BY BONNY AMADI
TotalEnergies Marketing Nigeria Plc (TOTAL) published its Q4-25 unaudited financials Thursday, 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.
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