Transcorp Power Plc recorded a profit before tax of N39.59 billion in the first quarter of 2026, down from N43.28 billion in the same period of 2025. Revenue for the period stood at N94.59 billion, a decline from N105.44 billion in Q1 2025. The company attributed the drop to reduced power supply to the national grid, which fell to an average of 4,172 megawatts from 4,785 megawatts year-on-year.
Plant capacity utilisation was limited to 70 percent despite having 625MW available, due to gas supply issues and vandalism of Transmission Company of Nigeria (TCN) infrastructure. Total assets rose to N613.42 billion as of March 31, 2026, from N563.48 billion in December 2025. Shareholders' funds increased to N214.96 billion from N183.40 billion over the same period.
Cash and cash equivalents grew to N10.40 billion, up from N2.22 billion at the end of 2025. Retained earnings reached N162.10 billion, compared to N132.41 billion in the previous quarter. Peter Ikenga, MD/CEO of Transcorp Power, cited collaboration with gas suppliers and regulators as part of ongoing efforts to improve output. Evans Okpogoro, Chief Finance Officer, noted the company maintained strong profitability margins and improved financial flexibility despite sector challenges.
Transcorp Power reports strong profits while operating at only 70 percent capacity, raising questions about the potential output if infrastructure and supply issues were resolved. Nigerians continue to receive less power despite the company's financial gains, suggesting profitability does not directly translate to improved electricity supply. The gap between earnings and service delivery highlights a disconnect in the sector's performance metrics. Shareholders benefit even as grid supply remains constrained.
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