…TOTAL recorded a loss before tax of N580.59 million in Q4-25 (Q4-24: profit before tax of N415.51 billion)
…Loss after tax of N3.07 billion (Q4-24: profit after tax of N398.84 million), after accounting for a tax expense of N2.49 billion
FRI JAN 30 2026-theGBJournal| TotalEnergies Marketing Nigeria Plc (TOTAL) on Thursday reported a loss per share of N9.06 (vs. EPS of N1.17 in Q4-24), in its Q4-25 unaudited financials, bringing the 2025FY loss per share to N50.59 (2024FY: EPS of N80.99), driven by a 27.4% y/y decline in revenue.
The decline in TOTAL’s revenue in the period is driven by a broad-based decline across its business segments – Network (-26.3% y/y | 54.0% of revenue), General Trade (-26.3% y/y | 35.0% of revenue) and Aviation (-26.3% y/y | 11.0% of revenue).
The revenue decline is also driven by lower sales volumes, as reflected in the financials, compounded by weaker product pricing, with PMS (-11.9% y/y) and AGO (-2.8% y/y) prices down, although DPK bucked the trend, rising by 17.4% y/y as of November.
Dissecting by product type, petroleum products (71.1% of revenue) sales declined by 34.8% y/y, while lubricants & others (28.9% of revenue) increased tepidly by 0.7% y/y. On a q/q basis, revenue increased by 10.0%.
Gross margin in the quarter increased by 17bps y/y to 9.1% due to the faster decline in cost of sales (-27.5% y/y) relative to revenue (-27.4% y/y).
Specifically, the decline in cost of sales was driven by the 28.3% y/y decline in net changes in inventories of refined petroleum products. For 2025FY, gross margin declined by 42bps y/y to 10.7%.
Meanwhile, EBITDA and EBIT margins contracted by 59bps y/y and 155bps y/y to 3.8% and 2.1%, respectively, (2025FY: -406bps and -470bps y/y to 2.5% and 1.2%, respectively), largely due to the decline in other income (-49.2x y/y to NGN14.27 billion) as the line normalised following the prior year’s NGN12.83 billion one-off gain from the reversal of charges for technical services no longer required.
Further down, net finance cost declined by 49.3% y/y to N4.42 billion (Q4-24: N8.71 billion) due to a 49.1% y/y decline in finance cost.
We highlight that the lower finance cost was primarily driven by a 35.4% y/y reduction in interest on bank overdrafts and the elimination of interest on import loans (Q4-24: N2.54 billion).
For the 2025FY period, net finance costs increased by 12.1% y/y to N21.99 billion.
Overall, the TOTAL recorded a loss before tax of N580.59 million in Q4-25 (Q4-24: profit before tax of N415.51 billion) and a loss after tax of N3.07 billion (Q4-24: profit after tax of N398.84 million), after accounting for a tax expense of N2.49 billion.
”TOTAL’s performance was broadly in line with expectations, reflecting volume pressures and heightened competition from Dangote Refinery,” said analysts at Cordros Research.
While the lubricants and specialty products segment delivered solid 12.6% y/y growth, it was insufficient to offset downstream weakness.
”We expect 2026FY to remain challenging, with persistent competitive dynamics and softer product pricing likely to constrain near term margin expansion,” Cordros adds.
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