Transcorp profit fall 10.5% to ₦111.4bn as power output dey squeeze
- Transcorp profit before tax drop 10.5% to ₦111.4bn in di nine months to September 2026.
- Revenue fall 13.3% to ₦357.4bn after transmission and gas supply problems cut power output.
- Di company still widen im profit margin and more than double im cash holdings.
Transnational Corporation Plc make profit before tax of ₦111.4 billion in di nine months to September 2026, down 10.5 percent from a year earlier, after problems moving and supplying gas cut how much electricity im power business fit send out.
Revenue drop 13.3 percent to ₦357.4 billion from ₦412.4 billion in di same period of 2025, according to di group unaudited results. Profit after tax come to ₦75.1 billion, down 17.8 percent from ₦91.4 billion.
Most of di revenue loss come from Transcorp Power Plc, where transmission and gas supply constraints hold output back. Group finance chief Festus Izevbizua talk say the year-on-year revenue drop na because of power evacuation constraints "arising from vandalisation of transmission and gas infrastructure".
For ordinary Nigerians, di figures point to one problem wey don dey: even a well-run generator fit only sell wetin di grid and gas pipelines allow am to move. When dem attack infrastructure or e dey under strain, homes and businesses dey get less power, and di company dey earn less from di plants wey e build.
Margins widen even as sales slip
There was a brighter side. Di group profit-before-tax margin rise to 31.2 percent from 30.2 percent, which management talk say na because of cost cutting and tighter operations. Chief executive Owen Omogiafo talk say di results show "the strength of our diversified portfolio" and di group ability to keep profits strong and expand margins in a difficult operating environment.
Di balance sheet also grow. Total assets climb 13 percent to ₦1.13 trillion from ₦1 trillion at di end of December 2025, while total equity rise 9.7 percent to ₦387.8 billion. Cash and cash equivalents more than double to ₦45.9 billion from ₦21.9 billion.
Transcorp Power lift shareholders' funds by 8.9 percent to ₦199.8 billion and grow im cash more than fourfold to ₦10.3 billion.
Di hospitality arm do better. Transcorp Hotels Plc post profit after tax of ₦15.5 billion, up 5 percent, with im net profit margin at 22.3 percent, finance costs down 36 percent and total assets up 29 percent to ₦206.8 billion.
Omogiafo talk say di group go keep working with stakeholders to ease industry-wide constraints and improve electricity delivery, while using im hotel investments to support business, tourism and major events in Nigeria.
What happens next
Transcorp talk say e go keep chasing growth in power, hospitality and energy. How quickly im power revenue go recover go depend on whether dem fix transmission and gas supply problems, since those ones dey outside di company direct control.
