Dangote Refinery Records $4.7 Billion Net Income in First Nine Months of 2026

Dangote Refinery has reported a net income of $4.7 billion for the first nine months of 2026, reversing a net loss of $117.2 million recorded during the corresponding period of 2025. The company also reported higher revenue, operating cash flow and earnings before interest, taxes, depreciation and amortisation (EBITDA).

In a statement announcing its nine-month financial results, the refinery said EBITDA rose to $2.1 billion from $627.6 million in the same period last year. Its EBITDA margin also increased to 24.56 per cent from 6.83 per cent, which the company attributed to improved refining economics.

Revenue climbed to $22.5 billion in the first nine months of 2026, compared with $9.2 billion in the corresponding period of 2025. According to the refinery, the increase reflected improved refining activity and higher throughput, indicating an expansion in its commercial operations during the period.

The company also reported a substantial increase in operating cash flow, which rose to $3.7 billion from $364.7 million a year earlier. Cash balances increased to $6.7 billion from $809.5 million, while the refinery said it had moved from a net debt position of $1.7 billion in September 2025 to a net cash position of $650.8 million in September 2026.

Commenting on the results, Dangote Refinery Chief Executive Officer David Bird said the third-quarter performance demonstrated the company’s transition from commissioning and ramp-up activities to sustainable commercial operations. He said the results reflected the strength of its integrated business model and provided a solid foundation for its next phase of growth.

Bird also linked the company’s performance to its planned initial public offering (IPO) and Vision 2030 growth strategy. He said the refinery’s expansion programme was already underway, with plans to increase refining capacity and broaden its range of products.

The chief executive added that the company would continue strengthening its distribution network across Africa while supporting energy security on the continent. He said these efforts were intended to create long-term value for stakeholders as the refinery advances its growth plans.

The reported results highlight significant year-on-year improvements across the refinery’s financial indicators. However, the figures and explanations presented in the announcement are the company’s reported results and reflect the nine-month period ending in September 2026.