Dangote Refinery Posts $1.82bn H1 Profit as Valuation Reaches ₦697 per Share

Dangote Petroleum Refinery reported $13.91 billion in revenue and $1.82 billion in net income for the first half of 2026. EBITDA reached $2.60 billion, with an 18.7% margin as production ramped up. The refinery averaged 83.6% utilisation during the period, rising from about 45% in January to full crude-distillation-unit utilisation by the second quarter. Improvements to its RFCC unit and reduced output of lower-value products supported the stronger performance. Renaissance Capital Africa estimates the refinery's post-IPO equity value at $57.11 billion to $65.44 billion, or roughly ₦608 to ₦697 per share. The upper estimate is about 32% above the SEC-approved public offer price of ₦525 per share. Its refining margin rose to $24.50 per barrel in H1 2026, compared with $13.70 in 2025. The valuation outlook also depends on plans to expand crude-processing capacity to 1.4 million barrels per day.

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