Transmission Vandalism Hits Transcorp Power’s H1 Revenue, Profit

Emmanuel Addeh
Transcorp Power Plc has reported a resilient financial performance for the first half of 2026 despite the adverse impact of recurring transmission infrastructure vandalism, which constrained its ability to evacuate available power generation capacity.
The electricity generation company, a subsidiary of Transnational Corporation Plc (Transcorp Group), posted revenue of N181.97 billion for the six months ended June 30, 2026, down from N205.81 billion recorded in the corresponding period of 2025.

Profit before tax also declined to N54.99 billion, compared with N58.73 billion in the first half of 2025.
Despite the lower revenue and profitability, the company strengthened its balance sheet during the period, with total assets rising by 9.9 per cent to N619.02 billion from N563.48 billion at the end of 2025. Shareholders’ funds increased by 3.2 per cent to N189.34 billion, while retained earnings grew 6.4 per cent to N140.90 billion, reflecting continued earnings retention and value creation.

According to the company, the expansion in its balance sheet was largely driven by increases in receivables and borrowings.
Commenting on the performance, the Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, said the results underscored the company’s resilience despite severe operational headwinds across the power sector.
“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,” he said.
Ikenga noted that despite the operational setbacks, the company sustained strong profitability, maintained operational efficiency and strengthened its financial position.

He reaffirmed the company’s commitment to collaborating with relevant stakeholders to curb vandalism of transmission infrastructure, improve operational performance and enhance power supply reliability.
“We remain highly confident that we will recover lost ground in H1 2026 and finish FY2026 stronger than FY2025,” he added.
Also commenting on the results, the Chief Finance Officer, Dr. Evans Okpogoro, said the company’s earnings quality improved despite lower revenue.

According to him, while revenue stood at N181.97 billion and profit after tax at N38.50 billion, Transcorp Power recorded stronger operational efficiency across key performance indicators.
He disclosed that gross margin rose to 38.4 per cent from 34.7 per cent in the corresponding period of 2025, while operating margin increased to 30.6 per cent from 28.5 per cent. Profit before tax margin also improved to 30.2 per cent, up from 28.5 per cent a year earlier.
Okpogoro attributed the stronger margins to the company’s cost optimisation initiatives and disciplined financial management.
“These gains reflect our cost optimisation efforts and disciplined financial management, positioning us to continue delivering sustainable value for our shareholders,” he said.
Transcorp Power is one of Nigeria’s leading electricity generation companies and a subsidiary of Transcorp Group, which has strategic investments across the power, hospitality and energy sectors. The company said it remains committed to supporting economic growth through reliable power generation while creating long-term value for shareholders.