First Quarter 2026: Transcorp Power Generates ₦95 Billion in Revenue, Records ₦39.59 Billion in Earnings

Transcorp Power Plc has released its unaudited financial results for the first quarter, which ended on March 31, 2026, with revenue amounting to ₦94.59 billion and profit before tax of ₦39.59 billion, amidst the operational challenges prevalent in Nigeria's power sector, under the leadership of Peter Ikenga, MD/CEO.

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The company's revenue experienced a decline from the ₦105.44 billion recorded in the corresponding period of 2025, while profit before tax also dropped from ₦43.28 billion, with profit after tax standing at ₦29.70 billion, compared to ₦32.64 billion in Q1 2025.

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Despite the decline in earnings, Transcorp Power recorded notable growth across key balance sheet indicators, with total assets rising to ₦613.42 billion from ₦563.48 billion as of December 2025.

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Shareholders' funds increased to ₦214.96 billion from ₦183.40 billion, while retained earnings climbed to ₦162.10 billion from ₦132.41 billion, showcasing the company's financial growth.

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Liquidity improved significantly during the period, with cash and cash equivalents rising to ₦10.40 billion, compared to ₦2.22 billion at the end of 2025, indicating a substantial enhancement in the company's financial position.

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The company attributed its performance to persistent challenges in the operating environment, particularly gas supply constraints and the vandalisation of transmission infrastructure owned by the Transmission Company of Nigeria, which affected power generation and distribution.

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According to Peter Ikenga, Managing Director and Chief Executive Officer, 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, highlighting the impact of these challenges on the company's operations.

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Ikenga added that the issues limited utilisation of the company's available generation capacity of 625 megawatts to about 70 per cent during the quarter, underscoring the need for addressing these constraints to improve power delivery to the grid.

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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, as stated by Ikenga.

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Chief Finance Officer, Dr Evans Okpogoro, noted that the company maintained strong profitability margins and continued balance sheet expansion despite external pressures, demonstrating its resilience in a challenging environment.

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Okpogoro stated that the growth in total assets and shareholders' funds reflects disciplined capital management and rising retained earnings, while improved liquidity enhances the company's financial flexibility.

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The company remains focused on cost optimisation, capital efficiency, and prudent risk management as it positions to benefit from improvements in sector conditions, according to Okpogoro.