The Dangote Petroleum Refinery and Petrochemicals recorded about N2.55 trillion in profit after tax in the first half of 2026. The performance represents a major improvement for the 700,000 barrels-per-day facility. The financial results were disclosed in the prospectus for the refinery’s planned Initial Public Offering, IPO.
The refinery reported revenue of approximately N19.47 trillion during the six-month period. The figure is equivalent to $13.91 billion, using an exchange rate of N1,400 to the dollar.
Its earnings before interest, tax, depreciation and amortisation, EBITDA, stood at $2.60 billion. That translates to about N3.64 trillion. Average refinery utilisation also climbed to 83.6 per cent.
This was significantly higher than the approximately 45 per cent recorded at the beginning of 2026. The facility reached full crude distillation capacity during the second quarter.
According to the prospectus, this followed improvements to its residual fluid catalytic cracker. The refinery also shifted away from lower-value reduced crude oil production.
The company’s gross refining margin rose considerably during the period. It reached $24.50 per barrel in the first half of 2026. That compares with $13.70 per barrel in 2025 and $10.70 in 2024. The stronger performance comes ahead of the refinery’s planned IPO.
The company intends to raise about N2.26 trillion through the offering. The proposed offer price is N525 per share, based initially on 4.1 billion ordinary shares.
The IPO is expected to run from September 14 to October 13. It is being positioned as a “people’s IPO”, with Nigerians, Africans and members of the diaspora expected to have an opportunity to acquire shares.
Dangote Refinery CEO David Bird said the improved performance had strengthened the company’s financing outlook.
“We’re at full capacity, 700,000 barrels per day, we are enjoying those upswings, and yes it has fundamentally changed the funding premise of this Vision 2030,” Bird said.
The company plans to invest about $14.3 billion in expanding its processing capacity. The expansion is expected to take capacity from 700,000 to 1.4 million barrels per day by 2029. Bird said the project would include additional refining and petrochemical units. The expansion is also expected to allow production of different diesel specifications and deepen import substitution.
The refinery has also increased its presence in international markets. It currently exports refined products including jet fuel and diesel.
The facility exported jet fuel to the United States for the first time this year. S&P Global Energy also identified it as the world’s largest single exporter of jet fuel during April and May.
Bird said global fuel markets could remain tight as damaged refineries recover. He also pointed to the need for countries to rebuild depleted inventories following supply disruptions linked to the Middle East conflict.
“We went in at high refinery utilisation rates, and there’s been deferred maintenance and damages to Middle East refineries. That’s just to meet current demand. Plus inventories have to be rebuilt,” he said.
The facility currently has a crude distillation capacity of 700,000 barrels per day. Its expansion pathway targets 1.4 million barrels per day. The refinery produces Euro V-standard PMS, AGO and Jet A-1. It also produces petrochemical products.
The company said it remains focused on quality production and operational efficiency.
“We are committed to producing high-quality fuels and petrochemical products through innovation, operational excellence and responsible practices, powering industries, communities and economies.”
Built at an estimated cost of $20 billion, the Dangote Refinery began operations in 2024.
It has since developed into a major supplier of refined petroleum products to Nigeria and international markets.
The latest Dangote refinery profit figures underline the facility’s improved operating performance as it approaches its planned public offering and expansion programme.
