Transcorp Power Plc has reported a strong financial performance for the year ended December 31, 2025, recording a 30 percent year-on-year increase in revenue to ₦398.27 billion, up from ₦305.94 billion in the prior year.
The audited results, released on Thursday, underline the company’s improving operational efficiency, balance-sheet strength, and expanding generation capacity amid Nigeria’s ongoing power sector reforms.
Gross profit for the year rose to ₦162.44 billion, representing a 14 percent increase from ₦142.21 billion in 2024, while profit after tax climbed to ₦91.42 billion from ₦80.01 billion in the previous year.
Earnings per share increased to ₦12.19 from ₦10.67.
Balance Sheet Expansion and Lower Debt
Transcorp Power’s asset base expanded significantly during the year, with total assets rising by 42 percent to ₦563.48 billion, compared with ₦396.78 billion in 2024.
Total equity also strengthened materially, increasing by 44 percent to ₦183.40 billion from ₦126.63 billion a year earlier.
The company reduced its total short- and medium-term borrowings to ₦30.7 billion, down from ₦37.7 billion as of December 2024, highlighting deliberate efforts to deleverage its balance sheet and improve financial resilience.
Management disclosed that over ₦7 billion in borrowings was paid down during the year, reinforcing the company’s disciplined capital management strategy.
Operational Performance and Capacity Growth
According to the company, operational improvements were supported by increased generation capacity and plant availability. The return of gas turbine GT20 added 100 megawatts to the national grid from January 3, 2025, lifting overall output during the year.
Average available capacity increased from 417MW to 550MW, while average generation output improved despite persistent challenges linked to grid stability and transmission constraints.
Dividend Proposal
On the back of the stronger earnings profile, Transcorp Power proposed a full-year dividend of ₦5.50 per share for the 2025 financial year.
The proposed payout comprises an interim dividend of ₦1.50 per share paid on August 18, 2025, and a final dividend of ₦4.00 per share.
The proposed dividend represents a 10 percent increase over the previous year’s payout, underscoring management’s confidence in the company’s cash-flow outlook and earnings sustainability.
Board and Management Commentary
Chairman of the Board, Emmanuel Nnorom, said the company remains focused on long-term value creation while supporting Nigeria’s economic development.
“We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development.”
He added that the company’s strengthened financial position underpinned the proposed dividend increase.
Managing Director and Chief Executive Officer, Peter Ikenga, said the results reflect sustained operational focus and capacity expansion.
“Our FY 2025 results reflect our steadfast commitment to operational excellence, sustainable growth, strategic market expansion and enhanced generation capacity which continue to fuel significant revenue growth, enabling us to consistently generate power to the national grid.”
He noted that performance remained resilient despite transmission bottlenecks.
“Notwithstanding the network transmission line issues, our FY 2025 performance remained strong and reflects our steadfast commitment to operational excellence and sustainable growth.”
Ikenga added that the company will continue to engage relevant stakeholders, including the Transmission Company of Nigeria, to improve evacuation capacity from its Ughelli plant in 2026 and beyond.
Strategic Outlook
Transcorp Power continues to position itself as a key player in Nigeria’s power generation landscape, leveraging scale, operational stability, and financial discipline to support grid reliability and the country’s energy transition objectives.
The company is a power generation subsidiary of Transnational Corporation Plc, which has interests spanning power, energy, and hospitality.
With rising capacity, a stronger balance sheet, and a growing dividend profile, Transcorp Power’s 2025 results reinforce its standing as one of Nigeria’s most profitable listed power generation companies.
