Transnational Corporation Plc recorded a pretax profit of N50.6 billion for the first quarter of 2026, a 2.55 per cent increase from N49.4 billion a year earlier, even as group revenue declined amid grid collapses that curtailed power generation.
Revenue for the period ended March 31 settled at N125.1 billion, down from N143.7 billion in the first quarter of 2025, according to the group’s filing on the Nigerian Exchange.
The power business remained the dominant revenue driver, contributing N79.1 billion from energy sales and N23.5 billion from capacity charges, together accounting for about 82 per cent of total revenue.
Cost of sales fell to N54.5 billion from N70.3 billion, leaving gross profit at N70.5 billion compared with N73.3 billion in the corresponding period of 2024.
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A sharp recovery in net finance income — swinging from a N4.2 billion loss in Q1 2025 to a N1.2 billion gain — helped cushion earnings.
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Foreign exchange losses on financing activities rose 26.22 per cent to N793.6 million.
After a tax charge of N12.7 billion, profit after tax stood at N37.8 billion, with earnings per share improving to N2.16 from N1.92.
Total assets expanded to N1.07 trillion from N1.002 trillion, with trade and other receivables of N598 billion representing the largest asset class.
Equity strengthened to N392.8 billion from N353.3 billion, supported by retained earnings of N203.1 billion, while total liabilities rose to N517.2 billion.
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Transcorp shares traded at N47.10, returning 3.74 per cent year-to-date on the Nigerian Exchange.
