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Transcorp Power, the electricity generation subsidiary of Transnational Corporation Plc, recorded a 19.8 per cent increase in net profit for the six months to June, compared to a year ago, supported by a considerable improvement in top line.
Turnover, according to its earnings report issued on Monday, accelerated by more than half to N205.8 billion, following a sharp surge in the income earned from energy delivered, its main revenue source. Of that sum, local customers contributed 71.3 per cent, while foreign customers accounted for the rest.
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Transcorp Power said in a statement that it owed the fairly strong performance to higher generation capacity and improved operational efficiency, with CEO Peter Ikenga adding that the company boosted generation by 100MW during the period.
“Our strong performance in the first half of 2025 highlights our disciplined cost management, efficient operations, and resilience despite economic headwinds,” said Emmanuel Nnorom, chair of the board of directors.
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“This solid foundation continues to strengthen investor confidence in our long-term value and growth potential,” he further stated.
Cost of sales, at N128.2 billion, grew by as much as 76.9 per cent, driven by natural gas & fuel costs and spending on repairs and maintenance. Administrative expenses expanded to N14.8 billion from N8.8 billion, pressured by an increase in management fees.
Last week, Transcorp Hotels, a Lagos-listed sister company focusing on hospitality services and event management, posted a 31 per cent increase in bottom line to N8.7 billion on the back of improved revenue from room bookings and food & beverage.
READ ALSO: Transcorp Power releases unaudited results for the Q1 ended 31 March 2025
Finance cost for Transcorp Power in the review period rose to N6.4 billion from N4 billion, following a higher interest expense on loans.
Profit before income tax was up by 15.2 per cent at N58.7 billion, while profit after tax climbed to N44 billion from N36.8 billion.
In a separate statement on Monday, the company announced an interim dividend of N1.50 per share, translating to a payout of N11.3 billion.
READ ALSO: Transcorp Power releases unaudited results for the Q1 ended 31 March 2025
The cash distribution is “subject to appropriate withholding tax, and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, August 8, 2025,” Transcorp Power said.
However, after-tax profit for the second quarter dropped to N11.6 billion from N14.5 billion a year ago, despite an uptick in revenue, as cost pressures weighed down profit.
