Dangote Petroleum Refinery's revenue surged to N19.13 trillion ($13.91 billion) in the first half of 2026, a 121.46% increase from N8.638 trillion in the same period of 2025, according to financial statements released ahead of its planned Initial Public Offering (IPO) on the Nigerian Exchange.
The refinery also posted a net profit of $1.82 billion between January and June 2026, while earnings before interest, tax, depreciation and amortisation (EBITDA) reached $2.60 billion. Gross profit climbed to N3.432 trillion from N225.195 billion in the corresponding period of 2025.
Production Ramp-Up Drives Revenue Growth
The strong performance followed the refinery's transition to stable output across its processing units from March 2026. Performance testing reached up to 700,000 barrels per day in June, with higher sales volumes and improved product prices contributing significantly to the result.
Petrol (PMS) sales rose to about 6.06 million metric tonnes from 3.09 million tonnes in the first half of 2025, with the average realised price climbing to $975 per tonne from $723. Diesel (AGO) volumes grew to 2.86 million tonnes from 1.76 million tonnes, at an average price of $1,225 per tonne compared to $688 previously. Jet fuel sales reached 3.02 million tonnes, up from 2.06 million tonnes, with the average realised price rising to $1,092 per tonne from $663.
IPO Details and Share Offer
The refinery is seeking to raise N2.152 trillion by offering 4.1 billion ordinary shares at N525 each. The offer window runs from September 14 to October 13, 2026. After estimated offer expenses of N41.49 billion, net proceeds of about N2.11 trillion will go towards expansion-related capital expenditure.
At the offer price, the company's market capitalisation would stand at roughly N65.22 trillion. An application has already been submitted to the Nigerian Exchange Limited for the listing of the offer shares.
Investor Commitments and Ownership Structure
Pan-African Refinery Investment SPV, a Mauritius-incorporated vehicle, has committed to subscribe for up to the naira equivalent of $400 million, covering about 1.038 billion shares, or 25.34% of the offer.
On the ownership side, Dangote Oil Refining Company Limited holds 65.83% of the refinery, while Dangote Industries Limited owns 14.904%. The Nigerian National Petroleum Company Limited holds 6.815%, Greenview International Corporation owns 6.496%, and other shareholders account for 5.95%. The refinery is targeting an overall valuation of between $40 billion and $50 billion.
Earlier, the Securities and Exchange Commission approved the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering, allowing eligible investors to participate. The regulator registered the refinery's existing 120.13 billion ordinary shares. Eligible investors can start buying shares from September 14 with a minimum of N5,250.
