H1 2026: Dangote Refinery declared N19.5trn revenue, N2.55trn profit
The Dangote Petroleum Refinery and Petrochemicals generated a revenue of about N19.47 trillion ($13.91 billion) and Profit After Tax of roughly N2.55 trillion ($1.82 billion) in the first half of 2026, as the 650,000 barrels per day facility swung decisively into profitability.
The performance marked a significant turnaround for the refinery, which recorded a $476 million loss for the whole of 2025, according to the IPO prospectus, from which Reuters and billionaires Africa, a digital media company and news platform first extracted the report.
The refinery also recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.60 billion, equivalent to about N3.64 trillion, during the period.
The strong performance came as the refinery ramped up production and improved its operating efficiency, with average utilisation reaching 83.6 per cent during the first half of the year.
The facility began the year operating at about 45 per cent utilisation but reached full crude distillation unit utilisation during the second quarter following improvements to its residual fluid catalytic cracker and a shift away from producing lower-value reduced crude oil.
Its gross refining margin also strengthened significantly, rising to $24.50 per barrel in the first half of 2026, compared with $13.70 per barrel in 2025 and $10.70 per barrel in 2024. The refinery’s EBITDA margin stood at 18.7 per cent during the period, underscoring the improvement in its financial performance.
The results come as Dangote Refinery prepares to raise about N2.26 trillion through its IPO, based on the approved offer price of N525 per share and an initial offering of 4.1 billion ordinary shares.
The offer, which is expected to run from September 14 to October 13, is being positioned by the company as a “people’s IPO”, aimed at giving Nigerians, members of the diaspora and other Africans an opportunity to participate in the ownership of the industrial facility. Africans & Diaspora
Besides, the Dangote Refinery plans to spend about $14.3 billion, equivalent to N20.02 trillion at N1,400 to the dollar, to expand its processing capacity to 1.4 million bpd by 2029.
The expansion would effectively double the refinery’s current capacity and is expected to consolidate its position as a major supplier to both domestic and international markets.
The company said its strategy would allow it to direct products to either the Nigerian market or export destinations depending on prevailing commercial returns.
Since commencing operations, the refinery has increasingly emerged as an exporter of refined petroleum products, including jet fuel and diesel.
