Nigeria’s Dangote refinery earns $2.9bn in third quarter, outstripping entire first half
Nigeria's Dangote Petroleum Refinery and Petrochemicals reported a net profit of $4.73bn for the nine months to September, implying about $2.9bn in the third quarter alone, more than the $1.82bn it earned in the whole first half. Revenue rose 144% year on year to $22.48bn from $9.19bn, and the company swung to profit from a loss of $117.2mn in the same period of 2025. The unaudited results were released on October 13, a day after the company extended the application period for its initial public offering, which seeks about $1.6bn and values the company at about $47bn, from October 13 to October 27.
Why it matters: The profit jump and the concurrent share sale make the refinery a test case for the briefing's energy-markets theme, linking refining margins and crude feedstock constraints to African equity issuance.