Transcorp Power Plc (NGX: TRANSPOWER), a power subsidiary of Transnational Corporation Plc (Transcorp Group), has released its unaudited financial results for the six months ended June 30, 2026. The company demonstrated resilience despite significant operational challenges, primarily stemming from recurring transmission infrastructure vandalism.
The financial report shows that revenue for H1 2026 stood at N181.97 billion, a decrease from N205.81 billion recorded in H1 2025. Profit Before Tax also saw a decline, reaching N54.99 billion in H1 2026 compared to N58.73 billion in the corresponding period of 2025.
Despite the dip in revenue and profitability, Transcorp Power maintained a strong financial position. Total assets expanded by 9.9% to N619.02 billion from N563.48 billion in FY 2025. Shareholders’ funds increased by 3.2% to N189.34 billion from N183.40 billion, and retained earnings grew by 6.4% to N140.90 billion from N132.41 billion in FY 2025. This balance sheet expansion was largely driven by an increase in receivables and borrowings.
Peter Ikenga, MD/CEO of Transcorp Power Plc, commented on the performance, stating, “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.” He affirmed the company’s commitment to delivering strong profitability, maintaining operational efficiency, and strengthening its balance sheet, while working with stakeholders to address transmission line vandalism.
Dr. Evans Okpogoro, Chief Finance Officer of Transcorp Power Plc, highlighted the sustained operating discipline. He noted that while revenue was N181.97 billion and Profit After Tax was N38.50 billion, the quality of earnings improved across efficiency metrics. Gross margin expanded to 38.4% from 34.7% in H1 2025, operating margin increased to 30.6% from 28.5% in 2025, and Profit Before Tax margin rose to 30.2% from 28.5% in 2025. These improvements reflect the company’s cost optimisation efforts and disciplined financial management.
