Transnational Corporation Plc (Transcorp Group) has released its unaudited financial results for the first quarter ended March 31, 2026, reporting a profit before tax of ₦50.7 billion despite a decline in revenue to ₦125.1 billion.
Financial Performance Highlights
In its filing on the Nigerian Exchange, the conglomerate stated that revenue dropped from ₦143.7 billion recorded in the same period of 2025, reflecting operational headwinds during the quarter. However, profit before tax rose by 3 percent from ₦49.4 billion, while profit after tax increased to ₦37.9 billion from ₦36.7 billion. Earnings per share improved to 216 kobo, compared with 192 kobo in Q1 2025.
Balance Sheet Strength
The company's balance sheet strengthened during the period, with total equity growing to ₦392.8 billion from ₦353.4 billion as of December 2025. Cash and cash equivalents rose to ₦31.4 billion, up from ₦21.9 billion, indicating improved liquidity.
Operational Performance
Transcorp noted that while revenue moderated year-on-year, finance costs improved significantly, shifting from a net cost position in the prior year to a net income position in the current period. The group said the performance demonstrates its ability to sustain earnings despite disruptions across key operating segments.
According to the company, its power business was affected by gas supply constraints and challenges in evacuating generated electricity due to vandalism of critical transmission infrastructure. These issues limited the dispatch of available generation capacity to the national grid. By contrast, the hospitality segment recorded strong growth in both revenue and profitability, driven by consistent service delivery and customer demand. The group said its expanded offerings in the segment continued to support performance.
CEO Commentary
President and Group Chief Executive Officer, Owen Omogiafo, said the company remains committed to driving growth in critical sectors of the Nigerian economy. She stated that the group achieved an available generation capacity of 973 megawatts during the quarter but was only able to dispatch 454 megawatts due to infrastructure and gas supply challenges. Omogiafo added that Transcorp is engaging relevant stakeholders to resolve the constraints and improve utilisation of its installed capacity.
She also noted that the hospitality business sustained its leadership position, supported by the newly commissioned multipurpose events centre, which has expanded opportunities for conferences and social functions. Despite the operating challenges, she said the group grew shareholders' equity and maintained profitability, expressing confidence in a positive outlook for the rest of the 2026 financial year.
