Dangote Refinery’s 9-month profit hits $4.73 billion as revenue surges 144.47%

Dangote Petroleum Refinery and Petrochemicals FZE has released its financial results for the nine months ended September 30, 2026, reporting a net profit of $4.73 billion, compared with a net loss of $117.2 million recorded in the corresponding period of 2025.

Revenue increased by 144.47% year-on-year to $22.48 billion, supported by higher refining throughput and improved operational performance.

The unaudited results, released on October 13, 2026, also showed a significant improvement in operating profitability, with EBITDA rising to $5.52 billion from $627.6 million in the corresponding period of 2025.

The company further strengthened its financial position, moving from net debt of $1.73 billion to a net cash position of $650.8 million.

Key Highlights

• Revenue: $22.48 billion (Up 144.47% YoY from $9.19 billion).
• EBITDA: $5.52 billion (Up 779.69% YoY from $627.6 million).
• EBITDA margin: 24.56% (Up from 6.83% in 9M 2025).
• Net income: $4.73 billion (Compared with a net loss of $117.2 million).
• Operating cash flow: $3.68 billion (Up from $364.7 million).
• Cash balance: $6.69 billion (Up from $809.5 million).
• Net debt/(cash): Net cash of $650.8 million (Compared with net debt of $1.73 billion).

Commenting on the performance, the company’s Managing Director and Chief Executive Officer, David Bird, said:

• “Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations. Revenue increased to US$22.5 billion from US$9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from US$627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.

He further stated:

• “These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy. With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders”

Driving the numbers

Dangote Refinery’s nine-month performance was driven by substantial revenue growth, stronger operating margins, and improved cash generation.

• Revenue increased by 144.47% to $22.48 billion, compared with $9.19 billion in the corresponding period of 2025.
• The company attributed this growth to increased refining activity and higher throughput, reflecting improvements in its operational performance.
• The improvement in revenue was accompanied by a significantly stronger EBITDA performance.
• EBITDA rose to $5.52 billion from $627.6 million, representing an increase of 779.69% year-on-year.

More importantly, the EBITDA margin expanded to 24.56% from 6.83%, an improvement of 17.73 percentage points.

This indicates that the company generated significantly higher operating earnings relative to revenue, supported by improved refining economics.

The improvement in operating performance also translated into positive bottom-line earnings, with net income reaching $4.73 billion, compared with a net loss of $117.2 million in the corresponding period of 2025.

Beyond earnings, the company’s cash generation and financial position improved considerably.

Operating cash flow increased to $3.68 billion from $364.7 million, reflecting stronger earnings and cash generation during the reporting period.

Similarly, cash balances rose to $6.69 billion from $809.5 million, indicating a stronger liquidity position.

Balance sheet

The company also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million at the end of September 2026.

This improvement indicates that cash balances exceeded the debt obligations included in the company’s reported net debt calculation, reflecting a stronger financial position.