Dangote Refinery H1 2026 Revenue Review

Editorial review — 13 September 2026

Headline correction: the original $15bn headline did not match the $13.91bn conversion stated in the article. The headline now identifies the reporting period without repeating that inconsistent conversion. Consult the underlying financial statements and dated research for the figures.

The issuer publishes an offer window of 14 September–13 October 2026, at ₦525 per share with a minimum of 10 shares (₦5,250 before fees). The exchange listing date is a separate milestone. At our 13 September review the issuer still described the prospectus as forthcoming.

Current offer tracker · Dated investment research

Current primary sources

• Issuer: offer timetable, price and prospectus availability
• Issuer: refinery operations and capacity
• Issuer: 18 August underwriting announcement

These sources support the current update; they do not independently confirm every historical claim below.

Dangote Petroleum Refinery delivered a milestone financial performance for the first half of 2026, posting N19.13 trillion ($13.91 billion) in revenue for the six months ended June 30, 2026. Representing a 121.46% year-on-year expansion compared to N8.638 trillion recorded in H1 2025, the results mark a decisive transition from a capital-intensive commissioning phase into a high-cash-generation operating cycle for Africa’s largest single-train refinery.

Turnaround to Profitability & Product Realizations

Significantly, the refinery achieved a bottom-line turnaround, recording $1.82 billion (approx. N2.5 trillion) in profit after tax (PAT) for H1 2026, reversing a full-year loss of $476 million in 2025. Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) reached $2.60 billion, while gross profit surged to N3.432 trillion from N225.2 billion in H1 2025. The earnings surge was fueled by higher sales volumes and increased realized prices across core refined product lines:

• Petrol (PMS): Sales rose to 6.06 million metric tonnes (vs 3.09 million tonnes in H1 2025), with average realized prices climbing to $975 per tonne from $723.
• Diesel (AGO): Volumes increased to 2.86 million tonnes (vs 1.76 million tonnes), while average realized prices surged to $1,225 per tonne from $688.
• Jet Fuel: Volumes reached 3.02 million tonnes (vs 2.06 million tonnes), with realized prices advancing to $1,092 per tonne from $663.

Operational Scale and Expansion Capacity

The acceleration reflects improved operational stability across processing units from March 2026, with performance testing reaching 700,000 barrels per day (bpd) in June. Higher throughput has enhanced fixed-cost absorption and operating leverage. Furthermore, proposed expansion plans aim to double overall capacity to 1.4 million bpd, creating a second phase of long-term structural growth.

IPO Valuation and Investment Outlook

Ahead of its upcoming listing on the Nigerian Exchange (NGX) at N525.00 per share, analysts view the stock as a long-term "BUY/ACCUMULATE" candidate, citing its transition toward commercial earnings maturity. Investors are advised to evaluate forward free cash flows, debt service requirements, and crude supply dynamics alongside the headline listing price.

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