A large oil refinery with complex pipes and processing units under a cloudy sky in Africa.
Dangote Petroleum Refinery and Petrochemicals has reported a first-half profit of $1.82 billion ahead of an IPO this month. The company also recorded $13.91 billion in revenue as well as $2.60 billion in EBITDA. This was supported by a rise in refining margins from $13.70 per barrel in 2025 to $24.50 per barrel in the first-half of 2026. Moreover, the plant reached full crude distillation utilization in the second quarter. The EBITDA figure represents a sharp increase from 2025, when the company recorded $545 million for the full year. Yet the prospectus raises questions about the composition of its $1.82 billion net profit. An external commodity-hedging position lost about $410 million, although an offsetting derivative with Dangote Industries Limited canceled that loss at the refinery’s income-statement level.