Transnational Corporation Plc (Transcorp) announced that its net profit for the first nine months of 2026 fell by 17.9%, reaching N75.1 billion, after revenue dropped to N357.4 billion. The downturn reflects a 20.6% reduction in income from its energy segment, the group's primary revenue source, and a sizeable foreign‑exchange loss of N3.1 billion on financing activities.
Key figures
- Revenue declined from N412.4 billion a year earlier to N357.4 billion, a 13.3% fall.
- Income from energy fell 20.6%, pressuring overall turnover.
- Other income slumped 79.4% to N493.9 million, mainly due to a sharp drop in dividend earnings.
- Finance income decreased 15.9% as interest earnings fell.
- Profit before tax slipped 10.5% to N111.4 billion, while profit after tax dropped to N75.1 billion from N91.4 billion.
- Total assets rose 12.9% to N1.13 trillion.
- The group recorded a N3.1 billion foreign‑exchange loss, reversing a N1.6 billion gain recorded in the same period last year.
- "Our performance reflects the strength of our diversified portfolio and our ability to sustain strong profitability and expand margins in a challenging operating environment," said Owen D. Omogiafo, President and CEO of Transcorp.
Why did revenue fall?
The company attributed the revenue dip to the vandalisation of critical transmission infrastructure, which limited power evacuation to the national grid, and to constraints in gas supply. Both issues have been cited as temporary setbacks that the firm is actively working to resolve.
What triggered the foreign‑exchange loss?
Financing activities generated a N3.1 billion loss due to adverse currency movements against the naira, contrasting with a N1.6 billion gain recorded in the prior year. The loss contributed to the overall reduction in finance income.
How is the group responding?
Transcorp indicated that remedial actions are underway to repair the damaged transmission assets and to secure more reliable gas supplies. The firm also emphasized leveraging its hospitality portfolio to boost Nigeria’s appeal for business travel, tourism and major events.
What does the outlook look like?
While the current nine‑month results show pressure on earnings, the company’s asset base grew and management remains confident that the diversified business model will support recovery once the power and gas constraints are alleviated.
[Nigeria] continues to monitor the situation as the power sector reforms progress, with stakeholders hoping that restored transmission capacity will improve electricity delivery and stabilize revenue streams for conglomerates like Transcorp.