{
  "id": 14364314,
  "title": "Nigeria’s Dangote oil refinery swings to net profit ahead of IPO",
  "url": "https://urgent.news/2026/10/14/nigerias-dangote-oil-refinery-swings-to-net-profit-ahead-of-ipo",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-14T01:22:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/nigerias-dangote-oil-refinery-swings-to-net-profit-ahead-of-ipo/"
  },
  "original_language": "en",
  "account": "Nigeria's Dangote Petroleum Refinery has turned a profit for the first nine months of 2026, marking a significant turnaround ahead of its planned $1.6 billion initial public offering, according to unaudited results released on Tuesday. Revenue surged over double to $22.48 billion from $9.19 billion, while core earnings increased to $5.52 billion from a loss of $117.2 million in the same period. Chief Executive Officer David Bird attributed the success to the refinery's transition from commissioning and ramp-up activities to sustainable commercial operations. Operating cash flow hit $3.68 billion, up from $364.7 million a year earlier, and the company's cash holdings ended September at $6.69 billion, boosting its net position from $1.73 billion in debt to $650.8 million in cash. The refinery, capable of processing 700,000 barrels per day, has transformed Nigeria's fuel market since commencing operations in 2024 and aims to double its capacity to 1.4 million barrels per day by 2029. It has become a key supplier of refined fuels to domestic and regional markets, reducing the nation's reliance on imported petroleum products.",
  "summary": "Nigeria's Dangote Petroleum Refinery, which is seeking to raise $1.6 billion in what would be Africa's biggest IPO, swung to a net profit in the first nine months of 2026 as revenue more than doubled, according to unaudited results released on Tuesday.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}