The Dangote Refinery profit 2026 figures show a dramatic turnaround for Nigeria’s biggest refinery, with the company reporting ₦2.55 trillion in profit after tax on ₦19.47 trillion in revenue during the first half of the year.
The results are particularly significant because they come ahead of the refinery’s planned Initial Public Offering, giving potential investors a clearer picture of how the business has performed after its difficult early years.
From Losses to Billions in Profit
The latest Dangote Refinery financial results 2026 mark a sharp reversal from 2025. The refinery recorded a $476 million loss for the whole of 2025. Six months into 2026, however, it had generated about $1.82 billion in profit after tax, based on the exchange rate used in its IPO prospectus.
The refinery also recorded EBITDA of about $2.60 billion, showing that the improvement was not limited to its final profit figure.
A major reason for the change was higher production. Average utilisation rose to 83.6% in the first half of 2026, compared with about 45% at the beginning of the year. The facility reached full crude distillation unit utilisation during the second quarter.
Better Margins Are Driving the Turnaround
The Dangote Refinery N2.55 trillion profit was also supported by stronger refining margins. Its gross refining margin increased to $24.50 per barrel in the first half of 2026, compared with $13.70 per barrel in 2025 and $10.70 per barrel in 2024.
The refinery improved its operating performance after upgrades to its residual fluid catalytic cracker and a shift away from producing lower-value reduced crude oil. That means the business is not simply processing more crude. It is also getting better returns from what it produces.
Why the Numbers Matter for the IPO
The timing makes the Dangote Refinery IPO 2026 particularly interesting. The company plans to raise about ₦2.26 trillion through the offering, with shares priced at ₦525. The IPO is being positioned as a way for Nigerians, Africans and members of the diaspora to own part of the refinery.
The strong first-half performance could strengthen the investment case, but investors will also need to consider whether these margins and utilisation levels can be maintained.
Dangote Refinery is already planning to spend about $14.3 billion to increase capacity to 1.4 million barrels per day by 2029.
For now, the financial results provide an important signal. The refinery has moved beyond simply proving that it can operate at scale. It is now showing that it can generate substantial profits, making its upcoming public offering one of the most closely watched corporate deals in Nigeria.
