Finance, Oil & Gas

$4.73bn in nine months: Dangote’s refinery reports ahead of its extended IPO

15th October, 2026

Dangote Petroleum Refinery reported a net profit of $4.73bn on revenue of $22.48bn for the nine months to September, against a loss a year earlier. Nigeria’s Securities and Exchange Commission has approved extending its share offer, which seeks about $1.6bn, to 27 October.

Revenue at the Dangote Petroleum Refinery reached $22.48bn in the nine months to September 2026, up from $9.19bn a year earlier. Over the same period the refinery turned a $117.2m loss into a net profit of $4.73bn, according to unaudited results published on 13 October, with the Dangote refinery IPO still open.

EBITDA rose to $5.52bn from $627.6m, and operating cash flow to $3.68bn from $364.7m. That left the refinery with $6.69bn in cash at the end of September and net cash of $650.8m, against net debt of $1.73bn a year earlier.

The first half alone produced $1.82bn of net profit on $13.91bn of revenue, according to the IPO prospectus. Over that period the gross refining margin rose to $24.50 a barrel from $13.70 in 2025, and the 700,000-barrel-a-day plant reached full crude distillation unit utilisation in the second quarter.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities,” said David Bird, the refinery’s Managing Director and Chief Executive.

The offer of 4.1 billion new shares at ₦525 each, about 3.3% of the enlarged share capital, opened on 14 September and was due to close on 13 October. The Securities and Exchange Commission approved an extension to accommodate investor interest across Africa and wider cross-border participation, and the offer now closes on 27 October. It forms part of the funding for a $14.3bn programme to raise capacity from 700,000 to 1.4 million barrels a day by 2029.

Aliko Dangote, President and Chief Executive of Dangote Industries, said subscriptions had already passed the original target. He said the aim of the extension was to widen African ownership of the refinery rather than raise more money.

Images: Serraro

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