Dangote Petroleum Refinery generated ₦19.13 trillion in revenue during the first half of 2026, while returning to profitability with an after-tax profit of $1.82 billion (about ₦2.5 trillion), according to financial figures released ahead of the company’s planned Initial Public Offering (IPO).
The six-month performance marks a significant improvement over the corresponding period in 2025, with revenue rising by 121.46 per cent from ₦8.638 trillion recorded in the first half of last year.
The refinery’s latest financial disclosures also show a dramatic turnaround from its 2025 performance, when it posted a full-year loss of $476 million.
During the review period ended June 30, 2026, the company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.60 billion, while gross profit climbed sharply to ₦3.432 trillion, compared with ₦225.195 billion in the same period of 2025.
The refinery attributed the strong earnings growth to improved operational stability achieved from March 2026, following more consistent production across its processing units. It also cited successful performance testing that saw production capacity reach 700,000 barrels per day in June, alongside stronger sales volumes and higher realised prices for its key refined products.
Financial data released by the company indicate that Premium Motor Spirit (PMS) sales increased to about 6.06 million metric tonnes, up from 3.09 million metric tonnes in the corresponding period of 2025. Average realised prices also rose to approximately $975 per tonne, compared with $723 per tonne a year earlier.
Sales of Automotive Gas Oil (AGO), commonly known as diesel, climbed to about 2.86 million metric tonnes, from 1.76 million metric tonnes, while average realised prices improved to $1,225 per tonne, up from $688 per tonne.
Jet fuel sales also recorded strong growth, reaching approximately 3.02 million metric tonnes, compared with 2.06 million metric tonnes in the first half of 2025. Average realised prices increased to around $1,092 per tonne, from $663 per tonne.
The financial results underscore the refinery’s rapid operational expansion and strengthen its position as it prepares to launch its much-anticipated IPO, which is expected to give investors an opportunity to acquire equity in Africa’s largest single-train refinery.