Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.73bn in the nine months ended September 2026, reversing a loss of $117.2m reported during the same period in 2025.

The refinery’s revenue rose to $22.5bn from $9.2bn a year earlier, representing an increase of about 144 per cent.

Its earnings before interest, taxes, depreciation and amortisation also increased to $5.52bn from $627.6m, while operating cash flow climbed to $3.68bn from $364.7m.

The company’s cash balance rose to $6.69bn, compared with $809.5m in the corresponding period last year. It also moved from a net debt position of $1.73bn to a net cash position of $650.8m.

Managing Director of the refinery, David Bird, attributed the improved performance to higher processing volumes, reliable operations and favourable refining margins.

The financial results come as the refinery advances plans for its initial public offering on the Nigerian Exchange.

The offer involves 4.1 billion shares priced at N525 each, with a total value of approximately N2.15tn. The closing date was extended from October 13 to October 27, 2026.

Aliko Dangote, president of the Dangote Group, said investor subscriptions had exceeded the initial target.

The refinery, located in the Lekki Free Zone in Lagos, has a nameplate capacity of 700,000 barrels per day and is expected to play a major role in supplying refined petroleum products to Nigeria and other markets.