Dangote Refinery's H1 2026 Revenue Surpasses 7 Listed Oil Companies Combined

• Dangote Refinery posted N19.13tn in revenue for H1 2026, more than double what it earned in the same period last year
• Seven other energy companies listed on the Nigerian stock exchange generated a combined N7.93tn in H1 2026 revenue
• Aradel Holdings recorded the biggest growth among the listed firms, with revenue jumping 577% year-on-year in H1 2026

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Aliko Dangote's petroleum refinery in Lagos earned more revenue in the first half of 2026 than seven other Nigerian-listed energy companies put together, according to half-year financial results.

The refinery posted N19.13tn in revenue for the six months ended June 2026, up 121% from N8.64tn recorded in H1 2025.

The seven listed companies, including Seplat Energy, Aradel Holdings, and Oando, together generated N7.93tn over the same period, which is less than half of what Dangote Refinery earned alone.

How the Listed Companies Compared

Seplat Energy led the listed firms with N2.50tn in H1 2026 revenue, a 16% rise from N2.16tn in H1 2025.

Aradel Holdings came in close at N2.49tn, recording the sharpest growth among the group at 577% from just N368bn a year earlier. Oando followed with N2.10tn, up 20% year-on-year.

The remaining four companies reported much smaller figures. TotalEnergies Marketing Nigeria posted N440bn, a modest 4% increase. Eterna grew 38% to N217bn, while 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 all 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 what Dangote Refinery generated on its own, with the combined figure representing roughly 41% of the refinery's half-year earnings.

Other key figures from Dangote refinery financials

BusinessDay reports that beyond Dangote Refinery revenue performance, the refinery recorded a significant improvement across several major financial indicators.

Its gross profit stood at N3.43tn, while operating profit reached N1.25tn.

The refinery reported N2.90tn in profit before tax and N2.50tn in profit after tax for the period.

Total comprehensive income stood at N2.12tn after accounting for other comprehensive income, including foreign currency translation differences.

The results highlight the growing scale of Dangote Refinery's operations as it expands production and sales in Nigeria's petroleum market.

Dangote assures investors on dollar dividends

Earlier, Legit.ng reported that 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, a structure he said 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.