Dangote Petroleum Refinery and Petrochemicals has reported a net profit of ₦6.30 trillion for the nine months ended September 30, 2026, marking a dramatic financial turnaround from the ₦156 billion loss recorded during the corresponding period in 2025.
The refinery disclosed the figures in its unaudited financial results released on October 13, 2026, showing significant growth in revenue, operating earnings and cash generation as the facility expands its commercial operations.
Revenue surged to ₦29.94 trillion during the nine-month period, compared with ₦12.24 trillion recorded a year earlier, reflecting a substantial increase in business activity.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) also climbed to ₦7.35 trillion from ₦836 billion in the corresponding period of 2025.
Operating cash flow rose to ₦4.90 trillion, while cash holdings stood at ₦8.91 trillion, underscoring the company’s improved liquidity position.
The refinery also moved into a net cash position of approximately ₦867 billion, reversing its previous net debt position of ₦2.30 trillion.
The latest figures highlight a major shift in the financial performance of the 700,000-barrel-per-day facility as it transitions from its commissioning and production ramp-up phase to sustained commercial operations.
Chief Executive Officer David Bird attributed the performance to improved operational efficiency, higher refining throughput, increased reliability and stronger refining margins.
According to Bird, the transition into full commercial operations has strengthened the refinery’s ability to generate revenue and improve its overall financial position.
The facility also benefited from elevated global petroleum product margins amid supply disruptions associated with the Iran conflict, which supported stronger refining returns.
These market conditions reportedly created opportunities for increased exports, including jet fuel shipments to Western Europe.
The refinery’s growing export activity reflects its expanding participation in international petroleum product markets, alongside its role in supplying refined products to the domestic market.
The increase in revenue from ₦12.24 trillion to ₦29.94 trillion represents a substantial expansion in the company’s business over the nine-month period. Similarly, the movement from a ₦156 billion loss to a ₦6.30 trillion profit signals a significant improvement in its reported financial results.
The shift from net debt to a net cash position further indicates a stronger balance-sheet position, potentially providing the company with greater financial flexibility to support its operations and future business requirements.
However, the reported results remain unaudited, meaning the figures have not yet undergone the full independent audit process.
The latest performance places the refinery’s operational progress and financial sustainability in focus as Nigeria continues to pursue greater domestic refining capacity and reduced dependence on imported petroleum products.
With revenue, profitability and cash generation all recording substantial increases, the refinery’s results mark a significant development in its commercial operations. Its performance in the coming quarters will provide further insight into whether the strong earnings momentum can be sustained amid changing global oil markets and refining margins.
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