per day.
Operating cash flow climbed to $3.7bn from $364.7m, while cash balances increased to $6.7bn from $809.5m. The company also moved from a net debt position of $1.7bn to a net cash position of $650.8m.
The results come as the refinery pursues an initial public offering involving 4.1 billion shares priced at ₦525 each, with the potential to raise approximately ₦2.15tn.
The offering, launched on September 14, was initially scheduled to close on October 13 but has been extended to October 27 to allow more investors across Africa to participate.
Aliko Dangote, the refinery’s controlling shareholder, said its earnings before interest, taxes, depreciation and amortisation had already exceeded some full-year analyst forecasts. He added that the company was on course to surpass its full-year EBITDA target of $7.2bn.
Investor demand has reportedly exceeded the shares available by three to four times, prompting efforts to widen participation beyond Nigeria. Nearly 20 per cent of the offer has been reserved for East African investors, an allocation that could be worth up to $300.4m if fully subscribed.
The refinery’s improved financial position could also support its expansion plans. The company intends to increase processing capacity to 1.4 million barrels per day through a proposed multibillion-dollar expansion, with completion targeted around the end of the decade.
The approximately $20bn facility has become a major player in Nigeria’s petroleum market, with its output expected to help reduce reliance on imported refined products and support exports.
The proposed share sale is intended to broaden ownership among African investors while providing a potential source of capital for the refinery’s next phase of growth.
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