Transnational Corp pre-tax falls 10.5% to ₦111.39 Billion

LAGOS, Nigeria — Transnational Corporation Plc (Transcorp) reported a pre-tax profit of ₦111.39 billion for the nine months ended September 30, 2026, a 10.54% decline from ₦124.52 billion a year earlier. Revenue fell as its power and hospitality businesses contracted.

According to the unaudited financial statements, profit after tax fell 17.85% to ₦75.09 billion from ₦91.41 billion. Earnings per share dropped 19.66% to 429 kobo from 534 kobo.

Consolidated revenue fell 13.35% to ₦357.38 billion from ₦412.43 billion. Cost of sales decreased 9.94% to ₦195.27 billion, but more slowly than revenue, so gross profit fell 17.12% to ₦162.11 billion. Operating profit declined 8.82% to ₦125.57 billion.

Administrative expenses dropped to ₦48.74 billion from ₦51.51 billion. The group also recorded a positive impairment movement of ₦11.70 billion, against an impairment loss of ₦8.76 billion a year earlier, which offset part of the fall in gross profit. Finance costs declined 23.08% to ₦15.12 billion. The group took a foreign exchange loss on financing activities of ₦3.11 billion, compared with a gain of ₦1.65 billion in the same period of 2025.

Tax rose to ₦36.30 billion from ₦33.11 billion. Of the ₦75.09 billion after-tax profit, ₦43.62 billion is attributable to shareholders of the parent company, against ₦54.29 billion a year earlier.

The power business remains the group’s largest operating segment, but its revenue before intersegment eliminations fell 7.77% to ₦331.50 billion. Revenue from energy sent out dropped to ₦215.11 billion from ₦270.91 billion, the largest decline among the disclosed revenue lines. Capacity charge revenue rose to ₦72.79 billion from ₦70.20 billion. Hospitality revenue fell 2.58% to ₦69.46 billion. Intersegment eliminations rose to ₦93.72 billion from ₦63.09 billion.

The balance sheet expanded. Total assets rose 12.93% to ₦1.13 trillion from ₦1.00 trillion at December 2025. Trade and other receivables grew to ₦590.18 billion, and the group reported ₦45.56 billion in debt securities, against none at the end of 2025. Total borrowings rose 74.68% to ₦131.82 billion, mainly long-term borrowings, which increased to ₦105.65 billion from ₦35.18 billion.

Operating cash flow rose sharply to ₦95.65 billion from ₦10.89 billion in the same period of 2025. Cash and cash equivalents increased to ₦45.96 billion from ₦21.88 billion at December 2025.

Transcorp’s shares closed at ₦36.10 on Monday, October 26, 2026, down 20.48% from ₦45.40 at the start of the year.