Dangote Refinery Earns $2.9 Billion in One Quarter as IPO Prospectus Reveals Major Debt Changes

Dangote Petroleum Refinery and Petrochemicals reported unaudited net profit of $4.73 billion for the nine months ended September 30, including approximately $2.91 billion in the third quarter, when ...

email facebook linkedin twitter Whatsapp Dangote Petroleum Refinery and Petrochemicals reported unaudited net profit of $4.73 billion for the nine months ended September 30, including approximately $2.91 billion in the third quarter, when global refining margins rose sharply.

Its IPO prospectus shows $3.99 billion owed to controlling shareholder Dangote Industries at the end of 2025.

By June 30, total borrowings stood at approximately $5.67 billion, described as entirely secured, without a detailed reconciliation of the shareholder loan in the abridged document.

At ₦525 a share, the offer implies a valuation of about $47.8 billion, or 10.9 times the refinery's calculated profit over the preceding 12 months.

Subscriptions are scheduled to close on October 27.

Dangote Petroleum Refinery and Petrochemicals earned approximately $2.91 billion in the third quarter of 2026, accounting for more than 61% of its nine-month net profit, as higher processing volumes coincided with exceptionally strong international refining margins.

The results also show an unusual feature of the quarter: net profit was almost equal to earnings before interest, taxes, depreciation and amortization (EBITDA), compared with a difference of approximately $780 million in the first half.

The unaudited results released on October 13 put nine-month revenue at $22.48 billion, compared with approximately $9.2 billion a year earlier.

EBITDA increased to $5.52 billion from $627.6 million, while net profit reached $4.73 billion, reversing a loss of $117.2 million.

Subtracting the first-half figures from the nine-month totals gives third-quarter revenue of approximately $8.57 billion, EBITDA of $2.92 billion and net profit of $2.91 billion.

The EBITDA margin reached 34.1%, compared with 18.7% in the first half.

Third-quarter EBITDA exceeded net profit by only about $10 million, compared with a gap of approximately $780 million in the first half.