Manny Ita –
Transnational Corporation Plc has reported its unaudited financial results for the first quarter of 2026, showing a mixed performance with lower revenue but improved profitability and stronger balance sheet growth.
The group recorded revenue of ₦125.1 billion compared to ₦143.7 billion in the same period of 2025. Despite the decline in revenue, profit before tax rose slightly 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 improved to 216 kobo from 192 kobo. Total equity grew to ₦392.8 billion from ₦353.4 billion at the end of 2025, while cash and cash equivalents rose to ₦31.4 billion from ₦21.9 billion.
The company said its power segment faced operational challenges during the quarter, especially gas supply constraints and disruptions caused by vandalised transmission infrastructure, which limited its ability to fully evacuate generated electricity to the national grid. However, it noted that finance costs improved significantly, shifting from a net cost position in the previous year to a net income position in the current period, helping support overall profitability.
In the hospitality segment, the group reported stronger performance driven by improved service delivery and increased demand. The newly commissioned multipurpose events centre also contributed to growth by expanding the range of events hosted by the business.
Group CEO Owen D. Omogiafo, OON, said, “Transcorp Group is built on the conviction that Africa’s most critical sectors represent not just a commercial opportunity, but a responsibility to drive national development. We continued to push to deliver much-needed power to the National Grid, achieving an available capacity of 973MW in our power-generating plants in the quarter. Unprecedented evacuation challenges stemming from power transmission infrastructure vandalisation and gas supply challenges in the quarter, limiting power generated to 454MW. We are working with the relevant stakeholders to address these issues and to increase the utilisation of our available generation capacities.”
She added, “Our hospitality business continued to diversify its service offerings, reinforcing its leadership position in the sector. The newly commissioned multipurpose Events Centre has created avenues for social events, meetings and conferences.”
Omogiafo also stated, “Despite the challenging operating environment in the quarter, the Group remained profitable, growing equity to ₦392.8 billion, with increased returns to shareholders. Our strategy remains firm, our balance sheet is strong, and our outlook for the rest of 2026 is positive.”
