Dangote Refinery makes $1.82bn profit, records ₦19.1tn revenue in six months

 


By Abel Chigozie 


The Dangote Petroleum Refinery generated ₦19.13tn ($13.91bn) in revenue and $1.82bn in after-tax profit in the first half of 2026, according to financial disclosures released ahead of the company’s proposed initial public offering.


The refinery’s revenue increased by 121.46 per cent, rising from ₦8.638tn recorded in the first half of 2025 to ₦19.13tn in the six months ended June 30, 2026.


The company’s latest performance also marked a significant turnaround in profitability, with the refinery posting an after-tax profit of $1.82bn in H1 2026, compared with a $476m loss recorded for the full year 2025.


Its earnings before interest, tax, depreciation and amortisation stood at $2.60bn, while gross profit rose sharply to ₦3.432tn, from ₦225.195bn recorded in the corresponding period of 2025.


The company attributed the strong performance to increased refinery throughput following the commencement of more stable production across its processing units from March 2026.


It also said performance testing reached 700,000 barrels per day in June 2026, contributing to higher output and sales during the period.


The refinery reported increased sales volumes and average realised prices across its major products, including petrol, diesel and aviation fuel.


For petrol, the company sold approximately 6.06 million metric tonnes during the period, compared with 3.09 million tonnes in H1 2025. The average realised price also increased to about $975 per tonne, from $723.


Diesel sales rose to approximately 2.86 million tonnes, compared with 1.76 million tonnes in the corresponding period of 2025. Its average realised price increased to about $1,225 per tonne, from $688.


Similarly, jet fuel sales increased to about 3.02 million tonnes, up from 2.06 million tonnes recorded in H1 2025. The average realised price rose to approximately $1,092 per tonne, compared with $663 in the previous corresponding period.


The latest financial performance comes as the Dangote Petroleum Refinery prepares for its proposed initial public offering, with the disclosures providing investors with an insight into the company’s financial performance and operating capacity.


The figures indicate a substantial improvement in both production and profitability as the refinery moves towards more consistent operations at higher capacity.

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