Nigeria’s Dangote Petroleum Refinery has reported a dramatic financial turnaround, recording a net profit of 4.73 billion dollars during the first nine months of 2026. The results mark a significant recovery from the loss reported during the same period last year, as the company prepares for a major initial public offering that could become one of Africa’s largest share sales.
PROFIT AND REVENUE SURGE
According to unaudited financial results released on Tuesday and cited in the supplied report, the refinery generated a net profit of 4.73 billion dollars between January and September 2026. This compares with a net loss of approximately 117.2 million dollars during the corresponding period in 2025.
Revenue also more than doubled, rising from 9.19 billion dollars to 22.48 billion dollars.
Meanwhile, earnings before interest, taxes, depreciation and amortisation — commonly known as EBITDA — climbed to 5.52 billion dollars, compared with approximately 627.6 million dollars a year earlier.
The report attributes the improvement to higher crude oil processing volumes, stronger refining margins and better operational performance.
CASH FLOW AND FINANCIAL POSITION IMPROVE
The refinery’s financial indicators also show a substantial increase in cash generation.
Operating cash flow reached 3.68 billion dollars during the first nine months of 2026, up from 364.7 million dollars in the same period last year. At the end of September, the company reported cash holdings of 6.69 billion dollars.
Its balance sheet also strengthened considerably. The refinery moved from a net debt position of 1.73 billion dollars a year earlier to a net cash position of approximately 650.8 million dollars.
These figures suggest that the company has strengthened its financial position ahead of its planned entry into the public stock market. However, the results remain unaudited and will need to be assessed alongside the company’s audited statements and official IPO disclosures.
IPO DEADLINE EXTENDED AS INVESTOR INTEREST GROWS
The refinery is seeking to raise approximately 1.6 billion dollars through its planned initial public offering, commonly known as an IPO.
According to the supplied report, the subscription deadline, initially set for October 13, has been extended by two weeks to October 27 following strong investor demand.
If completed as planned, the offering could rank among the largest share offerings in African market history and provide investors with an opportunity to acquire an ownership stake in one of Nigeria’s most prominent industrial projects.
Nevertheless, the final outcome will depend on investor participation, the offering’s terms and the financial information disclosed during the IPO process.
The available report does not specify the final valuation of the refinery or the total number of shares investors have subscribed to.
A MAJOR PLAYER IN NIGERIA’S OIL INDUSTRY
With a stated processing capacity of 700,000 barrels of crude oil per day, the Dangote refinery is a major component of Nigeria’s downstream petroleum industry.
Its development is closely linked to Nigeria’s efforts to expand domestic refining capacity, strengthen industrial production and reduce reliance on imported petroleum products.
The latest financial results indicate that improved operations and refining margins have coincided with stronger profitability and cash generation.
For prospective shareholders, however, the company’s future performance will also depend on operating costs, crude oil supply, refining margins, market conditions and its ability to sustain production levels.
As the October 27 subscription deadline approaches, Dangote Petroleum Refinery’s reported financial turnaround and the strong interest surrounding its proposed IPO are attracting attention across African financial markets.
The offering could represent a significant milestone for Nigeria’s capital markets, but investors will need to examine the official prospectus, valuation and associated risks before making investment decisions.
Reporting by Noko David For SNEWS TV.
