TotalEnergies Nigeria returns to N8.02 billion pre-tax profit, misses Q3 profit forecast

TotalEnergies Nigeria has returned to a pre-tax profit of N8.02 billion for the nine months ended September 30, 2026, after a loss of N11.92 billion in the same period last year. Finance costs dropped by 40.13% to N12.30 billion from N20.55 billion in the same period last year. However, its standalone third-quarter profit fell to N1.31 billion, less than half the N2.62 billion forecast, even though revenue grew by 12.65% to N661.92 billion.

The company's unaudited Q3 financial statements, filed with the Nigerian Exchange on October 23, showed better results in profit after tax, rising to N5.84 billion from a loss of N14.10 billion. This improvement was driven by higher sales of petroleum products, better operating earnings, and reduced financing expenses. Despite these gains, the company's net profit margin remained below 1%, highlighting ongoing challenges from operating and financing costs.

TotalEnergies' cash balances increased by 25.18% to N56.06 billion, but still fell short by about N3.20 billion compared to bank overdrafts. The company's current liabilities also still exceeded current assets. While higher fuel sales and lower finance costs helped the earnings recovery, managing outstanding receivables, the dollar-denominated loan, and other creditors remains a key financial concern.