Dangote Refinery Posts US$4.7B Profit

Nigeria's Dangote refinery made a US$4.7 billion net profit in the nine months to September, against a loss a year earlier, as its IPO runs to 27 October.

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Nigeria now imports far less petrol and diesel as the Dangote refinery has raised output.

Photo: Anasskoko / Wikimedia Commons (CC BY-SA 4.0) NIGERIA · ENERGY · MARKETS Nigeria’s Dangote refinery made a net profit of US$4.73 billion in the first nine months of 2026, reversing a loss from a year earlier.

The unaudited figures, released on Tuesday, land in the middle of a share sale aimed at investors across Africa.

Dangote Petroleum Refinery and Petrochemicals, the Lagos plant built by Nigerian industrialist Aliko Dangote, reported a net profit of US$4.73 billion for January to September 2026.

In the same nine months of 2025 it lost US$117.2 million, according to unaudited results released on Tuesday, 13 October.

For US readers, the numbers matter because the refinery has changed fuel trade around the Atlantic, shipping petrol and diesel to Europe and across Africa.

The results also set the tone for a share sale worth about US$1.6 billion that now runs until 27 October.

Revenue rose 144% to US$22.48 billion from US$9.2 billion, ThisDay reported from the results.

EBITDA, a measure of operating profit before interest, tax, depreciation and amortisation, climbed to US$5.52 billion from US$627.6 million.

The EBITDA margin widened to 24.56% from 6.83%, and operating cash flow rose to US$3.68 billion from US$364.7 million.

Premium Times, BusinessDay and Nairametrics, three Nigerian outlets, reported the same profit and revenue figures.

Net profit rose from US$1.82 billion at the end of June to US$4.73 billion by the end of September, which implies about US$2.9 billion in the three months to September.

Cash holdings rose to US$6.69 billion from US$809.5 million a year earlier.

The company moved from net debt of US$1.73 billion in September 2025 to net cash of US$650.8 million, meaning its cash now exceeds its borrowings.

Chief executive David Bird credited 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,” he said.

Bird said the results give “a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy.” That strategy aims to raise refining capacity, widen the product range and expand distribution across Africa.

The plant began operations in January 2024 and completed maintenance and an expansion in February 2026.