Transnational Corporation (Transcorp Group) Plc reported a profit before tax of ₦50.7 billion for the first quarter (Q1) ended March 31, 2026, representing a 2.6 percent increase from ₦49.4 billion recorded in the corresponding period of 2025, despite a decline in revenue.
The Group’s unaudited financial results showed revenue fell by 12.9 percent to ₦125.1 billion from ₦143.7 billion in Q1 2025.
Profit after tax rose to ₦37.9 billion from ₦36.7 billion, while earnings per share increased to 216 kobo from 192 kobo.
The company attributed the resilience in profitability to improved finance performance as finance costs moved from a net cost position in Q1 2025 to a net income position in the current period, helping to offset the impact of reduced revenue.
The Group also strengthened its balance sheet with total equity rising to ₦392.8 billion from ₦353.4 billion as of December 2025, while cash and cash equivalents increased significantly to ₦31.4 billion from ₦21.9 billion.
Operationally, the power segment faced significant headwinds during the quarter, particularly due to gas supply constraints and power evacuation challenges linked to vandalisation of critical transmission infrastructure.
These issues limited the Group’s ability to dispatch available generation capacity to the national grid.
Available generation capacity stood at 973MW during the quarter, but actual power dispatched was constrained to 454MW due to the operational disruptions.
In contrast, the hospitality segment delivered strong performance, supported by sustained service delivery and diversification of offerings.
The commissioning of a new multipurpose events centre contributed to revenue growth and reinforced the Group’s position in Nigeria’s hospitality sector.
Group President and Chief Executive Officer, Owen Omogiafo, said the company remains focused on delivering value despite the challenging operating environment.
She noted that the Group continues to work with relevant stakeholders to address infrastructure and gas supply issues affecting power generation, while maintaining a positive outlook for the rest of the financial year.
Transcorp Plc, with investments spanning power, hospitality, and energy, remains one of Nigeria’s leading conglomerates with its power subsidiaries contributing over 20 percent of the country’s installed electricity capacity.
The Group said it remains committed to strengthening its balance sheet, improving operational efficiency, and delivering sustainable growth across its core business segments.