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Transcorp Power Plc, a unit of Nigerian conglomerate Transcorp Group led by businessman Tony Elumelu, reported stronger-than-expected results for the first nine months of its 2025 fiscal year, driven by higher power generation and steady operational efficiency.
Revenue jumps 38 percent as profit climbs 17 percent
The company’s financial statement showed that revenue rose 38 percent year-on-year to N308.5 billion ($211 million), compared with N223.5 billion ($153 million) in the same period of 2024.
Improvements in generation output and steady investments in plant performance and maintenance were largely responsible for the increase.
Despite ongoing economic pressures, it was able to maintain strong profitability thanks to rising revenue. Profit increased by 17 percent to N68.4 billion ($47 million) from N58.4 billion ($40 million) in the previous year due to improved capacity utilization and stricter cost controls.
CEO Peter Ikenga eyes strong year-end
Chief Executive Officer Peter Ikenga said the results reflect continued progress in delivering stable power to the national grid while maintaining value for investors.
“These results illustrate our continuous drive to improve our business operations, eliminating waste and harnessing value,” Ikenga said. “We are confident of finishing the year strong in fulfilment of our mission to improving lives and transforming Africa.”
He added that the company’s drive to streamline operations and eliminate waste has positioned it to end the year on a strong note.
Transcorp Power grows assets to $367 million
Transcorp Power is one of Nigeria’s largest power generation firms, with an installed capacity of about 2,000 megawatts, supplying roughly 15.5 percent of the country’s electricity.
Its journey in the power industry began in 2013 after Transcorp Group purchased the Ughelli Power Plant. In 2020, it consolidated its presence by acquiring the Afam Power Plant.
Since it demerged from the Tony Elumelu-led Transcorp Group and went public on the NGX on March 4, 2024, Transcorp Power's earnings base and balance sheet have grown significantly.
As of Sept. 30, 2025, retained earnings had increased from N78.5 billion ($53.7 million) at the end of 2024 to N109.4 billion ($75 million), and total assets had increased from N396.8 billion ($272 million) to N536.7 billion ($367.4 million) during the same time period.
