Transcorp Power Reports Revenue Decline Due to Vandalism

Transcorp Power Plc announced its financial results for the first half of 2026, revealing a revenue of ₦181.97 billion, down from ₦205.81 billion in the corresponding period of 2025. Profit after tax also declined to ₦54.99 billion, compared to ₦58.73 billion in the first half of 2025.

The company attributed these declines to recurrent transmission line vandalism, which significantly constrained its ability to evacuate available generated power. Despite these challenges, Transcorp Power's total assets rose by 9.9% to ₦619.02 billion, and shareholders' funds increased by 3.2% to ₦189.34 billion.

Retained earnings grew by 6.4% to ₦140.90 billion, reflecting ongoing value creation. Peter Ikenga, Managing Director and Chief Executive Officer, emphasized the company's resilience amid operational headwinds, while Dr. Evan Okpogoro, Chief Financial Officer, noted improvements in earnings quality and operational efficiency, with gross margin rising to 38.4% from 34.7% in the previous year.