Transnational Corporation Plc (Transcorp) posted a pre-tax profit of N111.39 billion for the nine months ended September 30, 2026, representing a 10.54% decline from the N124.52 billion recorded in the corresponding period of 2025.
The unaudited financial statements also showed profit after tax falling by 17.85% to N75.09 billion from N91.41 billion, even though finance costs eased and impairment charges moved in the group's favour.
The weaker earnings reflected a 13.35% contraction in nine-month revenue to N357.38 billion from N412.43 billion, driven mainly by reduced contributions from the power and hospitality businesses.
Key figures from the results include:
- Revenue: N357.38 billion (down 13.35% YoY) - Cost of sales: N195.27 billion (down 9.94%) - Gross profit: N162.11 billion (down 17.12%) - Operating profit: N125.57 billion (down 8.82%) - Administrative expenses: N48.74 billion (down 5.39%) - Finance costs: N15.12 billion (down 23.08%) - Earnings per share: 429 kobo (down 19.66%)
On a segment basis, the power business generated N331.50 billion in revenue before intersegment eliminations, a 7.77% decline from N359.41 billion. Hospitality revenue slipped 2.58% to N69.46 billion from N71.30 billion, while the corporate centre reported N50.14 billion against N44.80 billion a year earlier. Intersegment eliminations rose to N93.72 billion from N63.09 billion, bringing consolidated revenue to N357.38 billion.
Energy sent out remained the largest revenue line but fell by N55.79 billion to N215.11 billion from N270.91 billion. Capacity charge revenue, however, increased to N72.79 billion from N70.20 billion. Within hospitality, room revenue declined to N46.29 billion from N47.04 billion, while food and beverage revenue dropped to N19.27 billion from N21.02 billion.
Cost of sales decreased 9.94% to N195.27 billion, a slower reduction than the revenue decline, which pushed gross profit down 17.12% to N162.11 billion. Operating profit fell 8.82% to N125.57 billion despite a positive impairment movement of N11.70 billion, compared with an impairment loss of N8.76 billion in 2025. Finance costs also declined to N15.12 billion from N19.66 billion.
