Dangote Refinery Reports $4.73bn Profit on $22.48bn Revenue in Nine Months

Dangote Refinery has reported a net profit of $4.73 billion and revenue of $22.48 billion for the first nine months of 2026, marking a sharp turnaround from the loss recorded during the same period last year.

The unaudited results, covering January to September 2026, show that revenue rose by 144 per cent compared with the corresponding period in 2025.

The refinery recorded a net loss of $117.2 million in the first nine months of 2025, making the latest figures a significant shift in its reported financial performance.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed to $5.52 billion during the nine-month period.

The company’s reported performance reflects higher refining activity, improved operational reliability and stronger refining margins, according to the information accompanying the results.

The figures come as Dangote Refinery pursues a major share offering aimed at broadening ownership of the facility among investors. The proposed offering could widen participation in the business, although details of its progress were not provided in the reported results.

The refinery’s financial performance is likely to draw further attention to Nigeria’s domestic refining capacity and the role of large-scale local production in the country’s energy market.

However, the results remain unaudited and cover the first nine months of the year, rather than the third quarter alone. The figures should therefore be distinguished from audited full-year results or standalone quarterly performance.

The latest report adds to the scrutiny of Dangote Refinery’s operations as Nigeria continues to assess the role of domestic refining in meeting fuel demand and shaping the wider petroleum market.

OtownGist will continue to track developments in Dangote Refinery’s financial performance and Nigeria’s energy sector.