The Dangote Petroleum Refinery and Petrochemicals recorded a profit after tax of approximately N2.55 trillion ($1.82 billion) in the first half of 2026, marking a significant improvement in the financial performance of the 700,000-barrels-per-day facility.
The figures, contained in the prospectus for the refinery’s planned Initial Public Offering (IPO), also showed that the company generated about N19.47 trillion ($13.91 billion) in revenue, based on an exchange rate of N1,400 to the dollar.
The refinery posted earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.60 billion, equivalent to about N3.64 trillion, during the six-month period.
Average utilisation increased to 83.6 per cent in the first half of the year, up from approximately 45 per cent at the beginning of 2026.
The facility achieved full crude distillation capacity in the second quarter after improvements to its residual fluid catalytic cracker and a shift away from producing lower-value reduced crude oil.
Its gross refining margin also rose to $24.50 per barrel during the period, compared with $13.70 in 2025 and $10.70 in 2024.
The stronger financial performance comes ahead of the refinery’s planned IPO, through which it aims to raise about N2.26 trillion at an offer price of N525 per share from an initial 4.1 billion ordinary shares.
The offer, expected to run from September 14 to October 13, is being promoted as a “people’s IPO”, with Nigerians, Africans and members of the diaspora expected to have the opportunity to acquire shares in the refinery.
Dangote Refinery CEO, David Bird, said the improved operational performance had strengthened the company’s financing outlook for its expansion programme.
“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 to expand its processing capacity to 1.4 million barrels per day by 2029, effectively doubling its current capacity.
Bird said the expansion would involve additional refining and petrochemical units, allowing the facility to produce different specifications of diesel while deepening import substitution.
The refinery has also expanded its export operations, supplying refined products such as jet fuel and diesel to international markets.
It exported jet fuel to the United States for the first time this year and was identified by S&P Global Energy as the world’s largest single exporter of jet fuel in April and May.
Bird said global fuel markets could remain tight as damaged refineries recover and countries rebuild 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.
Dangote Petroleum Refinery currently has a crude distillation capacity of 700,000 barrels per day, with plans to expand to 1.4 million barrels per day. It produces Euro V-standard PMS, AGO and Jet A-1, alongside petrochemical products.
The company added: “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 and has since become a major supplier of refined petroleum products to Nigeria and international markets.