Oil
Dangote refinery reports $4.73 billion profit for first nine months
Dangote Petroleum Refinery and Petrochemicals FZE recorded a net profit of $4.73 billion for the nine months ended September 30, 2026.
Key points
- Net profit reached $4.73 billion, reversing a net loss from the previous year.
- Revenue climbed to $22.48 billion due to increased refining activity and higher throughput.
- EBITDA grew to $5.52 billion with an expanded margin of 24.56%.
- The firm shifted from a net debt status to a net cash position of $650.8 million.
Financial turnaround
According to Nairametrics, Dangote Petroleum Refinery and Petrochemicals FZE published its unaudited financial statements for the nine-month period ending September 30, 2026. The facility posted a net income of $4.73 billion, recovering from a net loss of $117.2 million during the same timeframe in 2025.
Total revenue expanded by 144.47% year-on-year to reach $22.48 billion, compared with $9.19 billion previously. Managing Director and Chief Executive Officer David Bird stated that the results stemmed from higher refining volume, elevated operating margins, and enhanced cash inflows, as reported by Nairametrics.
Earnings and liquidity
Operating profitability showed substantial gains. Earnings before interest, taxes, depreciation, and amortization rose to $5.52 billion, up from $627.6 million in the prior year period. The EBITDA margin widened to 24.56% from 6.83%.
Cash generation metrics also strengthened considerably. Operating cash flow advanced to $3.68 billion, while cash reserves reached $6.69 billion. Consequently, the enterprise transitioned from a net debt burden of $1.73 billion recorded in September 2025 to a net cash standing of $650.8 million by the close of September 2026.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
