Dangote refinery posts $4.73bn nine-month profit as revenue jumps 144%
Unaudited figures show the Lekki refinery swung from a $117.2m loss to a $4.73bn profit in nine months, as its ₦2.15trn IPO runs to 27 October.
By John Christian Mmaduabuchi, Chief Editor
· · Video · Lagos
The gist in 30 seconds
- Dangote Petroleum Refinery reported an unaudited net profit of $4.73 billion for the nine months to 30 September 2026, against a $117.2 million loss a year earlier.
- Revenue rose 144 per cent to $22.48 billion, and the refinery moved from $1.73 billion of net debt to $650.8 million of net cash.
- The results were released on Tuesday, 13 October 2026, while the refinery's ₦2.15 trillion IPO stays open until Tuesday, 27 October.
Dangote Petroleum Refinery made a net profit of $4.73 billion in the nine months to 30 September 2026, reversing a loss of $117.2 million in the same period of 2025, according to unaudited results released in Lagos on Tuesday, 13 October 2026, and reported by Arise News, ThisDay and Nairametrics.
Revenue rose by 144 per cent to $22.48 billion, from about $9.2 billion a year earlier.
Why it matters
The figures arrive in the middle of the refinery’s ₦2.15 trillion initial public offering (IPO), which the Securities and Exchange Commission (SEC) has allowed to stay open until 27 October. They give investors in Nigeria and across Africa the most detailed picture yet of how the Lekki plant is performing before the offer closes.
The results are unaudited, which means they have not yet been signed off by external auditors.
What do the numbers show?
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose nearly ninefold to $5.52 billion, from $627.6 million, Nairametrics and ThisDay reported. The EBITDA margin climbed to 24.56 per cent, from 6.83 per cent.
Cash generated by operations rose to $3.68 billion, from $364.7 million. Cash balances stood at $6.69 billion, against $809.5 million in September 2025.
The balance sheet also turned around. The refinery had net debt of $1.73 billion in September 2025 and a net cash position of $650.8 million by September 2026, according to the three outlets.
Arise News and ThisDay compared the nine-month figures with the half-year results. Revenue rose from $13.91 billion at the end of June, implying about $8.57 billion in the third quarter alone. Net profit rose from $1.82 billion at the half-year mark, implying about $2.9 billion between July and September.
What did the refinery say?
Managing Director and Chief Executive David Bird linked the jump to higher throughput, better reliability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said, according to Arise News.
He tied the results to the share sale: “These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy.”
How does this connect to the IPO?
The offer comprises 4.1 billion ordinary shares at ₦525 each. The SEC approved moving the closing date from 13 October to 27 October to allow wider participation across Africa, Arise News and ThisDay reported. GistMatrix reported the extension on Tuesday.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has said subscriptions had already passed the original fundraising target, and that the aim was wider African ownership rather than simply raising more money, according to both outlets.
GistMatrix does not give investment advice. Anyone considering the offer should read the prospectus and speak to a licensed stockbroker or financial adviser.
What is the bigger picture?
The refinery, in the Lekki Free Zone in Lagos, has a crude distillation capacity of 700,000 barrels a day, Arise News and ThisDay reported. It began operating in 2024, cost about $20 billion to build and lost $476 million across 2025, according to a Reuters report carried by Hydrocarbon Processing in September.
The same report said the IPO prospectus set out plans to spend $14.3 billion to double capacity to 1.4 million barrels a day, with the expansion due to be finished by 2029.
What happens next
The IPO closes on Tuesday, 27 October 2026. Watch for the SEC and the company to confirm the final subscription level after the offer closes, and for the refinery’s audited accounts.
Bird said the company remains focused on “increasing refining capacity and broadening our product portfolio” as its expansion programme gets under way.
Sources
We checked this story against these sources. How we check
- Arise News: Dangote Refinery Posts $4.7bn Profit As Revenue Hits $22.5bn In Nine Months (13 Oct 2026)
- ThisDay: Unaudited Results: Dangote Refinery Posts $22.5bn Revenue, $4.7bn Profit in 9 Months (14 Oct 2026)
- Nairametrics: Dangote Refinery's 9-month profit hits $4.73 billion as revenue surges 144.47% (13 Oct 2026)
- Hydrocarbon Processing (Reuters): Nigeria's Dangote refinery plans $14 billion expansion as it signs IPO documents (8 Sep 2026)
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John Christian Mmaduabuchi is a Nigerian filmmaker, creative director, and media professional with extensive experience in digital storytelling, visual journalism, and contemporary media. His Journalism interests span Nigerian and African current affairs, entertainment, culture, technology, lifestyle, media, and the people shaping public conversation. With a background in film direction and documentary production, he brings a strong visual and narrative perspective to editorial work, with particular attention to context, clarity, and compelling storytelling. John is also a creative entrepreneur focused on storytelling, entertainment, culture, and digital content. His professional experience across directing, cinematography, editing, media strategy, and emerging AI technologies gives him a broad understanding of how stories are created, distributed, and consumed in the digital age. At GistMatrix, John contributes to the development and presentation of timely, engaging, and relevant stories for a contemporary audience. His approach to editorial work is grounded in accuracy, context, responsible storytelling, and a commitment to covering stories that matter.
