Dangote Refinery posts N6.29trn nine months profit on full-capacity run
… revenue more than doubles to N29.96trn Africa’s industrial landscape is shifting dramatically as the Dangote Petroleum Refinery and Petrochemicals
Dangote Refinery reported a remarkable $4.73 billion profit over the past nine months, marking a significant turnaround from a $117.2 million loss in the same period last year. Revenue skyrocketed by an impressive 144.47% year-on-year to $22.48 billion, propelled by increased refining output and enhanced operational efficiency. This surge in earnings, coupled with an expanded EBITDA margin of 24.56%, underscores the company's improved financial health and refining economics.
The Managing Director and CEO, David Bird, attributed the success to robust revenue growth, stronger operating margins, and enhanced cash generation capabilities. Moreover, the company bolstered its cash reserves, with operating cash flow reaching $3.68 billion and cash balances climbing to $6.69 billion, reflecting a stronger liquidity position.
This financial resurgence is evident from the company's transformation from a net debt of $1.73 billion to a net cash position of $650.8 million, highlighting a more resilient financial standing.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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