Business
Shareholders of TotalEnergies fall victim of petrol price war
•Wipes out profit, dividend
By Peter Egwuatu
TotalEnergies Marketing Nigeria Plc has attributed its decision not to pay a dividend for the financial year ended December 31, 2025, to the severe challenges that confronted the downstream petroleum industry during the year.
The company reported a loss after tax of N13.853 billion in 2025, reversing the N27.496 billion profit recorded in 2024, as intense price competition and market instability significantly impacted its operations.
Speaking at the company’s 48th Annual General Meeting (AGM), held virtually yesterday, Chairman, Mr. Jean-Phillipe Torres, said the downstream petroleum sector faced unprecedented difficulties in 2025. He disclosed that the company’s turnover declined by 26 per cent to N767.63 billion in 2025 from N1.041 trillion in 2024.
“The year 2025 witnessed unprecedented challenges across our sector, which had a significant impact on our performance, and unfortunately, this was reflected in our financial results,” Torres said.
He attributed the difficult operating environment largely to persistent price wars and instability in the petroleum products market, noting that the emergence of the Dangote Refinery had altered the dynamics of the downstream sector. As a result, the board did not recommend a dividend for the year.
“Though difficult, this decision reflects our commitment to prudent financial management and the long-term sustainability of the business. We remain focused on restoring profitability and creating the conditions that will enable us to restore good returns on investment in the future,” he stated.
Despite the setback, Torres expressed confidence in the company’s long-term prospects, stressing that TotalEnergies remains resilient and committed to creating sustainable value for shareholders.
Looking ahead, he said: “The outlook for 2026 points to improved macroeconomic stability and a more stable supply chain in the downstream sector, although the lingering effects of the ongoing price war may persist.
“Despite these pressures, I am confident that our re-engineered structure and highly capable workforce will position us to deliver excellent returns to our shareholders in 2026 and in the years ahead.”
Shareholders, including Matthew Akindele, Martina Amadi, Bright Nwabuogu, and Bisi Bakare, urged the board and management to intensify efforts to improve the company’s financial performance and restore dividend payments.
They also called for measures to reduce the company’s net finance costs, which increased by 9.42 per cent during the year.
All resolutions presented by the Board of Directors were subsequently approved by shareholders at the AGM.
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