January 29, 2026/Cordros Report
TotalEnergies Marketing Nigeria Plc (TOTAL) published its Q4-25 unaudited financials today, reporting a loss per share of NGN9.06 (vs. EPS of NGN1.17 in Q4-24), bringing the 2025FY loss per share to NGN50.59 (2024FY: EPS of NGN80.99), driven by a 27.4% y/y decline in revenue.
TOTAL’s Q4-25 revenue declined by 27.4% y/y (2025FY: -26.3% y/y), 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). We attribute the revenue decline to lower sales volumes 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 NGN4.42 billion (Q4-24: NGN8.71 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: NGN2.54 billion). For the 2025FY period, net finance costs increased by 12.1% y/y to NGN21.99 billion.
Overall, the TOTAL recorded a loss before tax of NGN580.59 million in Q4-25 (Q4-24: profit before tax of NGN415.51 billion) and a loss after tax of NGN3.07 billion (Q4-24: profit after tax of NGN398.84 million), after accounting for a tax expense of NGN2.49 billion.
Comment: TOTAL’s performance was broadly in line with expectations, reflecting volume pressures and heightened competition from Dangote Refinery. 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. Our estimates are under review.
