Transcorp Power Plc has released its unaudited financial results for the first quarter ended March 31, 2026, reporting resilient earnings despite significant operational disruptions during the period.
The company, a power subsidiary of Transnational Corporation Plc, posted revenue of ₦94.59 billion in Q1 2026, compared with ₦105.44 billion in Q1 2025.
Profit before tax stood at ₦39.59 billion, down from ₦43.28 billion in the corresponding period last year, while profit after tax declined to ₦29.70 billion from ₦32.64 billion.
Despite macro and sector-specific constraints, the company strengthened its balance sheet during the quarter. Total assets rose to ₦613.42 billion from ₦563.48 billion in December 2025. Shareholders’ funds increased to ₦214.96 billion from ₦183.40 billion, while retained earnings climbed to ₦162.10 billion from ₦132.41 billion.
Cash and cash equivalents also improved significantly, rising to ₦10.40 billion from ₦2.22 billion at the end of 2025.
Managing Director and Chief Executive Officer, Peter Ikenga, said the company’s performance reflected the realities of challenges in Nigeria’s power sector during the quarter.
According to him, gas supply constraints and vandalisation of transmission infrastructure owned and operated by Transmission Company of Nigeria reduced average power supplied to the national grid to 4,172MW, compared with 4,785MW in the same period of 2025.
He added that the sectoral challenges limited utilisation of the company’s available 625MW plant capacity to 70 percent during the quarter.
Ikenga said the company is working closely with gas suppliers, TCN, regulators and other stakeholders to resolve the issues and improve power delivery to the national grid.
Chief Finance Officer, Dr. Evans Okpogoro, said the company still delivered strong profitability margins and continued balance-sheet growth despite external pressures.
He noted that improved liquidity and stronger retained earnings position the company to capture upside opportunities as sector conditions improve.
