Transcorp profit jumps 18 percent as power, hotels drive growth

Transnational Corporation of Nigeria reported a strong third quarter with revenue rising 39 percent to ₦413.4 billion. Executives attributed the performance to new state-level regulations under the Electricity Act of 2023, which opened local power markets and drew fresh investment. Improvements in operational processes and a rise in grid-connected generation capacity to 5,639 megawatts also boosted output, with plant availability climbing to 41 percent.

Leadership noted that Heirs Energies’ reliable gas supply revitalized Transafam Power’s turbines, driving greater electricity delivery to the national grid. The group secured government approval for its 24-floor Ikoyi hotel development, featuring a 900-seat ballroom and modern support facilities. Expansion of hospitality revenues through the 5,000-seat Transcorp Centre in Abuja added to the gains.

Profit before tax grew 18 percent to ₦124.5 billion, while profit after tax climbed 20.5 percent to ₦91.4 billion. The company maintained a 48 percent gross margin by combining disciplined cost control and strategic pricing. With Nigeria’s power needs far exceeding the current grid intake, Transcorp plans to leverage oil, gas, solar, and hydro resources to drive further growth and stakeholder value.