The Dangote Petroleum Refinery has released unaudited financial results showing a profit of about US$4.73 billion for the period up to the end of September 2026, alongside revenue of roughly US$22.5 billion. The revenue figure represents an increase of about 144 per cent on the comparable period, reflecting the plant’s growing output of petrol, diesel, aviation fuel and other products.
The numbers were published while the refinery’s public share offer was still open, and they quickly became a talking point among investors weighing whether to subscribe.
Behind the growth
The 650,000-barrels-per-day facility in the Lekki Free Trade Zone, Lagos, has been increasing production steadily since it began operations. Higher throughput has allowed it to supply more of the domestic fuel market and to export refined products to other countries in West Africa and beyond. Analysts also point to the benefits of selling in both local and foreign markets while sourcing crude from Nigerian and international suppliers.
Because the results are unaudited, they could still be adjusted when the full-year audited accounts are released. Investors usually treat interim numbers as a useful guide rather than a final word.
Key points
- Profit: about US$4.73 billion through September 2026 (unaudited).
- Revenue: about US$22.5 billion, up around 144%.
- Capacity: the refinery is designed for 650,000 barrels per day.
- Context: results came out while the IPO window remained open.
Wider market impact
The refinery’s performance matters beyond its own balance sheet. Local refining reduces Nigeria’s reliance on imported fuel, which affects foreign-exchange demand, and it influences pump prices around the country. The NGX Oil and Gas Index rose during the week the results were published, even as the broader All-Share Index slipped slightly.
Questions that analysts will continue to track include the stability of crude supply, the pricing of products sold locally, and how the company will balance expansion plans with dividend payments once it becomes a listed company.
Photo: Unsplash (illustrative).
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