Transnational Corporation Plc (Transcorp) began 2026 on a steady note and posted strong first-quarter results.
It delivered a pre-tax profit of ₦50.6 billion in Q1 2026.
This outcome compares with ₦49.4 billion achieved in the same period last year.
Stronger finance income and stable power operations drove this modest growth.
Revenue Performance
Group revenue fell to ₦125.1 billion from ₦143.7 billion previously.
However, the power business continued to drive overall performance.
Energy sales contributed 63% of total revenue during the period.
In addition, capacity charges added 18.8% to group earnings.
Meanwhile, hospitality contributed 12.6%, mainly from room revenue and services.
Within the segment, power operations generated ₦79.1 billion from energy sales.
Capacity charges added another ₦23.5 billion to total revenue.
Similarly, hospitality delivered ₦15.7 billion from room revenue.
Food and beverage sales contributed ₦5.5 billion.
Also, shop rentals generated ₦442.4 million.
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Operational Challenges
However, the power sector faced grid instability and frequent system collapses.
Transcorp operates Ughelli and Afam plants with 2GW combined capacity.
As a result, cost of sales dropped to ₦54.5 billion from ₦70.3 billion.
This reduction helped the group protect profitability despite lower revenue.
Consequently, gross profit reached ₦70.5 billion, though slightly lower year on year.
Operating profit also declined to ₦50.1 billion, down 7.59%.
Transcorp Financial Performance
On a positive note, net finance income rose strongly to ₦1.2 billion.
It recovered from a ₦4.2 billion loss recorded previously.
However, foreign exchange losses increased to ₦793.6 million during the period.
After taxes of ₦12.7 billion, profit after tax reached ₦37.8 billion.
Earnings per share increased to ₦2.16 from ₦1.92.
Meanwhile, total assets rose to ₦1.07 trillion from ₦1.002 trillion.
Trade receivables remained the largest asset base at ₦598 billion.
Equity also increased to ₦392.8 billion, supported by retained earnings.
Finally, Transcorp shares rose 3.74% year-to-date, trading at ₦47.10.
