- Fuel margins power TotalEnergies Ghana comeback
TotalEnergies Marketing Ghana Plc delivered a stronger bottom line in 2025, with profit growth driven by improved fuel margins and a sharp decline in finance costs, even as revenue softened from the previous year.
Group revenue fell to GH¢5.60bn in 2025 from GH¢6.14bn in 2024, pointing to a weaker top-line year. But the decline in sales did not translate into weaker profitability. Instead, the company’s gross profit rose to GH¢929.1m from GH¢797.9m, showing that margin performance improved materially despite the revenue drop.
That margin improvement was the key driver of the earnings story. Cost of sales declined more sharply than revenue, falling to GH¢4.67bn from GH¢5.34bn, allowing the group to capture more profit from each cedi of sales. That pushed operating profit before finance income and costs to GH¢514.5m, up from GH¢495.5m a year earlier.
The profit recovery was reinforced by lower financing charges. Finance costs dropped to GH¢47.7m in 2025 from GH¢72.5m in 2024, helping lift profit before tax to GH¢467.9m, compared with GH¢424.3m in the prior year. Group profit after tax rose to GH¢319.1m from GH¢291.9m. On a standalone company basis, profit after tax came in even higher at GH¢325.1m, up from GH¢290.6m. Earnings per share also improved. Group basic earnings per share increased to GH¢2.8522 from GH¢2.6094, while company earnings per share rose to GH¢2.9060 from GH¢2.5979.
The balance sheet, however, showed a more mixed picture. Group total assets declined to GH¢1.67bn at the end of 2025 from GH¢1.94bn in 2024, while total liabilities fell to GH¢1.12bn from GH¢1.33bn. Total equity also eased to GH¢552.6m from GH¢609.8m, largely reflecting the company’s heavy dividend payout during the year.
That distribution was significant. TotalEnergies paid GH¢386.4m in dividends in 2025, up sharply from GH¢154.6m in 2024. It included a final dividend for 2024 of GH¢2.5665 per share and an interim dividend for 2025 of GH¢0.8870 per share. After year-end, the board also proposed a further dividend of GH¢281.5m. In the directors’ report, the total dividend for the 2025 financial year was stated at GH¢3.2245 per share, amounting to GH¢360.7m.
Cash generation remained positive, but liquidity weakened. Net cash generated from operating activities rose strongly to GH¢451.5m from GH¢311.4m, showing that core operations remained cash generative. But after investing outflows of GH¢98.0m and financing outflows of GH¢414.7m, cash and cash equivalents fell sharply to GH¢35.7m at year-end from GH¢103.5m in 2024.
Working capital movements also shaped the year. Trade and other receivables declined to GH¢489.7m from GH¢657.1m, while inventories rose modestly to GH¢377.6m from GH¢363.3m. Trade and other payables also eased to GH¢689.2m from GH¢766.3m. Together, those shifts suggest tighter working-capital management, even as the business operated with lower cash balances.
For investors, the 2025 numbers point to a clear conclusion: TotalEnergies Ghana’s recovery was not driven by sales growth, but by better margins, lower financing costs and stronger operating discipline. Revenue was weaker, but the company made more money from the business it kept. That is what powered the comeback.
