TotalEnergies Marketing Nigeria Plc has reported a loss before tax of N11.92 billion for the nine months ended September 2025, a sharp reversal from a N41.85 billion profit in the same period last year, representing a 128% year-on-year decline.
For the third quarter (July to September 2025), the company posted a loss before tax of N10.23 billion, compared to a profit of N11.28 billion in Q3 2024 and a profit of N3.31 billion in Q2 2025, signaling sustained quarterly deterioration.
The result missed the company’s Q3 earnings forecast, which had projected a N1.43 billion profit before tax, further emphasizing the severity of the downturn.
Naijaonpoint earlier reported the company could report full-year losses following a trend of bad earnings forecasted by the company.
Key Highlights
Driving the Numbers
The primary driver of the company’s underwhelming performance was a significant drop in revenue, falling 26% year-on-year, reflecting either reduced product demand, lower pricing, or supply chain issues.
Inventory levels declined significantly from N152.02 billion in December 2024 to N107.96 billion, indicating possibly slower restocking or tighter inventory management.
On the balance sheet, TotalEnergies has pared back total assets by 15% while liabilities reduced by only 11%, weakening equity by 37%.
Cash flow from operations was positive at N23.61 billion, but this was outweighed by heavy financing outflows, especially interest payments (N20.4 billion) and dividends (N14.18 billion), resulting in a net cash decrease of N15.99 billion in the period.
The market reaction was muted, with the share price closing flat at N640 per share, a level that has remained largely unchanged for most of the year.