Transnational Corporation Plc (Transcorp) has reported a profit before tax of ₦75.9 billion for the first half of 2026 and declared an interim dividend of 40 kobo per ordinary share, despite a challenging operating environment that affected revenue during the period.

The group’s unaudited financial results for the six months ended 30 June 2026 showed revenue of ₦241.5 billion, compared with ₦279.0 billion recorded in the corresponding period of 2025.

Profit after tax stood at ₦54.4 billion, down from ₦65.2 billion a year earlier, while earnings per share declined to 323 kobo from 408 kobo.

Despite the lower earnings, the conglomerate strengthened its financial position, with shareholders’ equity rising to ₦367.8 billion from ₦353.4 billion as of 31 December 2025. Cash and cash equivalents closed the period at ₦20.8 billion, compared with ₦21.9 billion at the end of last year.

The company attributed its performance to disciplined cost management and operational efficiency, noting that improved margins helped offset revenue pressures arising from challenges in the power sector.

According to Transcorp, gas supply constraints and disruptions to the national grid reduced electricity generation across the industry during the period, while its hospitality business continued to support earnings through operational innovation and improved service delivery.

President and Group Chief Executive Officer, Owen D. Omogiafo, said the results demonstrated the resilience of the group’s diversified business model.

“Despite disruptions to power transmission infrastructure and a challenging macroeconomic environment, Transcorp delivered a strong profit and an even stronger balance sheet, a reflection of our operational discipline and efficiency.

“At Transcorp Group, our operations are driven by our purpose to improve lives and transform Africa. We continue to create impact in the sectors that matter most to Nigeria’s future, and that same conviction continues to guide us through every phase of the cycle.”

Omogiafo said the company continued to engage strategic partners to improve electricity supply despite constraints within the national grid.

She added that Transcorp Centre, the group’s 5,000-capacity multipurpose events venue, together with the 1,000-room Transcorp Hilton Abuja, continued to strengthen Abuja’s position as a destination for business and leisure tourism.

“Our strategy is clear, our balance sheet is robust, and our confidence in the value we are creating for our shareholders remains firm,” she said.

Group Chief Finance Officer, Festus Izevbizua, said the results reflected the strength of the group’s diversified earnings base despite lower revenue.

He noted that the group’s profit-before-tax margin improved to 31.4 per cent, compared with 30.7 per cent in the corresponding period of 2025, driven by cost optimisation and operational efficiency across its businesses.

Izevbizua also highlighted the continued contribution of the hospitality division, which recorded a 21 per cent increase in profit after tax during the period.

“Our financial position remains strong, with a robust equity base which grew to ₦367.8 billion by half-year 2026. Our strength is hinged on the diversified earnings capability from key sectors, including the hospitality business, which grew its profit after tax by 21 per cent.

“This financial foundation gives us the confidence to protect and grow long-term value for our shareholders as operating conditions normalise,” he said.