Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026, a dramatic reversal from the $117.2 million loss recorded in the same period last year, according to unaudited financial results released on October 13. Revenue more than doubled over the period as the company moves toward an initial public offering (IPO) that could become the largest in Africa's history — a scale of listing that would stand as a milestone for African capital markets.

Extended offer window

The earnings update, published while the share sale is underway, provides investors with an updated picture of the refinery's performance as it offers shares to the public. The update includes performance for the third quarter, which ran from July through September. The IPO was originally scheduled to close on October 13 but has been extended to October 27, giving additional investors time to subscribe. Ugandan regulators have also approved the offer for local investors, broadening participation beyond Nigeria.

The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion, or $1.6 billion.

Higher throughput and jet fuel demand

Revenue rose to $22.48 billion from $9.19 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.52 billion from $627.6 million. Operating cash flow climbed to $3.68 billion from $364.7 million. The company ended September with $6.69 billion in cash holdings, having moved from a net debt position of $1.73 billion a year earlier to net cash of $650.8 million.

The growth reflects higher crude processing rates, improved operations and stronger refining margins — the difference between the value of refined products and the cost of crude oil. The refinery has also benefited from increased demand for its products amid supply disruptions linked to the Iran, which have helped it expand jet fuel sales to Western Europe.

"Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations," Chief Executive Officer David Bird said.

Africa's largest refinery

Built at a cost of about $20 billion near Lagos, the facility began operations in 2024 and has become a major supplier of refined petroleum products to Nigeria and regional markets. That role carries particular weight in Nigeria, which has long depended on imported refined products because of limited domestic refining capacity despite its position as one of Africa's leading crude producers. Founded by Nigerian billionaire Aliko Dangote, it is widely described as the world's largest single-train petroleum refinery, meaning its processing units operate as one integrated production line. The plant currently has a processing capacity of 700,000 barrels per day and plans to double that to 1.4 million barrels per day by 2029.

The unaudited figures cover the nine months ended September 30. While the latest results show a significant improvement in profitability, they do not guarantee future earnings or returns for investors buying shares in the IPO. Attention now turns to the final subscription tally when the offer closes on October 27, and to progress toward the company's longer-term output plans through 2029.

The financial results were reported by TechNext24 and Reuters.