Dangote Refinery Posts $22.5bn Revenue and $4.7bn Profit

Dangote Petroleum Refinery and Petrochemicals achieved a remarkable financial turnaround, reporting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ending September 30, 2026. This performance contrasts sharply with a loss of $117.2 million during the same period in 2025.

The unaudited financial results, released in Lagos, indicate a 144 percent increase in revenue from $9.2 billion in the first nine months of 2025. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged nearly ninefold to $5.5 billion, driven by higher refining throughput and improved operational reliability.

The refinery's cash flow increased over tenfold to $3.68 billion, and its cash balances rose to $6.69 billion, transitioning from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026. Managing Director and Chief Executive Officer David Bird attributed these strong results to enhanced operational performance.