Dangote Refinery posts $22.5bn revenue, records $4.7bn profit as cash reserves hit $6.7bn

Dangote Petroleum Refinery and Petrochemicals FZE announced its financial results for the nine months ending September 30, 2026. The company reported a remarkable net profit of $4.73 billion, marking a significant turnaround from a net loss of $117.2 million in the same period last year. Revenue saw a substantial increase of 144.47% year-on-year, reaching $22.48 billion.

This growth was driven by higher refining throughput and better operational performance. The unaudited results, released on October 13, 2026, also highlighted a significant improvement in operating profitability, with EBITDA reaching $5.52 billion, an impressive increase from $627.6 million in the comparable period of 2025. This represents a 779.69% year-on-year rise.

The company's CEO, David Bird, attributed this success to the company's strong revenue growth, enhanced operating margins, and improved cash generation. Revenue surged to $22.48 billion, up from $9.19 billion, driven by increased refining activity and higher throughput. The EBITDA margin expanded to 24.56% from 6.83%, a 17.73 percentage point improvement, indicating higher operating earnings relative to revenue.

This, in turn, led to a net income of $4.73 billion, a sharp contrast to the $117.2 million net loss in the previous year. Besides earnings, the company's cash generation and financial position improved significantly. Operating cash flow increased to $3.68 billion, from just $364.7 million, reflecting stronger earnings and cash generation.

Cash balances also rose to $6.69 billion from $809.5 million, indicating a stronger liquidity position. The company's net debt moved from $1.73 billion to a net cash position of $650.8 million, showing that cash balances exceeded debt obligations, thus reflecting a stronger financial position.