Dangote Refinery records N2.55 trillion profit in six months with $13.91 billion revenue

The Dangote Petroleum Refinery generated revenue of approximately N19.47 trillion ($13.91 billion) and a profit after tax of about N2.55 trillion ($1.82 billion) during the six months ended June 2026. This performance marks a significant turnaround for the facility, which recorded a net loss of $476 million for the entire year 2025 according to its initial public offering prospectus. Earnings before interest, tax, depreciation, and amortization reached $2.60 billion during the reporting period.

Production efficiency improvements were key factors in this turnaround. Average utilization stood at 83.6 percent in the first half of 2026, compared to roughly 45 percent at the start of the year. The company achieved full crude distillation unit utilization in the second quarter following upgrades to its residual fluid catalytic cracker and a strategic shift away from lower-value reduced crude oil production.

President and Chief Executive Officer Aliko Dangote stated the upcoming IPO is structured for broad public participation, aiming to simplify share purchase processes through technology-driven channels. He emphasized that the offering allows any investor with a Bank Verification Number to become a co-owner. Simultaneously, rising global crude prices above $100 per barrel are expected to increase government revenue windfalls, though production constraints remain a factor for maximizing these earnings.