Transcorp Power PlcNSENG: TRANSPOWER

Quarter 3 - financial statement for 2025

Oct 13, 2025 at 11:55 AM UTC · Issued by Transcorp Power Plc

TRANSCORP POWER PLC

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Transcorp Power Plc Unaudited Interim Financial Statements For the period ended 30 September 2025

Table of Contents

Corporate Information 3

Statement of Directors' Responsibilities 5

Statement of Profit or Loss and Other Comprehensive Income 7

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cashflow 11

Note to the financial statements 12

Corporate Information Company Registration No. RC 1067143 Tax Identification Number 14640316-0001 Registered Office 38 Glover Road Ikoyi, Lagos Nigeria. Plant Address Transcorp Power Plc.

KM 20 Warri/Patani Expressway Ughelli

Delta State, Nigeria

Board of Directors Mr. Emmanuel Nnorom Chairman

Engr. Peter Ikenga Managing Director/Chief Executive Officer

Dr. (Mrs.) Owen Omogiafo, OON Non-Executive Director Mr. Adim Jibunoh Non-Executive Director

Engr. Vincent Ozoude Non-Executive Director

Engr. Charles Odita Independent Non-Executive Director Ms. Faith Tuedor-Matthews Independent Non-Executive Director Mr. Christopher Ezeafulukwe Non-Executive

Auditors Messrs. Deloitte & Touche Chartered Accountants Civic Towers

Plot GA 1

Ozumba Mbadiwe Avenue Victoria Island, Lagos Nigeria

Principal Banker United Bank for Africa Plc Company Secretary Ms. Atinuke Kolade 38 Glover Road Ikoyi, Lagos, Nigeria. Investors Relation Dr. Evans Okpogoro evans.okpogoro@transcorppower.com Incorporation and address

The Company is the successor company from the merger of Transcorp Ughelli Power Limited and Ughelli Power Plc. Transcorp Ughelli Power Limited was incorporated in Nigeria on 24 September 2012 under the Companies and Allied Matters Act, of Nigeria as a private limited liability company for the purpose of acquiring 100% shareholding in Ughelli Power Plc from the Federal Government of Nigeria on 1 November 2013

On 1 October 2015, Transcorp Ughelli Power Limited merged with its subsidiary, Ughelli Power Plc with a resultant change in name to Transcorp Power Limited, and cancellation of the share capital of Ughelli Power Plc. No new company was formed.

On 19 December 2023, the Company held an Extra-ordinary General Meeting (EGM) and passed a resolution to convert the company from a private limited liability company to a public limited liability company, and the consequent change of name from Transcorp Power Limited to Transcorp Power Plc on 10 January 2024. At the same meeting, the Company increased its share capital from ₦42,733,641.50 divided into 85,467,283 ordinary shares of ₦0.50 each to ₦3,750,000,000.00 divided into 7,500,000,000 ordinary shares of ₦0.50 each by the creation of an additional 7,414,532,717 ordinary shares of ₦0.50 each. It was also approved that the shares of the company be listed on the main Board of the Nigerian Exchange Limited (NGX).

The address of the Company's registered office is:

38 Glover Road Ikoyi, Lagos Nigeria.

Principal activities

The Company is mainly engaged in the generation and sale of electric power.

Shareholders Major Shareholders

According to the register of members, the following shareholders of the Company hold 5% or more of the issued ordinary share capital as at 30 September 2025

SHAREHOLDERS WITH 5% AND ABOVE

Shareholder Shareholding (Units) 30 September 2025 % Shareholding(Units) 30 September 2024 %

Transnational Corporation Plc	3,824,435,342	50.99	3,824,435,342	50.99
Rich Point Limited	2,418,593,587	32.25	2,418,593,587	32.25
Woodrock Energy Resources Limited	450,259,257	6.00	479,631,247	6.40

Shareholding Analysis Shareholding structure and Free Float

The company met the free float requirement as at 30 September 2025 with 756,965,129 shares (10.09%) valued at ₦237,687,050,506 on

that date.

