Omanghana
Dangote Petroleum Refinery and Petrochemicals has reported a net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss recorded during the corresponding period last year.
The unaudited results, released on Tuesday, October 13, showed revenue rising by approximately 144 per cent to $22.48 billion, supported by increased crude processing, improved operational performance and stronger refining margins.
Earnings before interest, taxes, depreciation and amortization climbed to $5.52 billion from $627.6 million. Operating cash flow also strengthened, reaching $3.68 billion compared with $364.7 million a year earlier.
The refinery ended September with cash holdings of $6.69 billion, up from $809.5 million. Its financial position shifted from net debt of $1.73 billion to net cash of $650.8 million, meaning its cash exceeded outstanding debt.
The turnaround reflects the Lagos-based complex’s progression from commissioning and production ramp-up to more stable commercial operations. Higher processing volumes and improved reliability enabled the company to generate stronger returns from its refining activities.
Demand for its products also benefited from international supply disruptions linked to conflict in the Middle East. The changing market conditions created additional export opportunities, including sales of jet fuel to Western Europe.
The earnings announcement comes during the refinery’s initial public offering, which aims to raise approximately $1.6 billion, potentially increasing to $2.1 billion if an over-allotment option is exercised.
Nigeria’s Securities and Exchange Commission approved an extension of the subscription period to October 27 from October 13. The company said the additional time would broaden participation across Africa and allow investors to complete account-opening, identity verification and other requirements.
The offering places the refinery’s valuation at approximately $47 billion. Proceeds are expected to help finance a planned $14.3 billion expansion designed to increase processing capacity to 1.4 million barrels per day by 2029.
The expansion would further strengthen the refinery’s role in supplying Nigeria and regional markets while supporting the country’s ambition to reduce dependence on imported petroleum products.
Source: Omanghana
