The power generation firm, a subsidiary of Transnational Corporation Plc, disclosed its unaudited financial results for the six-month period ended June 30, 2026, showing continued resilience amid a challenging operating environment.
Although revenue and profit moderated compared with the corresponding period in 2025, the company said its financial position remained strong, supported by disciplined cost management, operational improvements and strategic financial decisions.
The company’s total assets grew by 9.9 per cent to ₦619.02 billion, compared with ₦563.48 billion recorded in the same period last year. Shareholders’ funds also increased by 3.2 per cent to ₦189.34 billion, while retained earnings rose by 6.4 per cent, indicating sustained earnings retention and long-term value creation.
Transcorp Power attributed the expansion of its balance sheet largely to higher receivables and increased borrowings during the review period.
The company’s Managing Director and Chief Executive Officer, Peter Ikenga, said the results reflected the strength and adaptability of the business despite the persistent difficulties affecting Nigeria’s electricity industry.
He explained that recurring vandalism of transmission infrastructure had become a major constraint, limiting the company’s ability to deliver generated electricity to the national grid.
“Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges. Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity,” Ikenga said.
According to him, while the disruptions affected the company’s ability to maximise available generation capacity, Transcorp Power continued to record strong profitability, enhance operational efficiency and reinforce its financial foundation.
Ikenga said the company remained committed to collaborating with government agencies, industry stakeholders and other relevant partners to tackle transmission infrastructure challenges, improve electricity reliability and create sustainable value for shareholders.
He expressed optimism that improved operating conditions in the second half of the year would enable the company to regain lost capacity and exceed its 2025 full-year performance.
The company’s Chief Finance Officer, Dr Evans Okpogoro, said the half-year performance demonstrated the impact of careful financial planning, cost optimisation measures and disciplined resource management.
He disclosed that revenue for the period stood at ₦181.97 billion, while profit after tax was recorded at ₦38.50 billion.
Despite the decline in headline figures compared with the previous year, Okpogoro noted that profitability indicators improved, reflecting stronger cost control and operational efficiency.
Gross profit margin increased to 38.4 per cent from 34.7 per cent in the corresponding period of 2025. Operating margin also improved to 30.6 per cent from 28.5 per cent, while profit before tax margin rose to 30.2 per cent from 28.5 per cent.
“The improved margins reflect our continued focus on operational efficiency and prudent cost management,” Okpogoro said, adding that the company remained positioned to deliver sustainable returns to shareholders.
Transcorp Power said it remains confident about its outlook for the remainder of 2026, citing its strong balance sheet, improved operational discipline and ongoing efforts to strengthen electricity generation and transmission reliability.
The company maintained that addressing infrastructure constraints, particularly transmission challenges, would be critical to unlocking Nigeria’s power sector potential and ensuring more consistent electricity delivery to consumers.