Transcorp Power Plc has announced its unaudited financial results for the first quarter ended March 31, 2026, posting revenue of ₦94.59 billion and profit before tax of ₦39.59 billion amid operational challenges in Nigeria’s power sector.
The company reported that revenue declined from ₦105.44 billion recorded in the corresponding period of 2025. Profit before tax also dropped from ₦43.28 billion, while profit after tax stood at ₦29.70 billion, compared with ₦32.64 billion in Q1 2025.
Despite the moderated earnings, Transcorp Power recorded notable growth across key balance sheet indicators. Total assets rose to ₦613.42 billion from ₦563.48 billion as at 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.
Liquidity improved significantly during the period, with cash and cash equivalents rising to ₦10.40 billion, compared with ₦2.22 billion at the end of 2025.
The company attributed the performance to persistent challenges in the operating environment, particularly gas supply constraints and vandalisation of transmission infrastructure owned by the Transmission Company of Nigeria, which affected power generation and distribution.
Managing Director and Chief Executive Officer, Peter Ikenga, said the challenges reduced the average power supplied to the national grid to 4,172 megawatts, down from 4,785 megawatts in the same period last year. He added that the issues limited utilisation of the company’s available generation capacity of 625 megawatts to about 70 per cent during the quarter.
Ikenga noted that the company is working closely with gas suppliers, the Transmission Company of Nigeria, regulators and other stakeholders to address the constraints and improve power delivery to the grid.
Chief Finance Officer, Dr Evans Okpogoro, said the company maintained strong profitability margins and continued balance sheet expansion despite external pressures.
He stated that the growth in total assets and shareholders’ funds reflects disciplined capital management and rising retained earnings. He added that improved liquidity enhances the company’s financial flexibility, while its earnings position underscores resilience in a challenging environment.
Okpogoro said the company remains focused on cost optimisation, capital efficiency and prudent risk management as it positions to benefit from improvements in sector conditions.
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