KEY POINTS
- TotalEnergies Nigeria’s revenue dropped 11% to N197.18bn in Q1 2026 due to continued downstream sector pressures.
- Despite lower revenue, the company returned to profitability with N1.17bn profit after tax, reversing a prior-year loss.
- Financial indicators were mixed, with improved earnings per share but declining shareholders’ funds, weaker share price, and a slight workforce reduction.
TotalEnergies Marketing Nigeria Plc has reported an 11 per cent decline in revenue for the first quarter ended March 31, 2026, reflecting continued pressure in Nigeria’s downstream oil and gas sector.
The company’s revenue fell to N197.18 billion, compared to N221.62 billion recorded in the same period of 2025, according to its unaudited financial statement filed with the Nigerian Exchange.
The decline underscores the impact of a tough operating environment marked by market volatility and cost pressures, even as the company continues to adjust its operations to sustain performance.
In contrast to the revenue decline, TotalEnergies Nigeria posted a significant recovery in profitability. The company recorded a profit after tax of N1.17 billion, reversing a loss of N120.03 million posted in the corresponding quarter of the previous year.
Profit before tax also rose strongly by 71 per cent to N1.91 billion, compared to N1.12 billion in Q1 2025. The company attributed this improvement to better operational efficiency and cost control measures across its business operations.
Total comprehensive income followed the same positive trajectory, rising to N1.17 billion and fully recovering from the loss recorded in the prior year, indicating a broader stabilisation in financial performance.
Mixed balance sheet signals and market performance
Despite the improvement in profitability, the company’s financial position reflected some weakening fundamentals. Shareholders’ funds declined by 21 per cent to N48.71 billion from N61.38 billion in March 2025, although share capital remained unchanged at N169.76 million.
Earnings per share improved significantly to N3.45, compared to a loss per share of 35 kobo in the previous year, signalling stronger returns to investors despite revenue contraction.
However, market sentiment remained subdued as the company’s share price fell by about six per cent, closing at N640 from N679.70 during the review period. The company also reported a slight reduction in workforce, with staff strength dropping from 420 to 404 employees.
Management described the performance as a demonstration of resilience in the face of revenue pressure and a challenging macroeconomic environment.
