TotalEnergies Marketing Ghana PLC recorded a decline in both revenue and profit for the first half of 2026, although the company managed to improve its profit margins as cost of sales fell faster than revenue.

For the six-month period ended June 30, 2026, the Group generated revenue of GH¢2.56 billion, down 18.9% from GH¢3.16 billion in the same period of 2025. Cost of sales also declined from GH¢2.69 billion to GH¢2.13 billion, helping cushion the impact of the lower revenue.

Gross profit came in at GH¢437.1 million, compared with GH¢467.1 million a year earlier, representing a decline of about 6.4%. However, the Group's gross profit margin improved to approximately 17.0% from 14.8% in the comparable period, indicating that TotalEnergies retained more gross profit from every cedi of revenue despite the decline in sales.

Other income more than doubled to GH¢25.6 million from GH¢10.9 million. This was partly offset by a GH¢7.2 million impairment charge on trade receivables, compared with a GH¢1.7 million impairment release in the previous year. General, administrative and selling expenses also increased slightly to GH¢216.9 million from GH¢209.2 million.

Operating profit before financing costs declined 11.7% to GH¢238.7 million, from GH¢270.5 million in the first half of 2025. Despite the decline, the operating margin improved to about 9.3%, compared with 8.6% a year earlier.

One positive development was the significant reduction in finance costs. TotalEnergies' finance cost fell to GH¢8.0 million from GH¢20.8 million, a reduction of approximately 61.6%. Profit before tax consequently declined by a smaller 7.9%, from GH¢251.0 million to GH¢231.0 million.

After a tax expense of GH¢87.5 million, Group profit after tax stood at GH¢143.5 million, down 14.7% from the GH¢168.2 million reported during the same period in 2025. Profit attributable specifically to owners of TotalEnergies Marketing Ghana amounted to GH¢140.2 million, while GH¢3.3 million was attributable to non-controlling interests.

Basic earnings per share declined from GH¢1.5031 in the first half of 2025 to GH¢1.2825 in 2026, representing a decrease of approximately 14.7%.

Cash Flow Weakens

TotalEnergies remained cash-flow positive, but operating cash generation weakened considerably.

Cash generated from operations declined from GH¢425.9 million to GH¢208.7 million, while net cash flow from operating activities fell to GH¢118.3 million, compared with GH¢342.4 million a year earlier. The decline partly reflected movements in receivables, related-company balances and working capital.

The Group spent GH¢23.7 million on property, plant and equipment during the period and recorded net investing cash outflows of GH¢23.7 million. Financing activities resulted in a further GH¢18.2 million cash outflow, mainly from loan repayments and lease payments.

Despite the weaker operating cash flow, cash and cash equivalents on the statement of financial position increased to GH¢133.3 million as of June 30, 2026, from GH¢123.2 million in the comparative period.

Balance Sheet

Total Group assets stood at GH¢1.70 billion, down from GH¢1.77 billion. Shareholders' equity declined to GH¢433.8 million from GH¢507.3 million, while total liabilities edged up to GH¢1.27 billion from GH¢1.26 billion.

Trade and other payables remained the Group's largest liability at GH¢1.01 billion, up from GH¢933.1 million. Inventories declined to GH¢326.1 million from GH¢346.3 million, while trade and other receivables fell to GH¢547.5 million from GH¢585.4 million.
TotalEnergies also recorded GH¢261.5 million in dividends against retained earnings during the period, contributing to the decline in Group equity.

Outlook

For investors, the key areas to watch in the second half of 2026 will be whether TotalEnergies can return to revenue growth, maintain the stronger margins and improve operating cash generation. The company's ability to manage its large working-capital balances, particularly receivables and payables, will also be important.