Transcorp Power Plc has reported a pre-tax profit of N54.99 billion for the first half of 2026, representing a 6.37 per cent decline from the N58.73 billion recorded in the corresponding period of 2025.

Despite the lower earnings, the company declared an interim dividend of N1.50 per ordinary share, which will be paid electronically on July 23, 2026, to shareholders whose names appear in the Register of Members as of July 20, 2026, subject to the applicable withholding tax and completion of the e-dividend registration process.

According to the company’s unaudited financial statements for the period ended June 30, 2026, second-quarter pre-tax profit stood at N15.40 billion, compared with N39.59 billion in the first quarter of the year and N15.44 billion in the corresponding quarter of 2025.

Second-quarter revenue declined by 12.95 per cent year-on-year to N87.37 billion, while profit after tax fell 24.01 per cent to N8.80 billion. Earnings per share also dropped to 83 kobo from N1.54 recorded a year earlier.

Managing Director and Chief Executive Officer, Peter Ikenga, attributed the weaker performance to recurring transmission line vandalism, which constrained the evacuation of available generation capacity during the period. He, however, expressed confidence that the company would recover in the second half of the year and deliver a stronger performance for the full year.

Chief Financial Officer, Evans Okpogoro, said improved cost optimisation and disciplined financial management helped strengthen the company’s operating margins despite lower revenue.

Transcorp Power’s total assets increased to N619.02 billion during the period, while cash and cash equivalents declined to N667.93 million. Trade receivables and interest-bearing borrowings also rose, reflecting increased working capital and financing requirements.

The company’s shares closed at N245.50 on July 17, 2026, representing a 20 per cent decline since the beginning of the year. Visit www.jocomms.com for more news.