Dangote Petroleum Refinery and Petrochemicals FZE posted a net profit of $4.73 billion for the nine months through September. A year earlier, it had a loss of $117.2 million. The results come as Nigeria’s largest refinery tries to sell shares to investors across Africa.
Revenue rose 144% to $22.48 billion from $9.19 billion, the Lagos-based company said in unaudited results released Tuesday. Earnings before interest, tax, depreciation and amortization climbed to $5.52 billion from $627.6 million. That lifted the margin to 24.6% from 6.8%.
The third quarter did most of the work. The company reported a net profit of $1.82 billion for the first half. That implies about $2.91 billion for July through September, on revenue of about $8.57 billion, according to calculations based on the company’s half-year and nine-month figures.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities,” Chief Executive Officer David Bird said in the statement. He cited higher throughput, steadier operations and better refining margins. The company didn’t disclose how much crude it processed in the period. The refinery at Ibeju-Lekki, east of Lagos, has capacity to process 700,000 barrels a day.
The refinery’s cash position has reversed. It held $6.69 billion in cash at the end of September, compared with $809.5 million a year earlier. Net debt of $1.73 billion in September 2025 has become net cash of $650.8 million. Cash generated by operations rose to $3.68 billion from $364.7 million.
The figures were published on the day the initial public offering had been scheduled to close. Nigeria’s Securities and Exchange Commission approved moving the deadline to Oct. 27. The offer is for 4.1 billion shares at 525 naira (about $0.39) apiece, valuing the sale at about 2.15 trillion naira ($1.6 billion).
Subscriptions have already passed the original target, Aliko Dangote, president of parent Dangote Industries Ltd., said, according to the company. He said the extension aims to widen African ownership rather than to raise more capital
What to watch
The share sale closes Oct. 27. Audited full-year accounts will show whether the unaudited nine-month figures hold.