Dangote Petroleum Refinery and Petrochemicals FZE reduced its total secured debt by $570m during the first half of the year, leveraging increased output and sales to bolster its balance sheet ahead of a landmark initial public offering (IPO).
The $20bn facility, constructed by industrialist Aliko Dangote, recorded a net profit of $1.82bn for the six months through June.
This represents a significant turnaround from the $282.1m loss recorded during the same period last year. The earnings surge was supported by higher production capacity and expanded sales, which helped mitigate global supply disruptions caused by the US-Iran war.
According to its prospectus, the company’s total secured debt dropped to $5.67bn at the end of June, down from $6.24bn at the end of last year.
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