Transcorp Power Plc has released its annual financial report for the year ended December 31, 2025, reporting a pre-tax profit of N120 billion, a 5.56% YoY growth compared to N113.29 billion in 2024.
Profit after tax also grew by 14.25% to N91.42 billion in 2025, reflecting strong performance across key revenue segments.
The growth in the bottom line was driven by a substantial increase in total revenue, which rose to N398.27 billion, compared to N305.94 billion in the previous year.
The revenue growth was underpinned by a strong rise in energy delivered, which contributed over 74% of the total revenue.
Key highlights (FY2025 vs FY2024)
- Revenue: N398.27 billion, +30.02% YoY
- Gross Profit: N181.86 billion, +27.92% YoY
- Earnings per Share: 12.199, +14.25% YoY
- Operating Profit: N105.02 billion, +7.64% YoY
- Total Assets: N563.48 billion, +42% YoY
- Shareholder Equity: N183.40 billion, +5.37% YoY
- Retained Earnings: N132.41 billion, +68.77% YoY
Dividend announcement
The Board has recommended a final dividend of N4.00 per ordinary share for the year ended December 31, 2025, subject to shareholder approval.
The dividend will be paid on May 5, 2026, to shareholders registered by April 17, 2026, with the shareholder register closing from April 20 to April 24, 2026.
Driving the numbers
A closer look at Transcorp Power’s financials shows strong performance across its core revenue segments.
Local sales revenue grew to N281.22 billion, while international sales saw a boost to N117.05 billion.
Additionally, the company’s revenue was significantly driven by key components such as energy delivered, which amounted to N293.85 billion, and capacity charge, which reached N104.40 billion. These segments played a pivotal role in the overall revenue growth for the year.
- Cost of sales grew by 33% to N216 billion in 2025, outpacing revenue growth. This increase was primarily driven by a strong rise in natural gas costs, which accounted for 92% of the total cost of sales. As a result, the gross profit margin compressed by 2.26% to 45.66%, though it remains healthy.
- Finance costs also saw an uptick, increasing by 8.60% to N10.71 billion in 2025, compared to N9.86 billion in 2024. The rise in finance costs was driven by higher borrowing rates and increased borrowings to support expansion plans, including infrastructure development and plant upgrades.
- On the balance sheet, total assets grew to N563.48 billion in 2025, up from N396.78 billion in 2024, reflecting strong growth.
This increase was driven by a rise in trade receivables, which amounted to N468.39 billion in 2025, compared to N298.39 billion in 2024. The growth in receivables indicates a higher volume of business activity and outstanding payments.
Shareholders’ funds rose to N183.40 billion from N126.63 billion in 2024, driven by a significant increase in retained earnings. Retained earnings stood at N132.41 billion, compared to N78.49 billion in 2024.
Market reaction
As at the close of trading in 2025, Transcorp Power Plc’s share price stood at ₦307.00, representing a year-to-date loss of 14.70%. By the close of trading in February 2026, the share price had edged down slightly to ₦306.90, indicating a year-to-date loss of 0.03%.
