Dangote Refinery’s Prospectus: H1 Revenue Up 122%, Profit Hits $1.82Bn as PMS Dominates Sales

Source: Dangote Refinery Prospectus

Petrol remained the largest revenue line at 42.5% of H1 2026 sales ($5.9 billion), followed by diesel at 25.2% ($3.5 billion) and jet fuel at 23.7% ($3.29 billion).

The outsized diesel and jet fuel price gains track a genuinely tight global refining market: European gasoil cracks hit record levels near $74-93 a barrel over crude in 2026, while jet fuel cracks briefly topped $100 a barrel in March amid a supply crunch.

Crude costs rose too as Brent averaged near $87.60 a barrel in H1 2026 versus $64.73 for full-year 2025.

Cost of sales rose to ₦15.7 trillion ($11.41 billion) from ₦8.4 trillion ($5.41 billion), up 86.6% in naira and 110.6% in dollars, on higher crude/feedstock consumption and depreciation.

Because revenue grew faster than costs, gross profit surged to ₦3.43 trillion ($2.49 billion) from ₦225,195 million ($145 million), and gross margin expanded from 2.6% to nearly 18%, as the refinery’s fixed and semi-fixed costs were absorbed across a much larger production base.

The company posted profit before tax of ₦2.89 trillion ($2.10 billion), reversing a ₦437.9 billion ($282.12 million) pre-tax loss a year earlier.

It also booked its first-ever income tax expense — ₦392.8 billion (US$285 million), an effective rate of about 13.6%, under Nigeria’s minimum effective tax rate (“METR”) regime. Net profit came to ₦2.5 trillion ($1.8 billion), against a ₦437.9 billion ($282.12 million) loss in H1 2025.

Indebtedness

As at 31 December 2025, the Dangote Refinery’s total borrowings amounted to US$6.24 billion, comprising…