Transnational Corporation Plc (Transcorp Group) has released its unaudited results for the first quarter of 2026, reporting steady profitability, balance sheet expansion, and improved returns to shareholders, even as revenue declined compared to the same period last year.
For the quarter, the Group posted revenue of ₦125.1 billion, down from ₦143.7 billion in Q1 2025. Despite this dip, profit before tax rose to ₦50.7 billion from ₦49.4 billion, while profit after tax increased to ₦37.9 billion from ₦36.7 billion. Earnings per share also climbed to 216 kobo, up from 192 kobo a year earlier. Total equity strengthened to ₦392.8 billion, compared with ₦353.4 billion recorded at the end of December 2025.
The softer revenue performance was attributed to operational challenges encountered during the quarter. However, the Group managed to cushion the impact through improved financial efficiency. Notably, finance costs shifted from a net expense position in the prior year to a net income position in the current period, supporting a 3 per cent growth in profit before tax.
Within its power segment, operations were constrained by limited gas supply and difficulties in transmitting generated electricity due to vandalised infrastructure. These challenges significantly reduced the volume of power that could be delivered to the national grid, despite the availability of generation capacity.
In contrast, the hospitality division delivered strong results, driven by consistent service quality and a focus on customer satisfaction. The segment also benefited from expanded offerings, including a newly launched multipurpose events centre designed to cater to conferences, meetings, and social functions.
Commenting on the results, Group President and CEO Owen Omogiafo stated that the company remains committed to driving growth in critical sectors of the economy while maintaining resilience in a challenging operating environment. She noted that while power generation capacity reached 973MW during the quarter, only 454MW could be transmitted due to external constraints.
Omogiafo added that efforts are ongoing in collaboration with key stakeholders to resolve these issues and improve capacity utilisation. She expressed confidence in the Group’s strategy, highlighting its strong financial position and a positive outlook for the remainder of 2026.
