By Boluwatife Oshadiya | September 9, 2026
Key Points
- Dangote Petroleum Refinery records N19.13 trillion in H1 2026 revenue, up 121.46% from N8.638 trillion in H1 2025
- Reports $1.82 billion profit after tax after recording a $476 million loss for full-year 2025
- Raises production performance to as much as 700,000 barrels per day in June as petrol, diesel and jet fuel sales increase
Main Story
Dangote Petroleum Refinery generated N19.13 trillion in revenue in the first half of 2026, more than doubling its H1 2025 revenue as production and petroleum-product sales increased.
The refinery’s H1 revenue rose 121.46% from N8.638 trillion recorded in the corresponding period of 2025, according to the company’s reported financial performance.
The earnings improvement extended to profitability, with the refinery reporting $1.82 billion in profit after tax, compared with a $476 million loss for full-year 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $2.60 billion, while gross profit rose to N3.432 trillion from N225.195 billion a year earlier.
The company attributed the stronger performance to improving production stability and higher product sales. Production across its processing units became more stable from March 2026, while performance testing reached as high as 700,000 barrels per day in June.
Petrol sales increased to about 6.06 million metric tonnes from 3.09 million tonnes in H1 2025, while average realised prices rose to approximately $975 per tonne from $723.
Diesel sales also increased to 2.86 million tonnes from 1.76 million tonnes, with average realised prices rising from $688 to $1,225 per tonne. Jet fuel sales climbed to 3.02 million tonnes from 2.06 million tonnes, while realised prices increased from $663 to $1,092 per tonne.
The performance comes as Dangote Refinery continues to scale commercial operations following its commissioning and production ramp-up.
What’s Being Said
“Production became more stable across its processing units from March 2026, while performance testing reached as high as 700,000 barrels per day in June.” — Dangote Petroleum Refinery
Cowry Asset Limited was not cited in the supplied material on the refinery’s results, while no independent analyst comment was provided for this earnings report.
What’s Next
Dangote Refinery is expected to focus on sustaining higher utilisation and production reliability as it expands commercial output.
The proposed expansion toward approximately 1.4 million barrels per day would provide additional production capacity, although the supplied material does not give a confirmed commissioning date for the expansion.
The proposed listing of the refinery on the Nigerian Exchange Growth Board will also place greater focus on its earnings, cash-flow generation, capital structure and valuation once the relevant offer documentation is available.
Bottom Line
The Bottom Line: Dangote Refinery’s H1 performance shows a significant shift toward large-scale commercial earnings, driven by higher production and stronger product sales. Sustaining that performance will be critical to determining whether the first-half results represent the beginning of a durable earnings cycle.
