Dangote Petroleum Refinery recorded N19.47tn in revenue and N2.55tn in profit after tax in the first half of 2026, marking a sharp turnaround from the loss recorded in the previous year.
The figures were disclosed in the prospectus for the refinery’s planned Initial Public Offering (IPO), covering the six months ended June 2026.
The 650,000-barrel-per-day refinery also reported earnings before interest, tax, depreciation and amortisation of about N3.64tn, equivalent to $2.60bn.
The strong result was driven by higher production and improved efficiency at the facility. Its average capacity utilisation rose to 83.6 per cent during the period, compared with about 45 per cent at the beginning of the year.
The refinery also recorded a gross refining margin of $24.50 per barrel, up from $13.70 per barrel in 2025 and $10.70 per barrel in 2024.
The latest result represents a major improvement from the $476m loss recorded by the refinery for the full year 2025.
Dangote Refinery is now preparing to raise about N2.26tn through its planned IPO. The offer is expected to involve 4.1 billion ordinary shares priced at N525 each, with the offer scheduled to run from September 14 to October 13.
The company has described the share sale as a “people’s IPO”, with plans to allow Nigerians, Africans and members of the diaspora to own shares in the refinery.
As part of its long-term expansion plan, the refinery also intends to invest about $14.3bn to increase its processing capacity to 1.4 million barrels per day by 2029.
The expansion will include additional refining and petrochemical facilities and is expected to increase the range of products manufactured at the plant.
Since beginning operations, the refinery has expanded its presence in international markets, exporting products such as diesel and jet fuel. It also exported jet fuel to the United States for the first time this year.
The refinery’s Chief Executive Officer, David Bird, said global fuel supply disruptions caused by conflicts in the Middle East and Ukraine had benefited the facility, but stressed that its expansion plans were designed for long-term growth.
He said the damage to refineries in the Middle East, high refinery utilisation and the need for countries to rebuild fuel inventories could keep global fuel shortages in place even after the Iran conflict ends.
The planned expansion is expected to strengthen Dangote Refinery’s position as a major supplier of refined petroleum products to Nigeria and international markets.
