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

Dangote Petroleum Refinery and Petrochemicals announced a significant 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, show a 144 percent increase in revenue from $9.2 billion in the first nine months of 2025. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged nearly ninefold to $5.5 billion, driven by higher refining throughput and improved operational reliability.

The refinery's cash balances rose to $6.69 billion from $809.5 million, and it transitioned from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026. The results also indicate accelerating performance in Q3 2026, with revenue increasing to approximately $8.57 billion and EBITDA rising to about $2.92 billion during the quarter.