Renaissance Capital Africa has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, representing a 33.4 per cent increase above the refinery’s initial public offering price of N525.
The revised valuation follows stronger-than-expected financial results for the first nine months of 2026, driven by improved refining margins and better operational performance.
According to a report by TheCable, Renaissance Capital Africa (RCA) increased its valuation from N619.40 per share after the refinery’s earnings exceeded the investment firm’s estimates.
In an October 16 update titled Stronger Refining Margins Drive Earnings Outperformance, RCA said the refinery recorded higher-than-expected revenue, earnings before interest, taxes, depreciation and amortisation (EBITDA), and net profit.
Revenue Hits $22.5bn
Dangote Refinery reported revenue of $22.5 billion for the nine months ended September 30, 2026, representing a 144 per cent increase from the $9.2 billion recorded during the corresponding period in 2025.
Its EBITDA climbed to $5.5 billion from $627.6 million a year earlier, while net profit reached $4.7 billion, reversing a loss of $117.2 million recorded in the same period last year.
The refinery’s operating cash flow also increased significantly, rising to $3.68 billion from $364.7 million.
Its financial position improved from net debt of $1.73 billion in September 2025 to net cash of $650.8 million in September 2026.
David Bird, chief executive officer of Dangote Refinery, said the third-quarter performance demonstrated the company’s transition from commissioning and ramp-up activities to sustainable commercial operations.
Dangote Refinery IPO Closes October 27
The revised valuation comes as the refinery’s initial public offering remains open until October 27, following a two-week extension announced earlier this month.
The offer opened on September 14, with 4.1 billion ordinary shares priced at N525 each. The minimum subscription is 10 shares, costing N5,250.
Aliko Dangote, president of Dangote Industries Limited, described the offer as the “People’s IPO”, saying it would provide members of the public with an opportunity to own shares in the refinery.
If fully subscribed, the offer is expected to raise N2.15 trillion.
The higher valuation places the refinery’s estimated share value above its IPO price as investors consider the company’s latest earnings performance and prospects.