TotalEnergies Marketing Ghana Public Limited Company (PLC) posted a group net profit of GH¢60.40 million for the first quarter ending March 31, 2026, down 26 percent from GH¢81.70 million in the same period last year, as a sharp rise in impairment charges and administrative expenses squeezed earnings despite a resilient gross profit performance.
Group revenue fell significantly to GH¢1.18 billion from GH¢1.88 billion in Q1 2025, largely reflecting the cedi’s appreciation against foreign currencies, since the petroleum sector prices products in reference to US dollar benchmarks. Despite the revenue compression, gross profit held nearly flat at GH¢228.02 million compared to GH¢226.38 million a year earlier, pointing to tighter cost-of-sales management.
The earnings slide came primarily from two directions. General, administrative and selling expenses climbed to GH¢124.58 million from GH¢103.75 million. An impairment charge on trade receivables of GH¢9.57 million reversed a GH¢1.66 million release recorded in Q1 2025, compounding the pressure on operating profit, which fell to GH¢106.15 million from GH¢136.38 million.
Finance costs dropped sharply to GH¢3.73 million from GH¢14.96 million, providing partial relief. Profit before tax settled at GH¢102.58 million against GH¢122.10 million in Q1 2025. Basic earnings per share declined to GH¢0.5266 from GH¢0.7170.
On the balance sheet, total group assets contracted to GH¢1.72 billion from GH¢2.01 billion. Cash and cash equivalents at the group level improved to GH¢100.84 million from GH¢88.66 million at the close of Q1 2025, supported by stronger operating cash generation of GH¢27.94 million versus GH¢18.19 million a year earlier.
Shareholders equity stood at GH¢610.92 million at March 31, 2026, down from GH¢692.83 million a year earlier. The company, which operates across Network, Commercial and Others divisions and holds a 55 percent stake in Ghanstock Limited Company, did not declare dividends during the quarter.
