Transcorp Power Plc, on Friday says it remains upbeat despite what it called endemic structural factors plaguing the Nigerian electricity supply industry, like “vandalisation of critical transmission infrastructure, which constrained power evacuation, gas supply constraints and delays in the delivery of critical turbine parts and components due to global supply chain disruption arising from the Middle East crisis.”
Arising from these factors, the company, according to its result for the nine-month ended September 30, 2026, posted on the Nigerian Exchange (NGX) portal, reported a revenue dropped by 13.7% to ₦266.1 billion, from ₦308.5 billion in the same period of 2025. A breakdown of the revenue showed that energy delivered yielded ₦197.877bn, down from ₦225.611bn; followed by capacity charge of ₦68,249bn, down from ₦82.915bn; while ancillary services pooled ₦13.5bn, same as last year.
Cost of sales dropped from ₦188.872bn in the first nine months of 2025 to ₦163.851bn, with cost of natural gas and fuel costs, down from ₦163.731bn; repair and maintenance rose to ₦6.801bn from N4.119bn, among others. This leaves gross profit at ₦102.288bn, up from ₦119.668bn. Other operating income stood at ₦319.558m (scrap sales) from nil in 2025, impairment write back on financial assets stood at ₦12.395bn from a negative of ₦7.689bn; while administrative expenses jumped to ₦25.019bn from ₦17.929bn.
Finance income dropped to ₦2,487bn from ₦4.083bn; finance cost (being interest expense on loans) dropped slightly from ₦8.646bn to ₦7.047bn; while other gain (foreign exchange loss) stood at ₦1.691bn from the previous ₦1.689bn gain.
Profit before tax dropped from ₦91.176bn to ₦83.083bn, even as PBT margin improved to 31.2% from 29.6% in the similar period of 2025. Income tax expense rose to ₦26.582bn, compared to ₦22.751bn, resulting in net profit of ₦56.501bn, compared to the previous ₦68.424bn, representing earnings per share of ₦2.59, down from ₦3.18 each.
Despite the challenges, the company said it maintained strong operational readiness and plant availability, while further strengthening its financial position, through improved collections, partial settlement of legacy market debts, and the reversal of expected credit loss provisions, reflecting improving liquidity across the electricity market.
Commenting, the company’s Managing Director/CEO, Transcorp Power Plc, Peter Ikenga, said the “results reflect the embedded resilience of our business regardless of external challenges, including transmission constraints, vandalisation of critical transmission infrastructure, and gas supply limitations. We have relentelessly worked with stakeholders to address broader industry issues. Notwithstanding headwinds, we improved our profit margin, strengthened our balance sheet, increased cash reserves, and remained focused on operational excellence, efficient generation, and long-term value creation for our shareholders”
Also commenting, the Chief Finance Officer, Transcorp Dr. Evans Okpogoro, said the “nine-month results demonstrate strong financial discipline and resilience despite external sector challenges that impacted revenue. We improved our PBT margin to 31.2%, increased cash and cash equivalents by 365% to ₦10.3 billion, and grew shareholders’ funds by 8.9% to ₦199.8 billion. These results highlight the strength of our business, prudent capital management, and our ability to deliver sustainable value despite operational challenges largely beyond our control.”
Speaking on the outlook, he said the company “will continue to pursue growth opportunities, strengthen operational reliability and fuel security, and work across the power value chain to support Nigeria’s increasing energy needs.”
