Dangote Petroleum Reports $4.7 Billion Profit and Extends IPO

Dangote Petroleum Refinery and Petrochemicals reported a net profit of $4.7 billion for the first nine months of 2026, reversing a $117.2 million loss from the same period in 2025. Revenue increased 144 percent to $22.5 billion, fueled by higher refining throughput, improved operational reliability, and stronger refining margins. The third quarter alone contributed approximately $2.9 billion to the net profit.

This financial turnaround shifted the company from a net debt position of $1.7 billion in September 2025 to a net cash position of $650.8 million by September 2026. CEO David Bird attributed the growth to the transition from commissioning activities to sustainable commercial operations.

The company is currently conducting an initial public offering of 4.1 billion ordinary shares at N525 per share, valued at approximately N2.15 trillion. The funds are intended to expand refining capacity to 1.4 million barrels per day by 2030. Following strong investor interest, the Securities and Exchange Commission approved an extension of the IPO closing date from October 13 to October 27, 2026.