Key facts
- Dangote refinery posted a $4.73 billion net profit in the first nine months of 2026.
- Revenue more than doubled to $22.48 billion from $9.19 billion.
- EBITDA jumped to $5.52 billion from $627.6 million.
- The refinery generated $3.68 billion in operating cash flow through September.
- Dangote is seeking to raise $1.6 billion in an IPO valuing the refinery at $47 billion.
- The IPO subscription period was extended to October 27.
Nigeria's Dangote refinery has achieved a net profit of $4.73 billion in the first nine months of 2026, a dramatic reversal from a $117.2 million loss during the same period last year. This turnaround was fueled by a more than doubling of revenue to $22.48 billion and a significant increase in EBITDA to $5.52 billion, driven by higher refining margins and increased exports amid global supply disruptions. The refinery's strong financial performance, including $3.68 billion in operating cash flow, has coincided with its pursuit of $1.6 billion in an initial public offering, which would be the largest in Africa. The offering values the refinery at approximately $47 billion. Investor demand has been so high that the subscription period, initially set to close on October 13, has been extended through October 27. Disruptions in Middle Eastern refining and fuel exports, particularly impacting diesel and jet fuel, allowed Dangote to capture higher margins and increase its exports, including to Western Europe. The refinery's operations have also reduced West Africa's reliance on imported fuel. The company plans to use proceeds from the IPO for expansion, aiming to double its refining capacity to 1.4 million barrels per day by 2029.