Dangote Refinery Posts $4.73 bn Net Profit in First Nine Months, IPO Extended to Oct 27

Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026, a sharp reversal from a $117.2 million loss a year earlier, as the firm prepares a $1.6 billion initial public offering (IPO) now scheduled for late October.\n\nKey figures show revenue climbing to $22.48 billion, up from $9.19 billion a year ago, while EBITDA rose to $5.52 billion from $627.6 million. Operating cash flow surged to $3.68 billion, compared with $364.7 million in the same period last year, and cash on hand at the end of September reached $6.69 billion. The company moved from a net debt of $1.73 billion a year earlier to net cash of $650.8 million.\n\n"Our third‑quarter performance demonstrates the successful transition from commissioning and ramp‑up activities to sustainable commercial operations," said Chief Executive Officer David Bird.\n\n### How did revenue change?\nRevenue more than doubled, driven by higher crude‑oil processing rates, improved plant operations and stronger refining margins – the gap between the value of refined products and the cost of crude. The refinery also benefited from heightened demand for jet fuel in Western Europe, a spill‑over effect of supply disruptions linked to the Iran conflict.\n\n### What does the profit mean for the upcoming IPO?\nThe financial results give investors an updated view as the IPO offers 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of ten shares (₦5,250). If fully subscribed, the offering could raise roughly ₦2.15 trillion ($1.6 billion). The refinery, built at a cost of about $20 billion near Lagos and operational since 2024, processes 700,000 barrels per day and aims to double capacity to 1.4 million barrels per day by 2029. While the latest numbers signal a strong turnaround, they do not guarantee future earnings for shareholders.\n\n*The IPO deadline, originally set for October 13, has been pushed to October 27, giving more investors time to participate.*