Transcorp Power posts $22 million Q1 profit, assets top $450 million

Transcorp Power Plc, one of West Africa’s leading power companies, reported a steady start to 2026, posting a profit of N29.7 billion ($22 million) for the first quarter, as constraints in Nigeria’s power sector weighed on output. The company’s unaudited results for the period ended March 31 show total assets rising above $450 million, underlining balance-sheet growth.

Revenue declined to N94.6 billion ($70 million) in the quarter, from N105.4 billion ($77.5 million) a year earlier. The drop reflects lower electricity generation tied to gas supply shortages and repeated disruptions to transmission infrastructure. Even so, the company held on to profitability, pointing to tight cost control and stable operations in a difficult environment.

Gas constraints cut grid supply

CEO Peter Ikenga said the results mirror conditions across the sector. Gas constraints and damage to transmission lines owned by the Transmission Company of Nigeria reduced average power sent to the grid to 4,172 megawatts, compared with 4,785 megawatts in the same period last year. That gap, he said, limited how much of installed capacity could be put to use.

The company’s available capacity of 625 megawatts was utilized at about 70 percent during the quarter. Ikenga said output has begun to improve, adding that the company is working closely with gas suppliers, regulators and grid operators to stabilize supply and lift generation levels. The focus, he noted, remains on keeping plants running efficiently while addressing bottlenecks outside the company’s control.

Transcorp Power strengthens balance sheet

Transcorp Power, a subsidiary of Transnational Corporation Plc, operates one of Nigeria’s largest gas-fired power plants, with installed capacity of 972 megawatts. Its output feeds into the national grid, supporting factories, businesses and households in a country where electricity demand continues to outstrip supply.

Financially, the quarter showed signs of resilience. Cash and cash equivalents rose to N10.4 billion ($7.6 million), while total assets increased to N613.4 billion ($451.2 million) from N563.5 billion ($414.5 million) at the end of 2025. Shareholders’ funds climbed to N214.96 billion ($158.1 million), and retained earnings grew to N162.1 billion ($120 million).

Those gains point to a company that is holding its ground. While revenue pressure may persist if sector challenges continue, Transcorp Power’s results suggest it is managing costs carefully and keeping its finances in shape as it navigates a tough operating climate.