TRANSCORP POWER PLC
FREE FLOAT COMPUTATION
Company Name:	TRANSCORP POWER PLC		TRANSCORP POWER PLC
Period End:	30/09/2025		30/06/2025
Reporting Period:	Q3 2025		Q2 2025
Share Price at end of reporting period:	N314.00		N350.90
	Units	Percentage (In relation to Issued Share Capital)	Units	Percentage (In relation to Issued Share Capital)
Issued Share Capital	7,500,000,000	100%	7,500,000,000	100%
Details of Substantial Shareholdings (5% and above)
TRANSNATIONAL CORPORATION PLC	3,824,435,342	50.99	3,824,435,342	50.99
RICH POINT LIMITED	2,418,593,587	32.25	2,418,593,587	32.25
WOODROCK ENERGY RESOURCES LIMITED	450,259,257	6.00	479,631,247	6.40
Total Substantial Shareholdings	6,693,288,186	89.24	6,722,660,176	89.64
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests
MR EMMANUEL NNOROM	17,354,867	0.23	17,354,867	0.23
MR EMMANUEL NNOROM (Vine Foods Ltd)	3,641,000	0.05	3,641,000	0.05
MR. PETER IKENGA	325,159	0.00	325,159	0.00
DR MRS OWEN OMOGAIFO	18,355,867	0.24	18,355,867	0.24
MR ADIM JIBUNOH	51,000	0.00	51,000	0.00
CHRISTOPHER EZEAFULUKWE	9,947,792	0.13	9,947,792	0.13
MR VINCENT OZOUDE	51,000	0.00	51,000	0.00
MR CHARLES ODITA	20,000	0.00	20,000	0.00
MRS FAITH TUEDOR- MATTHEWS	-	-	-	-
Total Directors' Shareholdings	49,746,685	0.65	49,746,685	0.65
Total Other Influential Shareholdings

Free Float in Units and Percentage	756,965,129	10.09	727,593,139	9.70
Free Float in Value	₦237,687,050,506		₦232,829,804,480

Statement of Directors' Responsibilities

The Directors of Transcorp Power Plc are responsible for the preparation of the unaudited financial statements that give a true and fair view of the financial position of the Company as at 30 September 2025 and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with IFRS Accounting Standards and in the manner required by the Companies and Allied Matters Act 2020, and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

In preparing the financial statements, the Directors are responsible for:

properly selecting and applying accounting policies.
presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.
providing additional disclosures when compliance with the specific requirements in with IFRS Accounting Standards are insufficient to enable users to understand the impact of transactions, other events and conditions on the company's financial position and financial performance.

Going Concern

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the

Company will not remain a going concern in the year ahead.

The financial statements of the Company for the period ended 30 September 2025 were approved by the Directors on the 10thOctober, 2025

On behalf of the Directors of the Company.

Peter Ikenga Emmanuel Nnorom Managing Director/Chief Executive Officer Chairman FRC/2021/PRO/DIR/003/00000023699 FRC/2014/PRO/DIR/003/00000007402

Statement of Profit or Loss and Other Comprehensive Income For the Period ended 30 September 2025
		30 September	30 September
	Notes	2025 N'000	2024 N'000
Continuing operations
Revenue from contracts with customers	7	308,540,802	223,556,414
Cost of sales	8	(188,872,363)	(127,093,172)
Gross profit		119,668,439	96,463,242
Other operating income	9	-	21,156
Impairment of financial assets	12	(7,689,136)	(4,295,633)
Administrative expenses	11	(17,929,720)	(11,605,816)
Operating profit		94,049,583	80,582,949
Other income	10.1	107,143	-
Finance income	10.1	3,976,205	4,880,192
Finance cost	10.2	(8,646,250)	(7,916,184)
Other gain - foreign exchange gain	10.3	1,689,516	3,574,365
Profit before income tax	10.4	91,176,197	81,121,322
Income tax expense	13	(22,751,785)	(22,700,273)
Profit for the year		68,424,412	58,421,049
Other comprehensive income:
Items that will not be reclassified to profit or loss Fair value gain on equity investment		2,622,232	-
Items that may not be reclassified to profit or loss		-	-
Total comprehensive income for the year		71,046,644	58,421,049
Basic earnings per share (N)	14	9.12	7.79
Diluted earnings per share (N)	14	9.12	7.79

The notes on pages 12 to 24 are an integral part of these financial statements.

Statement of Profit or Loss and Other Comprehensive Income For the Quarter ended July - September 2025
	July - September	July - September
Continuing operations	2025 N'000	2024 N'000
Revenue from contracts with customers	102,732,364	88,113,081
Cost of sales	(60,687,427)	(54,626,341)
	-	-
Gross profit	42,044,937	33,486,740
Other operating income	107,143	-
Impairment of financial assets	(3,891,213)	(1,300,906)
Administrative expenses	(3,178,250)	(2,798,506)
Operating profit	35,082,617	29,387,328
Other Income	-	-
Finance income	526,078	2,224,637
Finance cost	(2,232,373)	(3,932,922)
Foreign exchange gain	(927,003)	2,470,530
Profit before income tax	32,449,319	30,149,573
Income tax expense	(8,636,792)	(9,647,863)
Profit for the year	23,812,527	20,501,710
Other comprehensive (loss)/income: Items that will not be reclassified to profit or loss Fair value gain on equity investment	2,622,232	-
Items that may not be reclassified to profit or loss	-	-
Total comprehensive income for the year	26,434,759	20,501,710
Basic earnings per share (N)	3.18	2.73
Diluted earnings per share (N)	3.18	2.73

The notes on pages 12 to 24 are an integral part of these financial statements.

