Transcorp Power recorded a significant growth in its Q3 2026 financials, as total assets rose 11.7 percent to ₦629.5 billion, while shareholders’ funds increased 8.9 percent to ₦199.8 billion. Retained earnings also advanced 11.5 percent to ₦147.7 billion.
A breakdown of the financials made available to Business A.M. showed that the company’s cash reserves rose 365 percent to ₦10.3 billion in the nine months ended September 2026, providing a counterpoint to declining revenue and pre-tax earnings as the electricity generator strengthened its financial position amid persistent industry constraints.
The company reported revenue of ₦266.1 billion, down 13.7 percent from ₦308.5 billion a year earlier, while profit before tax declined to ₦83.1 billion from ₦91.18 billion.
However, its profit-before-tax margin improved to 31.2 percent from 29.6 percent, indicating that profitability relative to revenue strengthened despite the decline in absolute earnings.
Transcorp Power attributed the improvement in its financial position to better collections, partial settlement of legacy market debts and the reversal of expected credit loss provisions.
Peter Ikenga, managing director and chief executive officer of Transcorp Power, said the results reflected the resilience of the business despite transmission constraints, infrastructure vandalism and gas supply limitations.
He said the company had continued working with stakeholders to address wider industry challenges while focusing on operational excellence, efficient generation and long-term shareholder value.
“Our Q3 2026 results reflect the embedded resilience of our business regardless of external challenges, including transmission constraints, vandalisation of critical transmission infrastructure, and gas supply limitations.
“We have relentlessly worked with stakeholders to address broader industry issues. Notwithstanding headwinds, we improved our profit margin, strengthened our balance sheet, increased cash reserves, and remained focused on operational excellence, efficient generation, and long-term value creation for our shareholders, ” Ikenga remarked.
Evans Okpogoro, chief financial officer, said the results reflected financial discipline and prudent capital management despite external sector challenges.
He pointed to the improvement in PBT margin, the increase in cash reserves and the growth in shareholders’ funds as evidence of the company’s capital management and financial resilience.
“Our nine-month results demonstrate strong financial discipline and resilience despite external sector challenges that impacted revenue. We improved our PBT margin to 31.2%, increased cash and cash equivalents by 365% to ₦10.3 billion, and grew shareholders’ funds by 8.9% to ₦199.8 billion.
“These results highlight the strength of our business, prudent capital management, and our ability to deliver sustainable value despite operational challenges largely beyond our control.” “Looking ahead, Transcorp Power will continue to pursue growth opportunities, strengthen operational reliability and fuel security, and work across the power value chain to support Nigeria’s increasing energy needs,” he stated.
The company said it would continue pursuing growth opportunities, strengthening operational reliability and fuel security, and collaborating with stakeholders across the power value chain to support Nigeria’s growing energy needs.
