TotalEnergies Marketing Nigeria Plc has attributed the decline in its 2025 revenue and sales volumes to a combination of macroeconomic pressures, supply disruptions, price volatility and intense competition within Nigeria’s downstream petroleum industry.
The Chairman of the company’s Board of Directors, Jean-Philippe Torres, disclosed this during the company’s 48th Annual General Meeting (AGM), which was held virtually on Thursday.
Torres said the operating environment remained challenging throughout the year, significantly affecting the company’s financial performance.
According to him, revenue dropped by more than 20 per cent during the period under review, while product sales volumes recorded an even steeper decline.
He explained that the downturn was driven by several factors, including persistent supply difficulties and fluctuating fuel prices, which exposed the company to substantial inventory losses and weakened profitability.
“The performance is not satisfactory for the management of the company or for the shareholders. It is the result of several factors that affected our operations during the year,” Torres said.
He noted that the commencement of local refining activities in Nigeria reshaped market conditions, while aggressive pricing strategies adopted by some industry operators intensified competition and squeezed profit margins.
“As you all know, the downstream market in the country has dramatically changed with the refinery coming on stream. Some operators engaged in price wars during the peak period of the year, which had a significant impact on our sales volumes and margins,” he said.
Despite the setbacks, Torres expressed optimism about the company’s prospects, stating that measures implemented by management to improve efficiency and strengthen operations were already yielding positive results.
He revealed that the company recorded a notable improvement in profitability during the first quarter of 2026, a development he said reinforces confidence in its recovery strategy.
“We have seen a very significant improvement in the profitability of the company in the first quarter of 2026, and this makes us optimistic about the future,” he said.
Torres added that the company would continue to prioritise operational excellence, customer satisfaction, dependable product supply and disciplined cost management as part of efforts to sustain growth.
He also reaffirmed TotalEnergies’ commitment to long-term investments aimed at enhancing competitiveness, profitability and shareholder value.
“We will continue to invest for the future and ensure sustainable profitability of the company over the long term,” he said.
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