Dangote Swings to $4.7B Profit Ahead of IPO

Nigeria’s Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026, successfully reversing a $117.2 million loss recorded during the same period last year, according to OilPrice.

Revenue for the period more than doubled to $22.48 billion from $9.19 billion, while EBITDA jumped to $5.52 billion from $627.6 million. The company cited higher crude processing volumes and elevated refining margins, bolstered by disruptions to Middle Eastern refining and fuel exports that drove product margins sharply higher for diesel and jet fuel.

Balance Sheet and Cash Flow

The 700,000-barrel-per-day refinery generated $3.68 billion in operating cash flow through September, compared with $364.7 million a year earlier, lifting cash holdings to $6.69 billion. Dangote finished the period with $650.8 million in net cash, a significant turnaround from $1.73 billion in net debt registered twelve months prior.

Expansion and IPO Plans

The financial results coincide with Dangote seeking to raise $1.6 billion in an offering that values the refinery at roughly $47 billion. The subscription period has been extended through October 27 following heavy investor demand that overwhelmed several Nigerian investment platforms.

Proceeds from the offering are earmarked in part to fund the company's expansion goals, which include doubling refining capacity to 1.4 million barrels per day by 2029. The Lagos complex has already increased capacity from its original 650,000 barrels per day, running near 660,000 barrels per day earlier this year.

Key facts

• Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026.
• Revenue more than doubled to $22.48 billion from $9.19 billion year-over-year.
• The refinery is seeking to raise $1.6 billion in an IPO valuing the complex at approximately $47 billion.
• Operating cash flow reached $3.68 billion through September, with cash holdings totaling $6.69 billion.