Renaissance Capital Boosts Dangote Refinery Valuation to N700

Renaissance Capital Africa (RCA) has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, reflecting a 33.4% increase from its initial public offering (IPO) price of N525 per share. This revised valuation is attributed to stronger refining margins and better-than-expected financial and operational performance during the first nine months of 2026.

For the period ending September 30, 2026, the refinery reported revenue of $22.5 billion and a net profit of $4.7 billion, a significant recovery from a $117.2 million loss in the same period of 2025. Revenue surged by 144% from $9.2 billion the previous year, while EBITDA increased nearly nine-fold to $5.5 billion.

The refinery's operating cash flow rose more than ten-fold to $3.68 billion, indicating improved cash generation capabilities. The company's financial position improved from a net debt of $1.73 billion in September 2025 to a net cash position of $651 million by September 2026, enhancing its liquidity and financial resilience.