Chairman of TotalEnergies Marketing Nigeria Plc, Jean-Phillipe Torres, has expressed confidence in the company’s long-term prospects, stressing that the firm remains resilient and committed to creating sustainable value for shareholders despite the challenges that pushed the firm into a loss position in 2025.

Speaking at the company’s 48th yearly general meeting held virtually, Torres said the outlook for 2026 points to improved macroeconomic stability and a more stable supply chain in the downstream petroleum sector, although the effects of the ongoing petrol price war may continue to weigh on the market.

He assured shareholders that the company’s re-engineered structure and experienced workforce would help drive a recovery and position the business to deliver improved returns to shareholders in 2026 and beyond.

Torres said the downstream petroleum sector experienced unprecedented challenges during the year, largely due to intense price competition and market instability triggered by changing industry dynamics.

The company recorded a loss of N13.85 billion, compared with a profit of N27.50 billion in 2024. Its turnover also fell by 26 per cent to N767.63 billion in 2025 from N1.04 trillion in the preceding year as the difficult operating environment weakened performance.

According to Torres, the emergence of the Dangote Refinery significantly altered competition in the downstream market, leading to persistent price wars that affected operators across the sector.

He said the board’s decision not to recommend a dividend reflected its commitment to prudent financial management and the long-term sustainability of the business, adding that management remains focused on restoring profitability and enhancing shareholder value.

Shareholders urged the board and management to intensify efforts to improve earnings, reduce rising finance costs and restore dividend payments.

The shareholders also expressed concern over the company’s net finance costs, which increased by 9.42 per cent during the year.

All resolutions presented by the directors were approved at the meeting.