Dangote Swings to $4.7 Billion Profit Ahead of Africa’s Biggest IPO

Nigeria's Dangote refinery has gone from losing money to posting a $4.73 billion profit in less than a year, just as it asks investors for $1.6 billion in what would be Africa's largest IPO. Dangote Petroleum Refinery reported net profit of $4.73 billion for the first nine months of 2026, reversing a $117.2 million loss during the same period last year. Revenue more than doubled to $22.48 billion from $9.19 billion. EBITDA jumped to $5.52 billion from $627.6 million as the refinery processed more crude and captured higher refining margins. The Iran war helped. Disruptions to Middle Eastern refining and fuel exports sent product margins sharply higher this year, particularly for diesel and jet fuel. Dangote increased exports into those shortages, including jet fuel shipments to Western Europe. The 700,000-barrel-per-day refinery generated $3.68 billion in operating cash flow through September, compared with $364.7 million a year earlier.