Transcorp Power Plc, one of the power subsidiaries of Africa’s leading listed conglomerate, Transnational Corporation Plc (“Transcorp Group”), announced its unaudited financial results for the six months ended June 30, 2026, demonstrating resilience despite significant operational challenges arising from recurring transmission infrastructure vandalism.
The company maintained a strong financial position despite a decline in revenue and profitability compared with H1 2025.
Total assets grew by 9.9% from ₦563.48 billion to ₦619.02 billion while shareholders’ funds rose by 3.2% to ₦189.34 billion from ₦183.40 billion. Retained earnings also rose by 6.4%, reflecting continued value creation and earnings retention.
The increase in receivables and borrowings largely drove the expansion in the balance sheet during the period.
MD/CEO, Transcorp Power Plc, Peter Ikenga, comments: “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. Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet.
“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders.
“We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025.”
Chief Finance Officer, Transcorp Power Plc, Dr Evans Okpogoro, comments:”Our half-year results show sustained operating discipline in a period of moderated revenue.
“While revenue stood at ₦181.97 billion and Profit After Tax at ₦38.50 billion, the quality of our earnings improved across every efficiency metric.
“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 increased to 30.2% from 28.5% in 2025.
“These gains reflect our cost optimisation efforts and disciplined financial management, positioning us to continue delivering sustainable value for our shareholders.”
(The Sun)
