Dangote Refinery posts $4.7bn revenue in 9 months as IPO deadline is prolonged

Dangote Petroleum Refinery and Petrochemicals has swung from a loss to a $4.73 billion internet revenue within the first 9 months of 2026, in line with unaudited outcomes launched in Lagos on Tuesday.

The firm reported a lack of $117.2 million within the corresponding interval of 2025. Revenue rose 144 per cent to $22.5 billion from $9.2 billion, whereas earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) climbed practically ninefold to $5.5 billion from $627.6 million.

EBITDA margin widened to 24.56 per cent from 6.83 per cent. Operating money circulation rose greater than tenfold to $3.68 billion from $364.7 million.

Cash balances reached $6.69 billion, up from $809.5 million, shifting the refinery from a internet debt place of $1.73 billion in September 2025 to internet money of $650.8 million. The internet money place means money holdings now exceed reported debt obligations, strengthening its flexibility for enlargement.

Quarterly figures present the tempo choosing up. Revenue moved from $13.91 billion at end-June to $22.48 billion by September, implying about $8.57 billion within the third quarter. EBITDA rose from $2.60 billion to $5.52 billion, implying roughly $2.92 billion within the quarter, whereas internet revenue grew from $1.82 billion to $4.73 billion.

Managing Director and Chief Executive Officer, David Bird, credited larger throughput, operational stability and improved refining margins.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird stated.

He stated the outcomes validated the energy of the refinery’s built-in enterprise mannequin.

“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he added. “With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio.”

Bird stated the corporate would proceed to strengthen its distribution community throughout Africa and assist power safety on the continent.

The outcomes come because the 700,000 barrels-per-day refinery runs its Initial Public Offering (IPO). The Securities and Exchange Commission has permitted extending the deadline from October 13 to October 27, 2026, to accommodate investor curiosity throughout Africa and wider cross-border participation.

The provide contains 4.1 billion bizarre shares at N525 every, valued at about N2.15 trillion.

President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has stated subscriptions had exceeded the unique fundraising goal, stressing that the purpose was to widen African possession relatively than increase extra capital.