Business
Transcorp Power reports resilient H1 2026 performance despite transmission challenges
By Editor
Transcorp Power Plc has reported a resilient financial performance for the first half of 2026, maintaining strong profitability and strengthening its balance sheet despite recurring transmission infrastructure vandalism that constrained electricity evacuation.
The company, one of Nigeria’s leading electricity generation firms and a subsidiary of Transnatio
Revenue declined to ₦181.97 billion from ₦205.81 billion recorded in the corresponding period of 2025, while profit before tax fell to ₦54.99 billion, compared with ₦58.73 billion a year earlier.
Despite the decline in earnings, the company expanded its asset base and improved shareholders’ value during the period.
Total assets rose by 9.9 per cent to ₦619.02 billion, up from ₦563.48 billion at the end of 2025. Shareholders’ funds increased by 3.2 per cent to ₦189.34 billion, while retained earnings climbed 6.4 per cent to ₦140.90 billion, reflecting continued earnings retention and value creation.
The company attributed the balance sheet growth largely to higher receivables and borrowings.
Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, said the company’s performance underscored its operational resilience despite persistent industry challenges.
“Our H1 2026 performance reflects the resilience of our operations despite significant sector-wide challenges. Recurring transmission line vandalism materially constrained our ability to evacuate available generation capacity,” he said.
“Nonetheless, we maintained strong profitability, sustained operational efficiency and further strengthened our balance sheet.”
Ikenga added that the company would continue collaborating with stakeholders to curb transmission infrastructure vandalism while improving operational performance and supply reliability.
He expressed confidence that Transcorp Power would recover lost ground in the second half of the year and deliver a stronger full-year performance than in 2025.
Chief Finance Officer, Evans Okpogoro, said the company’s financial performance demonstrated effective cost management despite softer revenue.
According to him, profit after tax stood at ₦38.50 billion, while operational efficiency improved across key performance indicators.
He noted that gross margin increased to 38.4 per cent from 34.7 per cent in H1 2025, operating margin rose to 30.6 per cent from 28.5 per cent, while profit-before-tax margin improved to 30.2 per cent, compared with 28.5 per cent in the corresponding period last year.
Okpogoro attributed the improved margins to sustained cost optimisation initiatives and disciplined financial management, saying the company remains well positioned to deliver long-term value to shareholders.
Transcorp Power is one of Nigeria’s major power generation companies and a key subsidiary of Transcorp Group, which has strategic investments spanning the power, hospitality and energy sectors. The company says it remains committed to improving electricity generation, supporting economic growth and creating sustainable value for stakeholders.