Transcorp Power revenue tops $290 million in 2025, backing Nigeria’s power push

Transcorp Power Plc posted stronger-than-expected results in 2025, with revenue climbing above $290 million as higher electricity generation lifted earnings and strengthened its balance sheet. The performance adds to signs of steady improvement in Nigeria’s power sector, where supply remains a central constraint on economic growth.

The power producer, a subsidiary of Transnational Corporation Plc, the diversified conglomerate led by Nigerian billionaire Tony Elumelu, reported revenue of N398.27 billion ($291.1 million) for the year ended Dec. 31, 2025. That compares with N305.94 billion ($223.6 million) a year earlier, according to figures in its audited accounts.

Higher energy revenue drives profit gains

The increase was driven by gains across key revenue lines. Capacity charge income rose to N104.4 billion ($76.4 million) from N100.04 billion ($73.2 million) in 2024, while revenue from energy delivered jumped to N293.8 billion ($214.95 million) from N205.8 billion ($150.6 million) thanks to improved plant availability and higher generation output.

Profit after tax rose 14 percent to N91.42 billion ($66.9 million), up from N80.01 billion ($58.53 million) in 2024. Earnings per share increased to N12.19 ($0.0089) from N10.67 ($0.0078), even as the company paid down more than N7 billion ($5.12 million) in borrowings.

Lower debt helped reduce total short- and medium-term borrowings to N30.7 billion ($22.45 million), down from N37.7 billion ($27.57 million) as of Dec. 31, 2024, easing pressure on financing costs and improving cash flow flexibility.

Disciplined strategy drives shareholder returns

Chairman Emmanuel Nnorom said the results reflected a focus on execution and balance-sheet discipline. “We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development,” he said.

On the back of the stronger financial position, the board proposed a full-year dividend of N5.5 ($0.004) per share for 2025. The payout includes an interim dividend of N1.5 ($0.0011) paid in August and a final dividend of N4 ($0.0029), representing a 10 percent increase from the previous year.

Transcorp Power boosts output, assets

Transcorp Power operates a 972-megawatt gas-fired plant and is one of Nigeria’s largest electricity generation companies. The plant supplies power to the national grid and plays a key role in supporting industrial activity and household demand in Africa’s most populous country.

Chief Executive Officer Peter Ikenga said operational improvements supported the year’s results. Average available capacity increased to 550 megawatts from 417 megawatts, while average generation output improved despite ongoing grid and transmission constraints. He said the return of the GT20 unit in January added 100 megawatts to the grid, lifting overall output.

The stronger operating performance flowed through to the balance sheet. Total assets rose 42 percent to N563.48 billion ($411.92 million) from N396.78 billion ($290 million) a year earlier. Equity increased to N183.4 billion ($134 million) from N126.63 billion ($92.57 million), while retained earnings grew to N132.4 billion ($96.83 million) from N78.49 billion ($57.4 million).