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Total Energies' Q1 Profit Tanks 93% as White Product Sales Plunge
The Business NG
|The BusinessNG
Total Energies Marketing Nigeria Plc is grappling with a harsh start to 2025 after reporting a staggering 93% drop in pre-tax profit for the first quarter, falling from N16.2 billion in Q1 2024 to just N1.12 billion.
The company also posted a post-tax loss of N120 million, reversing a N11.4 billion profit recorded in the same period last year.
The company's poor earnings performance is attributed largely to an 18% decline in revenue, which dropped to N221.62 billion. This was primarily driven by a 28.9% plunge in sales of white products—namely Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Aviation Turbine Kerosene (ATK)—which traditionally contribute over 70% of the company's top line.
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