Lower energy income leaves Transcorp's half-year profit 17% weaker

Lower energy income leaves Transcorp's half-year profit 17% weaker

Weaker income from energy sent out, the top contributor to the revenue pool of Transnational Corporation of Nigeria (Transcorp), set in motion a slide of 16.6 per cent in its post-tax profit for half-year 2025, compared to a year ago.

The financials of the company out on Wednesday showed energy sent out dropped to N150.6 billion from N183.5 billion, setting revenue up for a 13.4 per cent decline.

Turnover for the conglomerate, where tycoon Tony Elumelu who retires from the chairmanship of United Bank for Africa next month is the top shareholder, fell to N241.5 billion from N279 billion.

Chief Finance Officer Festus Izevbizua in a separate statement also issued Wednesday attributed the revenue drop to “sector-wide power infrastructure constraints.”