Dangote Refinery Earns N19.13tn in H1 2026, Beats Seven Listed Energy Firms Combined
By Aboki Forex —
Dangote Refinery posted N19.13tn in revenue in the first half of 2026, more than double what it earned in the same period last year and more than the combined revenue of seven other Nigerian-listed energy companies.
The Lagos-based refinery, owned by Aliko Dangote, recorded the revenue for the six months ended June 2026, up 121% from N8.64tn in H1 2025, according to half-year financial results. The seven listed energy companies, including Seplat Energy, Aradel Holdings and Oando, together generated N7.93tn in the same period. That is less than half of what Dangote Refinery earned alone and roughly 41% of its half-year revenue.
Seplat leads listed firms as Aradel posts 577% growth
Seplat Energy led the listed firms with N2.50tn in H1 2026 revenue, a 16% rise from N2.16tn in H1 2025. Aradel Holdings followed closely with N2.49tn, recording the sharpest growth among the group at 577% from just N368bn a year earlier. Oando came next with N2.10tn, up 20% year on year.
The remaining four companies reported smaller figures. TotalEnergies Marketing Nigeria posted N440bn, a 4% increase. Eterna grew 38% to N217bn. Conoil rose 25% to N179bn. Japaul Gold and Ventures, the smallest on the list, recorded N2.7bn, up 59% from N1.7bn in H1 2025.
In total, the combined revenue of the seven listed firms grew 59% from N4.98tn in H1 2025 to N7.93tn in H1 2026. Despite that collective growth, the group still fell far short of Dangote Refinery's standalone revenue.
Profit and comprehensive income
Dangote Refinery also reported improvements across major financial indicators. Gross profit stood at N3.43tn, while operating profit reached N1.25tn. It recorded N2.90tn in profit before tax and N2.50tn in profit after tax. Total comprehensive income stood at N2.12tn after accounting for other comprehensive income, including foreign currency translation differences.
The results underline the scale of the refinery's operations as it expands production and sales in Nigeria's petroleum market.
Dangote on naira risk and dividends
Earlier, Aliko Dangote sought to calm concerns about the impact of naira depreciation on returns. He said the refinery operates as a dollarised business and that shareholders would receive dividends in US dollars. He said the structure would help protect the value of investors' holdings regardless of movements in the naira exchange rate. Dangote also said investors would have the opportunity to visit the refinery in January 2027.