Transcorp Power Plc has released its unaudited financial results for the first quarter ended March 31, 2026, achieving revenue of N94.59 billion and profit before tax of N39.59 billion, despite facing operational hurdles in Nigeria's power sector.
The company noted that revenue declined from N105.44 billion recorded in the same period of 2025. Profit before tax also fell from N43.28 billion, while profit after tax stood at N29.70 billion, compared to N32.64 billion in Q1 2025.
Despite the reduced earnings, Transcorp Power posted significant growth in key balance sheet metrics. Total assets increased to N613.42 billion from N563.48 billion as of December 2025. Shareholders' funds rose to N214.96 billion from N183.40 billion, and retained earnings climbed to N162.10 billion from N132.41 billion.
Liquidity improved markedly during the quarter, with cash and cash equivalents surging to N10.40 billion, up from N2.22 billion at the end of 2025.
The company attributed the performance to persistent challenges in the operating environment, particularly gas supply constraints and vandalism of transmission infrastructure owned by the Transmission Company of Nigeria, which hampered power generation and distribution.
Managing Director and Chief Executive Officer, Peter Ikenga, stated that these 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 the utilisation of the company's available generation capacity of 625 megawatts to about 70 percent during the quarter.
Ikenga noted that the company is collaborating 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.
