Transnational Corporation Plc (Transcorp Group), the diversified conglomerate controlled by Nigerian billionaire Tony Elumelu, expanded its balance sheet to more than N1.09 trillion ($797.3 million) in the first half of 2026, underscoring the strength of its businesses across power, hospitality and energy despite a slower earnings performance.

According to the group’s unaudited financial statements for the six months ended June 30, 2026, total assets increased to N1.09 trillion ($797 million), up from N1 trillion ($730.6 million) at the end of 2025. Shareholders’ equity rose to N367.84 billion ($269 million) from N353.39 billion ($258 million), while retained earnings climbed to N197.78 billion ($144.5 million) from N181.18 billion ($132.4 million), reflecting continued profit retention across its portfolio of businesses.

Power business remains the biggest revenue contributor

Transcorp generated N241.53 billion ($176.5 million) in revenue during the first six months of 2026, compared with N279.04 billion ($204 million) in the same period last year. Profit before tax came in at N75.88 billion ($55.5 million), while profit after tax stood at N54.37 billion ($39.7 million).

While revenue and earnings eased from a year earlier, the group offset part of the pressure by cutting borrowing costs. Finance costs fell to N6.41 billion ($4.7 million) from N14.16 billion ($10.4 million), while foreign exchange movements resulted in a N2.77 billion ($2.02 million) gain, compared with a loss in the corresponding period of 2025. Those improvements helped support the group’s bottom line during the period.

Power generation remained the backbone of the business. Electricity sales contributed N150.59 billion ($110.1 million), while capacity charges added N46.5 billion ($34 million), making the segment the largest source of group revenue. Hospitality also continued to provide a steady stream of income, with room revenue reaching N30.33 billion ($22.2 million) and food and beverage sales contributing N11.78 billion ($8.6 million).

Balance sheet strengthens as investments grow

The group’s financial position continued to improve as investments across key businesses expanded during the period. Trade and other receivables increased to N636.57 billion ($465.4 million) from N542.1 billion ($396.3 million), while investments in financial assets rose to N51.15 billion ($37.4 million) from N46.17 billion ($33.8 million).

Transcorp also increased investment in long-term assets. Intangible assets rose to N45.04 billion ($32.9 million) from N40.67 billion ($29.7 million), supported by additional spending on oil prospecting licences and software. Property, plant and equipment were valued at N312.09 billion ($228.3 million), while investment properties remained largely unchanged at N17 billion ($12.4 million).

The company operates businesses spanning electricity generation, hospitality, energy, real estate and agro-allied services. Its portfolio includes Transcorp Power Plc, Trans Afam Power Limited, Transcorp Hotels Plc, Aura by Transcorp Hotels, Transcorp Energy Limited and several real estate businesses.

Segment results reinforced the importance of the power business as the group’s largest earnings contributor, while its hospitality operations continued to generate consistent income from hotel accommodation, conference and event facilities, food and beverage services, and retail leasing. By the end of June, Transcorp’s shareholders’ equity had grown to N367.84 billion ($270 million), giving the group a stronger capital base as it continues investing across Nigeria’s electricity, hospitality and energy sectors.