Dangote Petroleum Refinery has recorded a major turnaround in its financial performance, posting an after tax profit of $1.82 billion in the first half of 2026 as the company prepares for what is expected to become Africa's largest initial public offering.

The result represents a significant recovery from the $476 million loss recorded by the refinery for the full year 2025.

The strong performance comes as production at the Lagos based refinery becomes more stable and fuel sales increase across domestic and international markets.

REVENUE SURGES IN FIRST HALF

According to financial figures released ahead of the IPO, the refinery generated approximately ₦19.13 trillion in revenue during the first six months of 2026.

This represents a significant increase compared with approximately ₦8.64 trillion recorded during the corresponding period of 2025.

Gross profit also rose sharply to around ₦3.43 trillion, compared with approximately ₦225.2 billion a year earlier.

EBITDA was reported at approximately $2.60 billion.

PRODUCTION RAMP UP BOOSTS PERFORMANCE

The improvement has been attributed largely to higher refinery throughput, more stable operations and stronger sales of petrol, diesel and aviation fuel.

Dangote Refinery has reached its full design capacity and has carried out production testing at approximately 700,000 barrels per day.

The refinery has also expanded its presence in international fuel markets, including exports of aviation fuel and other refined petroleum products.

The performance represents a major shift from the operational challenges that affected the refinery during its early stages.

IPO SET TO OPEN

Dangote Refinery is now moving ahead with its long anticipated public listing.

The company signed documents for the IPO on September 7, with the offering expected to open on September 14 and close on October 13.

The refinery plans to sell approximately 4.1 billion ordinary shares at ₦525 per share, potentially raising around ₦2.15 trillion.

Trading is expected to begin later in November.

The IPO is expected to be one of the largest public share offerings ever undertaken by an African company.

DANGOTE PLANS MAJOR EXPANSION

The company is also planning a major expansion that would increase refinery capacity to approximately 1.4 million barrels per day by 2029.

The project is expected to cost around $14.3 billion.

If completed, the expansion would place Dangote Refinery among the largest refining facilities in the world.

The strong first half earnings are likely to become an important factor for prospective investors as the refinery prepares to enter Nigeria's capital market.

VNTV