TotalEnergies Marketing Nigeria Plc returned to profitability in the nine months ended September 30, 2026, reporting a pre-tax profit of N8.02 billion against a loss of N11.92 billion in the corresponding period of 2025, as finance costs declined by 40.13%.
However, its standalone third-quarter pre-tax profit of N1.31 billion was approximately half the N2.62 billion forecast, despite revenue exceeding management’s projection.
The company’s unaudited third-quarter financial statements filed with the Nigerian Exchange (NGX) on Friday, October 23, showed revenue rising by 12.65% to N661.92 billion from N587.59 billion.
Profit after tax also improved to N5.84 billion from a loss of N14.10 billion, supported by higher petroleum product sales, stronger operating earnings and reduced financing expenses.
TotalEnergies recorded gross profit of N78.52 billion in the nine-month period, representing a 19.42% increase from N65.76 billion a year earlier.
Administrative expenses also declined by 1.09% to N59.56 billion, providing additional support for operating profitability.
Despite the improvement, the company’s net profit margin remained below 1%, reflecting the continued pressure of operating and financing costs on earnings.
A significant contributor to TotalEnergies’ earnings recovery was the reduction in finance costs, which fell by 40.13% to N12.30 billion from N20.55 billion in the corresponding period of 2025.
Nairametrics previously reported that TotalEnergies recorded a full-year after-tax loss of approximately N17.18 billion in 2025, compared with a profit of N27.40 billion in 2024 before returning to profitability in the first half of 2026 with N4.95 billion in after-tax earnings on revenue of N443.99 billion.
Nevertheless, its N12.30 billion finance bill still represented approximately 64% of operating profit and exceeded the N8.02 billion recorded as pre-tax profit.
TotalEnergies reduced its negative net working capital position to N11.06 billion as of September 30, 2026, compared with a deficit of N20.15 billion at the end of December 2025. However, current liabilities continued to exceed current assets despite the improvement.
Cash balances rose by 25.18% to N56.06 billion, including N34 billion held with TotalEnergies Treasury, but remained approximately N3.20 billion below outstanding bank overdrafts.
The market is yet to react to the results announcement as the share price closed flat at N518.40 per share on Friday, October 23.
Although higher fuel sales and lower finance costs supported the earnings recovery, collecting outstanding receivables, managing the dollar-denominated loan and addressing the increase in other creditors remain important financial considerations.
