Dangote Petroleum Refinery and Petrochemicals has reported a net income of N6.29 trillion for the nine months ended September 30, with revenue surging to N29.96 trillion as the facility reached its full 700,000-barrel-per-day processing capacity. The earnings disclosure marks a significant milestone as the refinery transitions from construction to large-scale commercial operations.
Revenue Doubles as Refinery Hits Full Capacity
Revenue for the period more than doubled compared to the previous level, driven by higher processing volumes and favourable global refining margins, according to Bloomberg reports. The refinery, owned by Africa's richest man Aliko Dangote, ended the period with N866.51 billion in cash, a notable improvement from the N2.26 trillion debt position recorded a year earlier.
The company's financial performance cements its position as a dominant force in African petroleum refining, with the N6.29 trillion net income figure placing it among the most profitable businesses in Nigeria by reported earnings.
Dangote Refinery Pursues N2.13 Trillion IPO
Alongside the earnings disclosure, the Lagos-based refinery is pressing ahead with plans to raise N2.13 trillion through an initial public offering. The company intends to offer 4.1 billion shares to the public in what would be one of the largest such transactions on the African continent.
BusinessDay reports that Dangote said during a facility tour that investor appetite had far outpaced expectations, with demand running at three to four times the company's initial target. In response, the refinery extended its IPO subscription window by two weeks to give investors across Africa more time to participate.
David Bird, chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said the extension was designed to allow a broader range of prospective investors to take part in the offering.
Refinery's Role in Nigeria's Oil Sector
Operating at 700,000 barrels per day, the refinery is central to Nigeria's efforts to boost domestic fuel production and cut its long-standing reliance on imported refined petroleum products. The planned share sale is expected to widen public ownership of the facility while testing investor appetite for large industrial investments in Nigeria.
Earlier, Legit.ng reported that Dangote Group extended the deadline for investors to apply for shares in Dangote Petroleum Refinery and Petrochemicals by two weeks, giving prospective shareholders more time to participate. The company announced on Monday, October 12, that Nigeria's Securities and Exchange Commission had approved the extension, moving the closing date from October 13 to October 27, 2026.
The initial public offering opened on September 14 and is expected to become Africa's largest share sale. Still, a full picture of the refinery's financial health will require scrutiny of its operating costs, financing obligations, and cash flows to determine how sustainable those earnings are over the longer term.
