Botswana set as Southern African hub in Dangote Refinery IPO

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.