Transnational Corporation Plc, one of Africa’s leading listed conglomerates with strategic investments in power, hospitality, and energy, recently announced its audited Full Year 2025 results, delivering record financial performance across all business lines and crossing the ₦1 trillion total asset milestone for the first time in the Group’s history. The conglomerate which is driven by its mission to improve lives and transform Africa is listed on the Nigerian Stock Exchange (NGX: TRANSCORP), and currently has a market valuation of around ₦497 billion (Share price ~₦49). Interestingly, Transcorp stock did not fully participate in the rally that swept across the NGX in the first two months of 2026, neither has it been favoured like other energy stocks by the ongoing US-ISRAEL-IRAN war.
The group led by Dr. Owen Omogiafo is chaired by Mr Tony Elumelu of UBA group fame, who is also the major shareholder through his investment vehicles. Its power businesses—Transcorp Power Plc and TransAfam Power—provide over 20% of Nigeria’s installed power capacity. Transcorp is also advancing Nigeria’s domestic energy value chain through its investment in OPL281. Its hospitality subsidiary, Transcorp Hotels Plc, owns the iconic Transcorp Hilton Abuja and the landmark Transcorp Centre Abuja. With assets now exceeding ₦1 trillion, Transcorp has firmly established itself as one of the most strategically positioned conglomerates on the Nigerian Exchange, spanning power generation, hospitality, and energy infrastructure.
From the 2025 result, the group's Revenue increased by 33% to ₦544 billion (FY 2024: ₦408 billion), with gross profit of ₦274.5 billion, translating to a Gross profit margin of 50.5%, reflecting disciplined cost control, operational efficiency, and strategic pricing. Profit Before Tax rose 31% to ₦179.5 billion (FY 2024: ₦136.7 billion), while Profit After Tax surged 44% to ₦135.9 billion (FY 2024: ₦94.1 billion), 25% of Revenue. This implies that for every ₦100 generated in revenue, the company retained about ₦50 as gross profit and roughly ₦25 as net profit.
Power subsidiaries' revenue grew 38% to ₦483.97 billion, driven by enhanced generation capacity and improved gas supply (Transcorp Power increased available capacity to 625MW, while TransAfam Power tripled peak generation capacity to 270MW). Hospitality revenue increased 38% to ₦97.04 billion, supported by strong demand across rooms, conferencing, food & beverage, and premium guest experiences. Total assets crossed ₦1 trillion, rising 33% to ₦1.002 trillion. Shareholders’ Funds increased 47% to ₦353.4 billion. Total borrowings reduced 15% to ₦75.5 billion, which implies lower finance costs and more money for equity holders.
Although the business is diversified, it still relies heavily on its power subsidiaries which contributed more than 80% to the group's revenue in 2025. This is largely responsible for the huge natural gas and fuel costs of over ₦210 billion recorded for 2025, and probably responsible for the huge receivables and payables in the group's balance sheet. As a result, the company had to rely on borrowings of up to ₦75 billion to fund its operations in 2025. Power generation companies have had this lingering debt owed to them by the Federal government of Nigeria as subsidy payment for electricity generated, which has continued to squeeze their liquidity. As we have pointed out in a previous article, it is not enough for a company to be profitable (on paper), as cash is king and the lifeblood of any business.
Below are the groups subsidiaries:
Hospitality: The hospitality business is made up of its direct subsidiary Transcorp Hotels Plc. (THP) (with its subsidiaries, Transcorp Hotels Ikoyi Limited, Transcorp Hotels Port Harcourt Limited and Aura by Transcorp Hotels Limited). These entities render hospitality services to customers. The group holds 76.16% of this subsidiary, and Revenue for 2025 printed at ₦97 billion.
Agro-allied: This relates to a subsidiary, Teragro Commodities Limited. The subsidiary is engaged in the manufacturing/processing of fruit concentrates from fruits. This subsidiary is currently nonoperational and the group holds 95% of it.
Power: This relates to subsidiaries, Transcorp Power Plc and TransAfam Power Limited (with its subsidiaries, Afam Power Limited and Afam Three Fast Power Limited). The subsidiaries engage in generation and sale of electric power. The group holds 50.99% of Transcorp Power PLC and 95% of TransAfam Power Limited, and Revenue for 2025 of the combined entities printed at ₦483billion.
Oil & Gas: Two subsidiaries make up the oil & gas segment namely Transcorp Energy Limited and Transcorp OPL 281 Limited. These companies are into the exploration, refining and marketing of petroleum products. The subsidiaries are in the start-up phase and recorded combined Revenue of ₦173m in 2025. The group holds 100% of Transcorp OPL 281 limited and 99% of Transcorp Energy Limited.
Corporate Centre: This segment is the parent Company, Transnational Corporation Plc and the other non-operational subsidiaries (including Transcorp Properties Limited, Transcorp Refining Company Limited, Transcorp Trading and Logistics Limited, and Transcorp Telecomms Limited, all 100% owned subsidiaries). Corporate Centre recorded Revenue of ₦54 billion in 2025.
In 2024 Transcorp PLC disposed some shares of Transcorp Power PLC sequel to listing of the latter on the NGX, to meet the free float requirement for the company's shares. The proceeds from the disposal of shares (₦10.9 billion) recognized during the year 2024 was reinvested in the acquisition of shares of United Bank for Africa (of course, one of the company's under the Tony Elumelu ecosystem) -a total of ₦20.37 billion was spent to acquire UBA Shares in the same year. In 2025, the group participated in the United Bank for Africa Plc's rights issue, paying an additional ₦11 billion to take up its rights which is yet to be allotted as at year end. The group also owns 10% of the 1,000,000 ordinary share capital of Jeolan International Limited - a Special Purpose Vehicle that owns 60% of Abuja Electricity Distribution Company (AEDC).
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