Transcorp Power Plc, one of the power subsidiaries of Africa’s leading listed conglomerate, Transnational Corporation Plc, 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. The company posted revenue of N94.59 billion, profit before tax of N39.59 billion, and profit after tax of N29.70 billion.
Peter Ikenga, Managing Director and Chief Executive Officer of Transcorp Power, explained that the company’s Q1 performance reflected the realities of the challenging operating environment in the power sector. Gas supply constraints and vandalisation of transmission infrastructure owned and operated by the Transmission Company of Nigeria 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 the company’s plant available capacity of 625 MW to 70 per cent in the period.
Evans Okpogoro, Chief Finance Officer of Transcorp Power, noted that despite external operational pressures, the company delivered a healthy financial outcome with strong profitability margins and continued balance-sheet expansion. Total assets grew to N613.42 billion, while shareholders’ funds increased to N214.96 billion, reflecting disciplined capital management and retained earnings growth. Cash and cash equivalents rose to N10.40 billion, enhancing financial flexibility.
From an economic perspective, Transcorp Power’s performance underscores the resilience of Nigeria’s privatised power generation companies despite persistent upstream challenges. The company’s strategic priorities remain operational excellence, asset optimisation, and stakeholder collaboration. As sector conditions improve, the company’s retained earnings position, which strengthened to N162.10 billion, positions it to capture upside and contribute to national grid stability.
