Dangote Refinery Swings to $4.7 Billion Profit Ahead of Africa's Largest IPO
Source Summary
Nigeria's Dangote Petroleum Refinery reported a net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss in the same period last year. Revenue more than doubled to $22.48 billion from $9.19 billion, while EBITDA surged to $5.52 billion from $627.6 million as the refinery processed more crude and captured higher refining margins. The company is seeking $1.6 billion in what would be Africa's largest IPO.
Why it matters
The refinery's dramatic turnaround to profitability and planned IPO represent a major capital-raising event for Africa's financial markets and signal operational success at one of the continent's largest industrial projects.
