Transcorp Power posts H1 2026 profit of ₦54.99 billion as transmission vandalism hits revenue

Transcorp Power Plc has reported a profit before tax of ₦54.99 billion for the first half of 2026, even as revenue dipped to ₦181.97 billion from ₦205.81 billion in the same period last year. The company said recurring vandalism of transmission infrastructure constrained its ability to evacuate power from its plants.

The results, published for the six months ended June 30, 2026, show that the power generation subsidiary of Transnational Corporation Plc maintained strong profitability despite the sector-wide challenges.

Key financial highlights

Revenue for H1 2026 stood at ₦181.97 billion, down from ₦205.81 billion in H1 2025. Profit before tax came in at ₦54.99 billion, compared with ₦58.73 billion in the prior year. Total assets grew by 9.9% to ₦619.02 billion from ₦563.48 billion at the end of FY 2025. Shareholders’ funds rose by 3.2% to ₦189.34 billion from ₦183.40 billion. Retained earnings increased by 6.4% to ₦140.90 billion from ₦132.41 billion, reflecting continued value retention.

The company said the balance sheet expansion was largely driven by an increase in receivables and borrowings during the period.

Efficiency gains despite revenue drop

Chief Finance Officer Dr Evans Okpogoro said the quality of earnings improved across efficiency metrics. Gross margin expanded to 38.4% from 34.7% in H1 2025. Operating margin rose to 30.6% from 28.5%, and profit before tax margin increased to 30.2% from 28.5%.

“These gains reflect our cost optimisation efforts and disciplined financial management, positioning us to continue delivering sustainable value for our shareholders,” Okpogoro said.

Transmission vandalism remains a major headache

Managing Director and CEO Peter Ikenga said the H1 2026 performance demonstrates the resilience of the business despite serious sector-wide problems. “Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity,” he said.

Ikenga said the company remains committed to working with stakeholders to end the vandalism and improve operational performance. “We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.

What this means for the power sector and consumers

The results underscore the toll that infrastructure sabotage is taking on Nigeria’s power generation capacity. With Transcorp Power unable to evacuate all the electricity it can generate, the grid loses supply that could have reached homes and businesses. Until transmission line vandalism is curbed, power generation companies will continue to operate below capacity, keeping pressure on electricity availability and costs for Nigerian consumers.