Dangote Petroleum Refinery Logs $4.7 Billion Profit in Nine Months on Higher Refining Throughput
Revenue more than doubled to $22.5 billion as the refinery sought $2.1 billion for an expansion and demand for shares exceeded supply three to four times.
- On Tuesday, Nigeria's Dangote Petroleum Refinery, owned by Africa's richest man Aliko Dangote, reported a $4.725 billion profit for the first nine months of 2026 while extending its $1.6 billion IPO deadline to October 27.
- Revenue surged to $22.5 billion, more than doubling as the refinery processed 700,000 barrels of crude oil per day, driving the swing from a loss to profitability.
- Managing Director and Chief Executive Officer David Bird stated the third-quarter performance demonstrates a successful transition to sustainable operations, with the facility generating $3.68 billion in operating cash flow and holding $6.69 billion in cash.
- Investor demand exceeded the amount on offer by three to four times, prompting Dangote to allocate nearly 20% of the offering to East African investors amid strong continental interest.
- The $20 billion facility, which has reshaped Nigeria's fuel market since 2024, plans to double refining capacity to 1.4 million barrels per day by 2030 through a proposed $14.3 billion expansion.
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Dangote Petroleum Refinery logs $4.7 billion profit in nine months on higher refining throughput
The corporation attributed the turnaround in earnings and improvement in other key performance metrics to higher refining throughput, improved operational reliability and more robust refining margins.
Dangote Refinery makes a stunning turnaround with $4.7 billion profit after last year’s loss as output hits full capacity
Dangote Petroleum Refinery has returned to profitability, reporting $4.725 billion in net income for the nine months ended September 30, as Africa’s largest oil-processing facility reached full capacity and its record-breaking initial public offering (IPO) attracted strong investor demand.
Dangote Refinery Posts $22.5bn Revenue
The Genius Media NG JUST IN: Dangote Refinery Posts $22.5bn Revenue, records $4.7bn Profit as Cash reserves hit $6.7bn JUST IN: Dangote Refinery Posts $22.5bn Revenue, records $4.7bn Profit as Cash reserves hit $6.7bn Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, comp…
Dangote Refinery Posts $4.7bn Net Profit, $22.5bn Revenue In 9 Months
Dangote Petroleum Refinery and Petrochemicals has recorded $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025. The unaudited financial results, released on Tuesday, revealed that revenue surged by 144 per cent from […]
Dangote Refinery Posts $22.5bn Revenue, $4.7bn Net Profit in Nine Months
By Aduragbemi Omiyale Dangote Petroleum Refinery and Petrochemicals extended its remarkable financial performance to the third quarter of 2026, recording $22.5 billion in revenue for the nine months ended September 30, 2026, compared with the $9.2 billion recorded in the same period of last year. In its unaudited financial statements released on Tuesday, the Lagos-based […]
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