Transnational Corporation Plc's profit before tax fell 10.5 percent to N111.4 billion in the nine months ended September 30, 2026, as transmission and gas supply constraints restricted power output at its generation subsidiary. Revenue declined 13.3 percent to N357.4 billion from N412.4 billion in the same period of 2025, while profit after tax fell 17.8 percent to N75.1 billion from N91.4 billion, according to the group's unaudited financial results.
The company attributed the revenue weakness primarily to lower power evacuation at Transcorp Power Plc, caused by vandalisation of transmission infrastructure and gas supply limitations during the period. The group's chief financial officer said the revenue impact reflected "power evacuation constraints arising from vandalisation of transmission and gas infrastructure." Despite these headwinds, the group managed to expand its profit-before-tax margin to 31.2 percent from 30.2 percent a year earlier, which management credited to cost optimisation and operational efficiency across its businesses.
Owen Omogiafo, president and group chief executive officer, said the results demonstrated the strength of the company's diversified portfolio. "We continue to work closely with stakeholders to address industry-wide constraints and improve electricity delivery, while leveraging our hospitality investments to strengthen Nigeria's position as a destination for business, tourism and major events," he said.
The group's balance sheet strengthened over the period, with total assets rising 13 percent to N1.13 trillion from N1 trillion at the end of December 2025. Total equity increased 9.7 percent to N387.8 billion, while cash and cash equivalents more than doubled to N45.9 billion from N21.9 billion. Transcorp Power grew shareholders' funds by 8.9 percent to N199.8 billion and increased cash and cash equivalents more than fourfold to N10.3 billion.
The hospitality business showed resilience, with Transcorp Hotels Plc recording a 5 percent rise in profit after tax to N15.5 billion. Net profit margin at the hotels unit expanded to 22.3 percent, net finance costs fell 36 percent and total assets increased 29 percent to N206.8 billion. The group said it remained focused on growth opportunities across its power, hospitality and energy businesses.