Dangote Petroleum Refinery has reported net income of $4.725 billion for the nine months ended 30 September 2026, reversing the losses of its first two years of operation, according to a financial statement released on Tuesday.
According to the report, Revenue more than doubled year on year to $22.5 billion, the company said, as the plant processed up to 700,000 barrels of crude oil a day. It also reported $650.8 million in cash, compared with $1.7 billion in debt a year earlier.
The refinery lost about $1.51 billion in 2024 and $475.8 million in 2025, nearly $2 billion across its first two years, according to figures in its initial public offering (IPO) prospectus.
The same document showed a first-half 2026 profit after tax of $1.82 billion on revenue of $13.91 billion, with an EBITDA margin of 18.7 percent.
By simple subtraction, the nine-month figures imply a third-quarter profit of about $2.9 billion on revenue of roughly $8.6 billion.
The refinery said on that it had reached its full design capacity of 650,000 barrels per day, with its crude distillation and petrol production units running at 100 percent of nameplate capacity.
Managing Director David Bird said at the time that the plant had enough design margin to reach 700,000 barrels per day once consistent performance was demonstrated to insurers.
Mr Bird also said the refinery could supply up to 75 million litres of petrol a day to the domestic market, up from 45 million to 50 million litres during the festive period.
The turnaround came as conflicts involving the United States and Iran, and Russia and Ukraine, damaged refining capacity and disrupted exports, creating global shortages of petrol and diesel.
Reports also note that securing enough crude feedstock remains a challenge for the plant.
The share sale, launched on 14 September, covers 4.1 billion shares and aims to raise about $2.1 billion to fund expansion. It was due to close on 13 October but has been extended to 27 October to give investors across the continent more time to take part.
The company said on Monday that demand was three to four times the number of shares on offer. Nearly 20 percent of the offering is allocated to East African investors, an allocation worth up to $300.4 million if fully subscribed. The approved offer price is N525 per share.
The refinery plans to spend about $14.3 billion to double its capacity to 1.4 million barrels per day by the end of the decade,
Administrator and Writer
