Dangote Petroleum Refinery and Petrochemicals FZE has released its financial results for the nine months ended September 30, 2026, reporting a net profit of $4.73 billion, compared with a net loss of $117.2 million recorded in the corresponding period of 2025.
Revenue increased by 144.47% year-on-year to $22.48 billion, supported by higher refining throughput and improved operational performance.
The unaudited results, released on October 13, 2026, also showed a significant improvement in operating profitability, with EBITDA rising to $5.52 billion from $627.6 million in the corresponding period of 2025.
The company further strengthened its financial position, moving from net debt of $1.73 billion to a net cash position of $650.8 million.
Commenting on the performance, the company’s Managing Director and Chief Executive Officer, David Bird, said:
He further stated:
Dangote Refinery’s nine-month performance was driven by substantial revenue growth, stronger operating margins, and improved cash generation.
Revenue increased by 144.47% to $22.48 billion, compared with $9.19 billion in the corresponding period of 2025.
The company attributed this growth to increased refining activity and higher throughput, reflecting improvements in its operational performance.
The improvement in revenue was accompanied by a significantly stronger EBITDA performance.
EBITDA rose to $5.52 billion from $627.6 million, representing an increase of 779.69% year-on-year.
More importantly, the EBITDA margin expanded to 24.56% from 6.83%, an improvement of 17.73 percentage points.
This indicates that the company generated significantly higher operating earnings relative to revenue, supported by improved refining economics.
The improvement in operating performance also translated into positive bottom-line earnings, with net income reaching $4.73 billion, compared with a net loss of $117.2 million in the corresponding period of 2025.
Beyond earnings, the company’s cash generation and financial position improved considerably.
Operating cash flow increased to $3.68 billion from $364.7 million, reflecting stronger earnings and cash generation during the reporting period.
Similarly, cash balances rose to $6.69 billion from $809.5 million, indicating a stronger liquidity position.
The company also moved from a net debt position of $1.73 billion in September 2025 to a net cash position of $650.8 million at the end of September 2026.
This improvement indicates that cash balances exceeded the debt obligations included in the company’s reported net debt calculation, reflecting a stronger financial position.
