Dangote Petroleum Refinery and Petrochemicals recorded an after-tax profit of about N2.55 trillion, equivalent to $1.82 billion, in the first six months of 2026 as higher utilization and stronger refining margins pushed the facility firmly into profitability.
The figures, contained in the prospectus for the refinery’s planned Initial Public Offering, showed revenue of about N19.47 trillion, or $13.91 billion, during the period. The naira conversions in the supplied report were based on an exchange rate of N1,400 to the dollar.
The performance represented a sharp turnaround from the $476 million loss recorded for the whole of 2025.
Earnings before interest, tax, depreciation and amortization reached $2.60 billion, approximately N3.64 trillion, while average utilization rose to 83.6 per cent during the first half of the year.
The refinery began 2026 at about 45 per cent utilization but reached full crude-distillation-unit utilization during the second quarter after improvements to its residual fluid catalytic cracker and a reduction in lower-value reduced crude oil output.
Gross refining margin rose to $24.50 per barrel in the first half of 2026 from $13.70 in 2025 and $10.70 in 2024. EBITDA margin stood at 18.7 per cent.
The improved financial position comes as the refinery prepares for an IPO expected to raise about N2.26 trillion through an initial offer of 4.1 billion ordinary shares at N525 each.
According to the prospectus, the offer is expected to run from September 14 to October 13, 2026. The company has described the transaction as a people-focused offer intended to widen ownership among Nigerians, members of the diaspora and other African investors.
Dangote Refinery also plans to spend about $14.3 billion on an expansion intended to increase crude-processing capacity to 1.4 million barrels per day by 2029.
The project, built at an estimated cost of about $20 billion, began operations in 2024 and has increasingly supplied both domestic and export markets.
The refinery has exported refined products including diesel and aviation fuel and, according to the supplied report, shipped jet fuel to the United States for the first time in 2026.
The company said the expansion would add new refining and petrochemical units and allow it to direct products between Nigeria and international markets depending on commercial conditions.
The latest numbers position the planned IPO against a materially stronger operating backdrop than the previous year, with profitability, utilization and margins all improving ahead of the proposed capital raise.
