TotalEnergies Ghana records drop in first quarter earnings
TotalEnergies Marketing Ghana PLC has reported a 26% drop in profit after tax for the first quarter ending 31 March 2026, with earnings falling to GH¢60.4 million from GH¢81.7 million in the same period last year.
Revenue also declined significantly, dropping by about 38% to GH¢1.177 billion from GH¢1.885 billion. Although the cost of sales decreased to GH¢948.9 million from GH¢1.658 billion, the reduction was not enough to prevent pressure on overall profitability.
Despite the fall in revenue, gross profit showed slight resilience, rising marginally to GH¢228 million from GH¢226.4 million, supported by improved margins.
Operating profit before financing costs decreased to GH¢106.2 million from GH¢136.4 million. This was largely driven by higher administrative and selling expenses, which increased to GH¢124.6 million from GH¢103.7 million. The company also recorded a GH¢9.6 million impairment on trade receivables, compared to a GH¢1.7 million reversal in the previous year.
On a positive note, finance costs fell sharply by nearly 75%, dropping to GH¢3.7 million from GH¢15 million, easing pressure on earnings. Finance income remained stable at GH¢163,000.
The company’s share of profit from an associate contributed GH¢515,000, compared to no contribution in the same period last year.
Tax expenses rose slightly to GH¢42.2 million from GH¢40.4 million, further reducing net earnings. As a result, total comprehensive income declined to GH¢58.3 million from GH¢83 million, also affected by a negative GH¢2.1 million from foreign exchange translation differences.
Earnings per share also fell to GH¢0.5266 from GH¢0.7170.
On the cash flow side, operating activities generated GH¢27.9 million, up from GH¢18.2 million, supported by improved working capital movements. However, cash and cash equivalents declined to GH¢46.9 million from GH¢88.7 million a year earlier.
During the period, the company paid GH¢33.2 million in taxes, GH¢6.8 million in lease obligations, and invested GH¢5 million in property, plant, and equipment.
The financial statements, dated 30 April 2026, were signed off as accurate and free from misleading information.
About The Author
