Transcorp Power posts N39.59bn Q1 profit

Transcorp Power Plc one of the power subsidiaries of Africa’s leading listed conglomerate, Transnational Corporation Plc (Transcorp Group), has announced its unaudited financial results for the first quarter ended March 31, 2026, reporting a resilient performance despite significant operational disruptions during the period.

Revenue: N94.59 billion (Q1 2025: N105.44 billion); Profit Before Tax: N39.59 billion (Q1 2025: N43.28 billion); Profit After Tax: N29.70 billion (Q1 2025: N32.64 billion); Total Assets: N613.42 billion (Dec 2025: N563.48 billion),Cash and Cash Equivalents: N10.40 billion (Dec 2025: N2.22 billion); Shareholders’ Funds: N214.96 billion (Dec 2025: N183.40 billion); and Retained Earnings: N162.10 billion (Dec 2025: N132.41 billion)

Peter Ikenga, MD/CEO, Transcorp Power Plc said, “Our Q1 performance reflects the realities of the challenges in the operating environment of the power sector in the period. Gas supply, and vandalisation of transmission infrastructure owned and operated by the Transmission Company of Nigeria (TCN) led to a reduction in average power supplied to the national grid to 4,172 MW, compared with 4,785 MW in the corresponding period last year. These sectoral challenges curtailed the utilisation of our plant’s available capacity of 625MW to 70 percent in the period.

We are actively collaborating with gas suppliers, TCN, relevant regulators, and other key stakeholders to address these challenges and provide much-needed power to the national grid and Nigerians. We are seeing improvements, and our strategic priorities remain firmly on operational excellence, asset optimisation, and stakeholder collaboration.”

Evans Okpogoro, Chief Finance Officer, Transcorp Power Plc said, “Despite the external operational pressures in the quarter, Transcorp Power delivered a healthy financial outcome, with strong profitability margins and continued balance-sheet expansion. Total assets grew to N613.42 billion, while shareholders’ fund increased to N214.96 billion, reflecting disciplined capital management and retained earnings growth.

Liquidity improved materially, with cash and cash equivalents rising to N10.40 billion, enhancing our financial flexibility. Our retained earnings position continues to strengthen, underscoring the underlying earnings capacity of the business even in a more challenging operating environment. We remain focused on cost optimisation, capital efficiency, and prudent risk management, positioning the Company to capture upside as sector conditions improve.”