Many Nigerian companies struggled as the naira collapsed, but Transnational Corporation Plc confronted the turbulence with both resilience and vulnerability.
The Lagos-based conglomerate, active in power, hospitality and oil & gas, entered 2025 with a rare advantage: it earned more in dollars than it owed.
Because of that positioning, the group delivered ₦2.77 billion in foreign-exchange gains in the first half of the year, more than twice 2024’s figure.
Furthermore, in the second quarter alone, FX gains surged to ₦3.4 billion.
Rising Costs And Leverage
However, the windfall only highlighted deeper strains.
Financing costs jumped 27% to ₦9.05 billion, while administrative expenses spiked 70% to ₦36 billion.
In addition, operating cash flow swung into deficit as receivables from the government-owned bulk electricity buyer piled up.
Meanwhile, borrowings climbed 23% to ₦110.3 billion, signalling heavier leverage.
Growth Amid Pressure
Even so, Transcorp pushed growth on several fronts.
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Group revenue soared 60% to ₦279.7 billion, with power sales contributing ₦183.5 billion and hospitality income rising to ₦47.6 billion.
As a result, profit before tax advanced 21% to ₦85.7 billion, while net profit climbed to ₦65.2 billion.
Moreover, the group expanded its total assets to ₦907.3 billion by building cash reserves and securing fresh deposits for shares.
Ultimately, Transcorp’s 2025 story blends strength with fragility.
On one hand, the group harnessed FX gains and rising revenues.
On the other, it faced mounting costs, growing debt, and continued exposure to Nigeria’s unreliable electricity market.
How effectively Transcorp manages these opposing forces will decide whether it builds lasting strength or merely secures a short-term reprieve in a volatile economy.
