By Udeme Akpan
The Dangote Petroleum Refinery and Petrochemicals posted a profit after tax of about N2.55 trillion ($1.82 billion) in the first half of 2026, marking a sharp turnaround in the financial performance of the 700,000 barrels-per-day facility.
The results, contained in the prospectus for the refinery’s planned Initial Public Offering, IPO, showed revenue of about N19.47 trillion ($13.91 billion), based on an exchange rate of N1,400 to the dollar.
The refinery also recorded earnings before interest, tax, depreciation and amortisation, EBITDA, of $2.60 billion, equivalent to about N3.64 trillion during the six-month period.
Average utilisation rose to 83.6 per cent in the first half of the year, up from about 45 per cent at the beginning of 2026.
