Dangote Swings to $4.7 Billion Profit Ahead of Africa’s Biggest IPO
Argentina Takes Falklands Oil Fight to International Tribunal Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Nigeria’s Dangote refinery has gone from losing money to posting a $4.73 billion profit in less than a year, just as it asks investors for $1.6 billion in what would be Africa’s largest IPO.
Dangote Petroleum Refinery reported net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss during the same period last year.
Revenue more than doubled to $22.48 billion from $9.19 billion.
EBITDA jumped to $5.52 billion from $627.6 million as the refinery processed more crude and captured higher refining margins.
Disruptions to Middle Eastern refining and fuel exports sent product margins sharply higher this year, particularly for diesel and jet fuel.
Dangote increased exports into those shortages, including jet fuel shipments to Western Europe.
The 700,000-barrel-per-day refinery generated $3.68 billion in operating cash flow through September, compared with $364.7 million a year earlier.
Its balance sheet has moved just as quickly.
Dangote finished the period with $650.8 million in net cash after carrying $1.73 billion in net debt a year earlier.
Those numbers landed in the middle of the refinery’s IPO.
Dangote is seeking to raise $1.6 billion in an offering that values the refinery at roughly$47 billion.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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