Weaker income from energy sent out, the top contributor to the revenue pool of Transnational Corporation of Nigeria (Transcorp), set in motion a slide of 16.6 per cent in its post-tax profit for half-year 2025, compared to a year ago.
The financials of the company out on Wednesday showed energy sent out dropped to N150.6 billion from N183.5 billion, setting revenue up for a 13.4 per cent decline.
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Turnover for the conglomerate, where tycoon Tony Elumelu who retires from the chairmanship of United Bank for Africa next month is the top shareholder, fell to N241.5 billion from N279 billion.
Chief Finance Officer Festus Izevbizua in a separate statement also issued Wednesday attributed the revenue drop to “sector-wide power infrastructure constraints.”
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Heaping pressure on operating profit, other income retreated by 65 per cent or N1.2 billion to N657.7 million as dividend income on equity securities came in sharply weaker.
A notable positive was impairment credit on financial assets, which stood at N2 billion, departing from a loss position of N4.9 billion logged a year prior.
Transcorp cut back finance cost by 54.7 per cent during the period, helped by a reduction of interest expense on loan to N6.4 billion from N14.3 billion.
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Profit before tax was N75.9 billion, relative to N85.7 billion in the corresponding period of 2025, while profit after tax diminished to N54.4 billion from N65.2 billion.
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“Despite the constrained grid infrastructure seen in the first half of the year, we forged ahead, engaging with strategic partners to deliver much-needed power to Nigerians,” said Owen D. Omogiafo, the president and CEO.
“Through our 5,000-capacity, multi-purpose event facility, Transcorp Centre, and our flagship 1,000-key Transcorp Hilton Abuja, we have continued to make the Federal Capital Territory the preferred location for business and leisure,” he added.
Transcorp has strategic investments in energy, hospitality and power sectors
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