Dangote Refinery Posts N19.13tn Revenue, $1.82bn Profit in H1 2026

By Adedapo Adesanya

Dangote Petroleum Refinery saw its revenue rise by 121.4 per cent to 19.13 trillion in the first six months of the year from the N8.64 trillion recorded in the corresponding period of 2025.

The refinery reported $1.82 billion in profit after tax, equivalent to approximately N2.5 trillion at the exchange rate applied in its disclosure, compared with a $476 million loss for full-year 2025.

EBITDA, which is used to assess a company’s operating performance and profitability, compare businesses, and evaluate financial health before interest, taxes, depreciation and amortisation, reached $2.60 billion, while gross profit surged to N3.432 trillion, from just N225.195 billion in H1 2025.

The N19.13 trillion revenue expansion marks a decisive inflexion point for Africa’s largest single-train refinery as production stabilisation, higher throughput and stronger petroleum-product sales increasingly translate installed capacity into earnings.

The company indicated that production became more stable across its processing units from March 2026, while performance testing reached as high as 700,000 barrels per day in June.

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.

Petrol sales rose to approximately 6.06 million metric tonnes, from 3.09 million tonnes in H1 2025. At the same time, average realised prices increased to about $975 per tonne, compared with $723 previously.

Diesel sales increased to approximately 2.86 million tonnes, versus 1.76 million tonnes, while average realised prices rose sharply from $688 to $1,225 per tonne.

Jet fuel sales climbed to about 3.02 million tonnes, from 2.06 million tonnes, with average realised prices increasing from $663 to $1,092 per tonne.

The numbers come as the refinery is due to begin selling its shares on the Nigerian Exchange Limited (NGX) on Monday, September 14, at N525 per unit. It wants to raise about N2.26 trillion through its initial public offering (IPO) with an initial offering of 4.1 billion ordinary shares.

The Dangote Refinery also 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 barrels per day 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.