Dangote Petroleum Refinery made a profit after tax of $4.73 billion in the first nine months of 2026, against a loss of $117.2 million a year earlier, according to its unaudited results released on 13 October. Revenue more than doubled to $22.48 billion.
Most of it came in one quarter:
The third quarter did the heavy lifting. The refinery had made $1.82 billion in the first half, so the three months to September produced about $2.91 billion of profit on roughly $8.57 billion of revenue.
That is a profit margin of about 34% in the quarter, against roughly 13% in the first half. Earnings before interest, tax, depreciation and amortisation (EBITDA) reached $5.52 billion for the nine months, a 24.6% margin, up from 6.8% a year earlier.
Chief executive David Bird credited "the successful transition from commissioning and ramp-up activities to sustainable commercial operations". The plant now runs at its full 700,000 barrels a day. It has also been selling into a tight market, with conflict in the Middle East squeezing fuel supply to Europe and lifting refining margins.
The balance sheet has turned too. Net debt of $1.73 billion a year ago is now net cash of about $650.8 million.
What this does to the IPO:
The results land in the middle of the share sale. The refinery is selling 4.1 billion shares at ₦525 each to raise about ₦2.15 trillion ($1.6 billion), and has extended the offer by two weeks to 27 October. Bird said investors across Africa had shown interest and the company "wanted to give more markets time to participate". The shares are expected to list on the Nigerian Exchange in November.
At ₦525 a share, the whole company is valued at about ₦65.2 trillion, or roughly $49 billion. Nine months of profit at $4.73 billion works out to about $6.3 billion a year, which puts the IPO price at around eight times earnings. If the third quarter's pace held for a full year, that multiple would fall to about four.
The catch:
One strong quarter is not a trend. Refining margins swing with crude prices and global fuel supply, and part of this quarter's windfall came from a war-driven shortage that will not last forever. The figures are also unaudited.
The offer sells only about 3.3% of the company, so Aliko Dangote keeps control, and with it the big decisions on dividends and the $14.3 billion expansion to 1.4 million barrels a day.
What it means for you:
If you are deciding whether to apply, you now have something you did not have when the offer opened: a full quarter of the refinery running at capacity, and the profit that comes with it. You have until 27 October.
If you are not applying, it still matters. Once listed, a company of this size will make up a large share of the Nigerian Exchange, so any pension or index fund you hold will feel its results every quarter.