Transcorp Power Plc has reported a resilient financial performance for the first half of 2026, maintaining profitability and strengthening its balance sheet despite operational disruptions caused by recurring transmission infrastructure vandalism.

The power generation company, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced its unaudited financial results for the six months ended June 30, 2026, highlighting sustained operational efficiency even as revenue and profit declined compared with the corresponding period of 2025.

During the period under review, total assets increased by 9.9 per cent to ₦619.02 billion from ₦563.48 billion recorded a year earlier. Shareholders’ funds also rose by 3.2 per cent to ₦189.34 billion, while retained earnings climbed 6.4 per cent, reflecting continued earnings retention and value creation.

The company attributed the growth in its balance sheet largely to increases in receivables and borrowings during the period.

Managing Director and Chief Executive Officer of Transcorp Power, Peter Ikenga, said the company’s performance demonstrated the resilience of its operations despite persistent challenges affecting Nigeria’s electricity sector.

According to him, repeated vandalism of transmission infrastructure significantly limited the company’s ability to evacuate available electricity generated during the first half of the year.

“Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges. Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity,” Ikenga said.

He noted that despite the setbacks, the company maintained strong profitability, improved operational efficiency and further strengthened its financial position.

Ikenga reaffirmed the company’s commitment to working with relevant stakeholders to address the challenge of transmission line vandalism, improve power supply reliability and deliver long-term value to shareholders.

He also expressed confidence that the company would recover lost ground in the second half of the year and outperform its 2025 full-year performance.

Chief Finance Officer, Dr Evans Okpogoro, said the half-year results reflected disciplined financial management and effective cost optimisation despite moderated revenue growth.

According to him, revenue for the period stood at ₦181.97 billion, while profit after tax was ₦38.50 billion.

He added that key profitability indicators improved during the period, with gross profit margin rising to 38.4 per cent from 34.7 per cent in the corresponding period of 2025.

Operating margin also increased to 30.6 per cent from 28.5 per cent, while profit before tax margin rose to 30.2 per cent from 28.5 per cent.

Okpogoro said the improved margins reflected the company’s focus on operational efficiency and prudent cost management, positioning it to continue delivering sustainable returns for shareholders.

Despite ongoing challenges within Nigeria’s power sector, Transcorp Power said it remains optimistic about its outlook for the remainder of the year, supported by stronger operational discipline, a solid balance sheet and continued efforts to improve electricity generation and transmission efficiency.