Q3: Dangote Refinery Posts $22.5bn Revenue, Records $4.7bn Profit
Revenue more than doubled to $22.5 billion as the refinery sought $2.1 billion for an expansion and demand for shares exceeded supply three to four times.
- On Tuesday, Nigeria's Dangote Petroleum Refinery, owned by Africa's richest man Aliko Dangote, reported a $4.725 billion profit for the first nine months of 2026 while extending its $1.6 billion IPO deadline to October 27.
- Revenue surged to $22.5 billion, more than doubling as the refinery processed 700,000 barrels of crude oil per day, driving the swing from a loss to profitability.
- Managing Director and Chief Executive Officer David Bird stated the third-quarter performance demonstrates a successful transition to sustainable operations, with the facility generating $3.68 billion in operating cash flow and holding $6.69 billion in cash.
- Investor demand exceeded the amount on offer by three to four times, prompting Dangote to allocate nearly 20% of the offering to East African investors amid strong continental interest.
- The $20 billion facility, which has reshaped Nigeria's fuel market since 2024, plans to double refining capacity to 1.4 million barrels per day by 2030 through a proposed $14.3 billion expansion.
23 Articles
23 Articles
Nigeria: Dangote Refinery's Q3 Revenue Hits $22.5bn, Records $4.7bn Profit
Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025.
Q3: Dangote Refinery Posts $22.5bn Revenue, Records $4.7bn Profit
Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025.
Dangote Petroleum Refinery logs $4.7 billion profit in nine months on higher refining throughput
The corporation attributed the turnaround in earnings and improvement in other key performance metrics to higher refining throughput, improved operational reliability and more robust refining margins.
Dangote Swings to $4.7 Billion Profit Ahead of Africa’s Biggest IPO
Nigeria’s Dangote refinery has gone from losing money to posting a $4.73 billion profit in less than a year, just as it asks investors for $1.6 billion in what would be Africa’s largest IPO. Dangote Petroleum Refinery reported net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss during the same period last year. Revenue more than doubled to $22.48 billion from $9.19 billion. EBITDA jumped to $5.52 billio…
Dangote Refinery makes a stunning turnaround with $4.7 billion profit after last year’s loss as output hits full capacity
Dangote Petroleum Refinery has returned to profitability, reporting $4.725 billion in net income for the nine months ended September 30, as Africa’s largest oil-processing facility reached full capacity and its record-breaking initial public offering (IPO) attracted strong investor demand.
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