If you held Transcorp Power shares heading into August 14, the session offered little relief, with the stock closing at ₦219.60, its lowest level in over 12 months.
That price matched the stock’s 52-week low and sat 28.5% below its January opening of ₦307, afx.kwayisi.org data showed.
The close also placed the stock roughly 36% below its 52-week high of ₦342, underscoring the scale of the decline since its peak, Cowrywise data indicated.
Transcorp Power’s weakness was part of a multi-session losing streak across the Nigerian Exchange that has erased approximately ₦3.8 trillion in total market capitalization. The selloff began after the All-Share Index peaked at a record 248,529.75 points on August 10, with broad-based profit-taking sweeping through major sectors.
By August 14, the ASI had dropped to 242,619.20 points, and total market capitalization stood at ₦156.62 trillion, down from ₦160.42 trillion, NGX Pulse data showed. The power generator’s 28.5% year-to-date slide has made it one of the weakest performers on the exchange’s main board in 2026, afx.kwayisi.org indicated.
Transcorp Power closed at its 52-week floor on the NGX
The August 14 session saw Transcorp Power trade 10,000 shares and close at ₦219.60, matching its 52-week low, the NGX Daily Official List and Morningstar data showed.
The stock’s presence at its yearly floor signaled that buyers were unwilling to step in at levels that would have been considered a bargain just months earlier. Geregu Power, the only other listed power generator on the NGX, also traded near depressed levels on the same date, reflecting broader investor caution around the sector.
With Transcorp Power down 28.5% since January and Geregu flat for most of the year, Nigeria’s listed power sector has significantly lagged the broader market’s 56% year-to-date gain. The divergence has raised questions about whether structural headwinds in the electricity industry are keeping institutional investors on the sidelines.
Transmission vandalism weighed on Transcorp Power’s H1 2026 profit
The stock’s slide to its yearly low did not come out of the blue, as the company’s most recent earnings report had already flagged significant headwinds affecting its operations. Transcorp Power reported pre-tax profit of ₦54.99 billion for the six months ending June 30, a 6.37% decline from the prior year, Nairametrics reported.
Revenue fell to ₦181.97 billion, with income from energy delivered declining to ₦138.94 billion from ₦150.80 billion in H1 2025, the filing showed. The company cited transmission line vandalism as the primary factor preventing it from consistently dispatching generated electricity to the national grid.
“Recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity.” — Peter Ikenga, MD/CEO, Transcorp Power (Nairametrics)
Between January and August 2026, vandals destroyed at least 20 transmission towers across Nigeria, including on the critical Ughelli-Benin line in Delta State, Daily Trust reported. The Nigerian Independent System Operator estimated that transmission losses cost the electricity market roughly ₦8 billion every month, the report noted.
Transcorp Power’s margins improved despite declining revenue
Even as the top line contracted, the company’s internal efficiency metrics painted a more nuanced picture of its operational health during the first half of the year. CFO Dr. Evans Okpogoro noted that gross margin expanded to 38.4% from 34.7% in the same period of 2025, Nairametrics reported. Operating margin also rose to 30.6% from 28.5%, while pre-tax profit margin improved to 30.2% from 28.5% in the prior year, the company confirmed.
Total assets grew 9.9% to ₦619.02 billion, and shareholders’ funds increased 3.2% to ₦189.34 billion during the period, the H1 2026 filing showed. Despite the weaker earnings, the company declared an interim dividend of ₦1.50 per share, which was paid on July 23, Tekedia reported. Trade receivables rose 57% to ₦468.4 billion in 2025, reflecting delayed settlements in the Nigerian electricity market, BusinessDay reported.
Meristem projected a strong Transcorp Power rebound before the selloff
Before the August correction began, the analyst consensus on Transcorp Power was notably more optimistic than the stock’s current trajectory suggests. Analysts at Lagos-based Meristem projected that profit after tax would reach ₦113.8 billion in the full 2026 fiscal year, BusinessDay reported.
That forecast represented a 24.5% increase over the ₦91.4 billion the company earned in 2025, supported by a planned capacity increase from 550 megawatts to 750 megawatts. The projection was issued in March 2026, when the stock still traded above ₦300, and the scale of H1 transmission disruptions was not yet visible to the market.
Transcorp Group has set a year-end 2026 target of 760 megawatts of average available capacity for the power subsidiary, BusinessDay reported. Whether the company can reach those capacity targets while navigating persistent grid infrastructure challenges will shape how the stock performs through the remainder of the year.
Key figures from Transcorp Power’s August 14 session
- Transcorp Power closed at ₦219.60, matching its 52-week low, Morningstar and afx.kwayisi.org data showed.
- The stock has fallen 28.5% year-to-date from ₦307, stock data from afx.kwayisi.org indicated.
- H1 2026 pre-tax profit declined 6.37% to ₦54.99 billion from ₦58.73 billion, Nairametrics reported.
- Gross margin improved to 38.4% from 34.7% despite the revenue decline, the company’s filing confirmed.
- Meristem analysts projected full-year 2026 profit of ₦113.8 billion before the selloff began, BusinessDay reported.
