UPDATE 1 — Nigeria's Dangote oil refinery swings to net profit ahead of IPO

(Adds details and background in paragraphs 4-6) ABUJA, Oct 13 (Reuters) — Nigeria's Dangote Petroleum Refinery, which is seeking to raise $1.6 billion in what could be Africa's biggest IPO, swung to a net profit in the first nine months of 2026 as revenue more than doubled, according to unaudited results released on Tuesday. The company posted a net profit of $4.73 billion for January to September, reversing a $117.2 million loss a year earlier. Revenue rose to $22.48 billion from $9.19 billion, while core earnings (EBITDA) jumped to $5.52 billion from $627.6 million, as higher crude processing rates, stronger refining margins and improved operations boosted profits. The 700,000-barrel-per-day refinery generated operating cash flow of $3.68 billion, up from $364.7 million a year earlier, and ended September with cash holdings of $6.69 billion. It also moved from a net debt position of $1.73 billion a year ago to net cash of $650.8 million. The application period for the initial public offering, initially due to close on October 13, has been extended by two weeks to October 27 amid strong investor demand. (Reporting by MacDonald Dzirutwe and Chijioke Ohuocha. Writing by Elisha Bala