The Dangote Petroleum Refinery (DPR) says its earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed by 776 per cent to $5.5 billion in the nine months ended September 30, 2026.
EBITDA measures a company’s operating profitability before accounting for interest, taxes, depreciation and amortisation expenses.
In a statement announcing its nine-month results, the refinery said EBITDA increased from $627.6 million recorded during the corresponding period in 2025.
The company also reported that its EBITDA margin rose to 24.56 per cent from 6.83 per cent a year earlier, “reflecting a significant improvement in refining economics”.
Revenue increased to $22.5 billion in the first nine months of 2026, compared with $9.2 billion in the same period of 2025. The refinery attributed the growth to improved “refining activity and higher throughput”.
Net income also rose to $4.7 billion during the period under review, reversing a net loss of $117.2 million recorded in 2025.
Operating cash flow increased to $3.7 billion from $364.7 million, while cash balances climbed to $6.7 billion from $809.5 million.
The refinery further disclosed that it moved from a net debt position of $1.7 billion in September 2025 to a net cash position of $650.8 million in September 2026.
Commenting on the results, David Bird, chief executive officer of Dangote refinery, said the company’s performance in the third quarter of 2026 demonstrated its successful shift from commissioning and ramp-up activities to sustainable commercial operations.
Bird said the results reflected the strength of “our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy”.
“With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio,” Bird said.
The chief executive added that the company would continue to expand its distribution network across Africa, support energy security throughout the continent and create long-term value for stakeholders.