Transcorp Power Plc (NGX: TRANSPOWER) reported lower revenue and profit for the first nine months of 2026, but said better margins and a stronger balance sheet showed resilience.
Its unaudited results show that revenue fell 13.7% to ₦266.1bn from ₦308.5bn a year earlier. Profit before tax declined 8.9% to ₦83.1bn from ₦91.2bn.
Profit after tax fell 17.4% to ₦56.5bn, and earnings per share dropped to ₦7.53 from ₦9.12.
The company blamed vandalism of transmission infrastructure, gas supply constraints, and delays in turbine parts caused by supply chain disruption linked to the Middle East crisis.
Transcorp Power highlighted a PBT margin of 31.2%, up from 29.6%.
The financial statements show that the margin was helped by a ₦12.4bn write-back of credit loss provisions, against a ₦7.7bn charge a year earlier. Excluding the write-back, PBT would have been about ₦70.7bn, a margin of roughly 26.6%, by our calculation.
Operating profit fell about 5% to ₦89.3bn, while administrative expenses rose 40% to ₦25.0bn.
In July–September alone, revenue dropped 18% to ₦84.2bn,and PBT fell to ₦28.1bn from ₦32.4bn.
Total assets rose 11.7% to ₦629.5bn, and shareholders’ funds rose 8.9% to ₦199.8bn. Cash and cash equivalents rose 365% to ₦10.3bn, though the cash flow statement shows ₦7.1bn after a ₦3.2bn overdraft.
Borrowings more than doubled to ₦73.4bn from ₦30.7bn, after a new Fidelity Bank term loan at 22.5% a year replaced a UBA facility. The company also holds a ₦44.2bn NBET Financing SPV bond, issued by the Federal Government as part of the settlement of legacy debts owed to generation companies. It carries an 18% coupon and matures in 2033.
Receivables remain the largest asset at ₦483.1bn, about 77% of total assets. The company says NBET owes it about ₦28bn in interest on late payments, which it discloses but has not booked as income. Tax payable stands at ₦109.5bn.
The company paid ₦41.25bn in dividends during the period, equivalent to ₦5.50 per share, and generated ₦56.8bn in operating cash flow.
The Managing Director, Peter Ikenga, said the results show the “embedded resilience” of the business. CFO Evans Okpogoro said they reflect financial discipline despite sector challenges “largely beyond our control.”
Transcorp Power is listed on the NGX as TRANSPOWER and is 50.99% owned by Transnational Corporation Plc.
Administrator and Writer
