Dangote Refinery Releases Financial Statement. Records Massive Profits in 9 Months
- Dangote Petroleum Refinery and Petrochemicals recorded N6.29 trillion net income for the nine months ended September 30
- The refinery hit its full 700,000-barrel-per-day capacity, driving revenue past N29.96 trillion for the period
- The company plans an IPO to raise N2.13 trillion after investor demand reportedly outpaced its target by three to four times
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Dangote Petroleum Refinery and Petrochemicals has posted a net income of N6.29 trillion for the nine months ending September 30, as the facility moves from the construction phase into large-scale commercial operations.
Revenue for the period climbed to N29.96 trillion, more than double the previous level, driven by higher processing volumes and favourable global refining margins.
Source: Getty Images
The refinery, owned by Africa's richest man, Aliko Dangote, reached its full processing capacity of 700,000 barrels per day during the period, cementing its position as a dominant force in African petroleum refining, Bloomberg reports.
The company ended the period with N866.51 billion in cash, a notable shift from the N2.26 trillion debt position reported a year earlier.
Dangote Refinery Pursues N2.13 Trillion IPO
Alongside the earnings disclosure, the Lagos-based refinery is pressing ahead with plans to raise N2.13 trillion through an initial public offering.
The company intends to offer 4.1 billion shares to the public in what would be one of the largest such transactions on the African continent.
BusinessDay reports that Dangote said during a facility tour that investor appetite had far outpaced expectations, with demand running at three to four times the company's initial target. In response, the refinery extended its IPO subscription window by two weeks to give investors across Africa more time to participate.
David Bird, chief executive officer of Dangote Petroleum Refinery and Petrochemicals, said the extension was designed to allow a broader range of prospective investors to take part in the offering.
Refinery's Role in Nigeria's Oil Sector
Operating at 700,000 barrels per day, the refinery is central to Nigeria's efforts to boost domestic fuel production and cut its long-standing reliance on imported refined petroleum products.
Source: Getty Images
The N6.29 trillion net income figure over nine months places the company among the most profitable businesses in Nigeria by reported earnings.
Still, a full picture of the refinery's financial health will require scrutiny of its operating costs, financing obligations, and cash flows to determine how sustainable those earnings are over the longer term.
The planned share sale is expected to widen public ownership of the facility while testing investor appetite for large industrial investments in Nigeria.
Dangote announces new deadline for refinery IPO offer
Earlier, Legit.ng reported that Dangote Group extended the deadline for investors to apply for shares in Dangote Petroleum Refinery and Petrochemicals by two weeks, giving prospective shareholders more time to participate.
The company announced on Monday, October 12, that Nigeria's Securities and Exchange Commission had approved the extension, moving the closing date from October 13 to October 27, 2026.
The initial public offering opened on September 14 and is expected to become Africa's largest share sale.
Source: Legit.ng
