LAGOS, Nigeria – Dangote Petroleum Refinery and Petrochemicals has posted a US$4.73 billion (Sh612.2 billion) net profit for the nine months to September 2026, reversing a US$117.2 million loss recorded a year earlier as its US$1.6 billion initial public offering (IPO) expands into more African markets.
Revenue more than doubled to US$22.48 billion from US$9.19 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) surged nearly ninefold to US$5.52 billion from US$627.6 million.
The refinery’s operating cash flow climbed to US$3.68 billion from US$364.7 million, while cash holdings reached US$6.69 billion.
The company also moved to a net cash position of US$650.8 million, reversing net debt of US$1.73 billion reported a year earlier.
Third Quarter Delivers Strong Profit Growth
The nine-month results point to a sharp acceleration in performance during the third quarter of 2026.
Dangote reported revenue of US$13.91 billion and net profit of US$1.82 billion in the first half of the year. The figures indicate that the third quarter contributed approximately US$8.57 billion in revenue and US$2.91 billion in net profit.
According to the company’s prospectus, earlier gains were driven by higher refinery throughput, stronger sales volumes and improved realised prices.
Operations reached stable full-capacity production in March, while performance testing hit 700,000 barrels per day in June.
Sh2.15 Trillion IPO Expands Into More African Markets
The financial performance comes as Dangote Refinery pursues an IPO targeting ₦2.15 trillion, equivalent to approximately US$1.6 billion.
The offer involves 4.1 billion new shares priced at ₦525 each.
Nigeria’s Securities and Exchange Commission approved a two-week extension of the offer to October 27, 2026. The company cited strong investor interest and the need for more time to expand distribution channels across Africa and complete cross-border regulatory processes.
The IPO is opening participation routes in several African markets, including Ethiopia, Kenya, Uganda and Rwanda, subject to each country’s regulatory requirements.
Ethiopia Sets Limits For Eligible Investors
Ethiopia has become the latest market to establish a framework for participation.
The Ethiopian Capital Market Authority said the offer is restricted to qualified investors, with participation capped at 100 investors under the applicable exemption unless the regulator approves a higher number.
Eligible investors must have their status verified before participating.
Ethiopian rules define high-net-worth individuals using a minimum net-worth threshold of ETB10 million, excluding a primary residence and vehicle.
Kenya, Uganda Open Regulated Access
Kenya and Uganda have also established regulated routes for investors seeking exposure to the offer.
Kenya’s Capital Markets Authority approved a global depositary receipt (GDR) structure intended for listing on the Nairobi Securities Exchange.
In Uganda, authorities approved promotion and distribution of the IPO through licensed intermediaries, initially authorising SBG Securities Uganda.
Rwanda is also working on a participation framework, with its regulator indicating that arrangements are being finalised.
Investors in Rwanda can register interest through United Capital Financial Services Rwanda, although registration does not constitute a formal share subscription.
IPO Proceeds To Fund Capacity Expansion
Dangote plans to channel proceeds from the IPO towards a US$14.3 billion expansion programme that would double refining capacity from 700,000 barrels per day to approximately 1.4 million barrels per day.
The expansion is expected to increase the refinery’s production capacity as the company pursues a wider distribution footprint across African markets.
