Transcorp Power Plc, a power subsidiary of Transnational Corporation Plc (Transcorp Group), has reported a profit before tax of ₦83.1 billion for the nine months ended September 30, 2026, with its profit before tax margin improving to 31.2 per cent from 29.6 per cent in the corresponding period of 2025.
The company’s unaudited financial results showed that revenue declined by 13.7 per cent to ₦266.1 billion from ₦308.5 billion in the corresponding period of 2025, while profit before tax fell to ₦83.1 billion from ₦91.18 billion.
Despite the decline in revenue, Transcorp Power improved its profit before tax margin to 31.2 per cent, reflecting its ability to sustain profitability amid operational challenges in Nigeria’s electricity supply industry.
The company attributed the revenue decline to structural challenges affecting the sector, including the vandalisation of critical transmission infrastructure, which constrained power evacuation, gas supply limitations, and delays in the delivery of essential turbine parts and components due to global supply chain disruptions arising from the Middle East crisis.
Transcorp Power said it maintained operational readiness and plant availability despite the challenges, while continuing to focus on efficient power generation and operational excellence.
Its financial position also strengthened during the period, with total assets increasing by 11.7 per cent to ₦629.5 billion, while shareholders’ funds rose by 8.9 per cent to ₦199.8 billion. Retained earnings grew by 11.5 per cent to ₦147.7 billion.
Cash and cash equivalents increased by 365 per cent to ₦10.3 billion, supported by improved collections, partial settlement of legacy market debts, and the reversal of expected credit loss provisions, which the company said reflected improving liquidity across the electricity market.
Commenting on the results, the Managing Director and Chief Executive Officer of Transcorp Power Plc, Engr. Peter Ikenga, said the performance demonstrated the resilience of the business despite external challenges, including transmission constraints, vandalisation of critical infrastructure and gas supply limitations.
He said the company had continued to work with stakeholders to address broader industry challenges while improving its profit margin, strengthening its balance sheet and increasing cash reserves.
Ikenga added that Transcorp Power remained focused on operational excellence, efficient generation and long-term value creation for shareholders.
The Chief Finance Officer of Transcorp Power Plc, Dr Evans Okpogoro, said the nine-month results reflected financial discipline and resilience despite external sector challenges that affected revenue.
He said the improvement in profit margin, growth in cash reserves and increase in shareholders’ funds demonstrated the company’s financial strength, prudent capital management and capacity to deliver sustainable value despite operational challenges largely beyond its control.
Looking ahead, Transcorp Power said it would continue to pursue growth opportunities, strengthen operational reliability and fuel security, and collaborate with stakeholders across the power value chain to support Nigeria’s growing energy needs.
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