Dangote Refinery Swings to $4.73 Billion Profit as Share Offer Extends to October 27

Dangote Petroleum Refinery swung to an unaudited net profit of $4.73 billion in the nine months to September 2026, reversing a $117.2 million loss in the same period of 2025, as the 700,000-barrel-per-day complex ramped throughput and the company extended its $1.6 billion initial public offering by two weeks.

Revenue rose 144% to $22.48 billion from $9.19 billion a year earlier, while earnings before interest, taxes, depreciation and amortisation jumped nearly ninefold to $5.52 billion from $627.6 million, the company said in results released on Tuesday and reported by Reuters. The Securities and Exchange Commission approved stretching the offer period from 13 October to 27 October to accommodate investor demand across Africa.

Where the third quarter did the work

The half-year figures show the pace accelerating. Revenue stood at $13.91 billion and net profit at $1.82 billion at end-June, implying roughly $8.57 billion of revenue and about $2.9 billion of profit in the third quarter alone. EBITDA rose from $2.60 billion at the half-year to $5.52 billion by September, implying close to $2.92 billion in the quarter.

Higher crude processing rates, stronger gross refining margins and improved operational reliability drove the swing, according to the company. The results are unaudited, a distinction that matters for investors weighing the offer document against the published numbers.

The balance sheet shifts to net cash

Operating cash flow rose to $3.68 billion from $364.7 million a year earlier, and the refinery ended September with cash holdings of $6.69 billion. More consequentially for its credit profile, the company moved from a net debt position of $1.73 billion to net cash of $650.8 million over twelve months.

A net cash position reduces financing risk at a complex that has absorbed tens of billions of dollars in construction capital since development began, and it strengthens the equity story as the IPO markets a profit-generating asset rather than a start-up project.

Why the IPO timing matters

The $1.6 billion raise, if fully subscribed, would rank among Africa's largest initial public offerings in recent years. The extension to 27 October gives retail and institutional investors across the continent more time to participate, a demand signal that officials will hope converts into a deep order book rather than a symbolic listing.

The results land amid a wider Dangote group fundraising calendar that includes a planned London secondary listing of Dangote Cement and a fertiliser stake earmarked for the Ethiopian Securities Exchange. For Nigeria, the refinery's profitability is also a macro story: higher domestic refining reduces petrol import demand and supports the country's refining trade balance.

What remains unproven

Three quarters of profits do not settle the questions investors will ask. Sustained margins depend on crude procurement costs, the naira exchange rate and global product spreads, all of which can move sharply. Audited full-year figures, the final IPO allotment and the refinery's export programme will be the next verifiable tests of whether the third-quarter run rate is durable.