Dangote Refinery Achieves $4.73 Billion Profit in 2026

Dangote Petroleum Refinery and Petrochemicals reported a net profit of $4.73 billion for the first nine months of 2026, a significant turnaround from a loss of $117.2 million in the same period the previous year. Revenue increased by 144.5 percent to $22.48 billion, up from $9.19 billion, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to $5.52 billion from $627.6 million.

The refinery's initial public offering (IPO) remains open until October 27, with shares priced at N525 each. The third quarter contributed approximately 61.5 percent of the nine-month net profit, raising questions about the sustainability of these earnings.

CEO David Bird attributed the performance to higher throughput, improved operational reliability, and stronger gross refining margins, with disruptions from the US-Iran conflict also influencing international petroleum prices. The refinery's net profit margin for the nine months was about 21.0 percent, compared to a loss margin of approximately 1.3 percent in the corresponding period of 2025.