Statement of Financial Position As at period ended 30 September 2025
		30 September	31 December
Assets	Notes	2025 N'000	2024 N'000
Non-current assets Property, plant and equipment	15	58,686,694	60,609,082
Intangible asset	16	9,701,191	9,701,191
Investments	22	25,302,976	17,380,744
		93,690,861	87,691,017
Current assets
Inventories	17	3,224,924	2,367,501
Trade and other receivables	18	432,148,858	298,388,501
Cash and cash equivalents	19	7,638,413	8,335,248

Total current assets 443,012,195 309,091,250

Total assets 536,703,056 396,782,267

Equity and liabilities Equity
Share capital	24	3,750,000	3,750,000
Share premium	25	44,385,019	44,385,019
Revaluation Reserve		2,622,232	-
Retained earnings	26	109,415,007	78,490,595
Total equity		160,172,258	126,625,614
Liabilities
Non-current liabilities
Borrowings	21.1	33,612,768	33,093,392
Deferred tax liabilities		4,927,409	7,254,111
		38,540,177	40,347,503
Current liabilities
Trade and other payables	20	260,281,894	172,446,559
Current tax payable	13.1	76,710,028	52,848,904
Borrowings	21.1	998,700	4,513,687
		337,990,622	229,809,150

Total liabilities 376,530,799 270,156,653

Total equity and liabilities

536,703,056 396,782,267

The financial statements and notes on pages 12 to 24 were approved by the Board of Directors on October 10, 2025 and signed on its behalf by:

Emmanuel Nnorom Evans Okpogoro Peter Ikenga Chairman, Board of Directors Chief Finance Officer MD/CEO FRC/2014/PRO/DIR/003/00000007402 FRC/2021/PRO/ICAN/001/00000023056 FRC/2021/PRO/DIR/003/00000023699

The notes on pages 12 to 24 are an integral part of these financial statements.

Statement of Changes in Equity For the period ended 30 September 2025
		Share	Retained
	Share capital	premium	earnings (Note
	(Note 25)	(Note 24)	25)	Total
	N'000	N'000	N'000	N'000
Balance at 1 January 2024	3,750,000	44,385,019	9,727,327	57,862,346
Profit for the year	-	-	80,013,268	80,013,268
Dividends (Note 26)	-	-	(11,250,000)	(11,250,000)
Balance at 31 December 2024	3,750,000	44,385,019	78,490,595	126,625,614
Profit for the year	-	-	68,424,412	68,424,412
Other Comprehensive Income			2,622,232	2,622,232
Dividends	-	-	(37,500,000)	(37,500,000)
Total transactions with owners,
recognised directly in equity	-	-	33,546,644	33,546,644

Balance at 30 September 2025 3,750,000 44,385,019 112,037,239 160,172,258

The notes on pages 12 to 24 are an integral part of these financial statements.

Statement of Cashflow For the period ended 30 September 2025
		30 September		30 September		31 December
		2025		2024		2024
	Notes	N'000		N'000		N'000
Cash generated from operations
Profit before tax		91,176,197		81,121,322		113,287,196
Adjustment to reconcile profit before tax to net cash flows:
Depreciation of property, plant and equipment	11.1	4,172,787		3,600,045		4,901,062
Finance income	10.0	(4,083,348)		(4,880,192)		(7,342,864)
Finance cost	10.0	8,646,250		7,916,184		9,858,358
Write off of Property, Plant Equipment	15.0	-		-		-
Profit from the side sale of Property, Plant and Equipment		-		-		-
Net Impairment allowance on financial assets	12.0	7,689,136		4,295,633		8,109,188
Effect of Foreign exchange loss	10.3	(1,689,516)		(3,574,365)		1,771,593
Adjustment to Property, Plant and Equipment		-		-		1,124,000
Working capital adjustments:
Increase in trade and other receivables		(133,760,357)		(106,278,807)		(147,313,093)
Increase in inventories		(857,423)		(444,757)		(606,711)
Increase in trade and other payables		87,835,335		59,239,210		73,610,726
Net cash flows from operating activities		59,129,061		40,994,272		57,399,455
Tax paid
13.1		(1,305,665)	(1,351,546)		(2,551,009)
Total Net cash flows from operating activities
		57,823,396		39,642,726		54,848,446
Investing activities
Purchase of property, plant and equipment	15.0	(2,250,399)		(2,853,525)		(8,654,265)
Investment in bonds/shares/fixed deposit		(7,922,232)		27,532,923		(16,778,130)
Proceeds from Liquidation of bond securities /PPE		-		-		1,771,278
Interest income		168,279		-		1,473,681
Net cash used in investing activities		(10,004,352)		24,679,398		(22,187,436)
Financing activities
Dividend paid		(37,500,000)		(34,712,335)		(23,092,160)
Proceeds from borrowings		23,526,569		23,463,000		23,463,000
Repayments of loan interest		(8,642,423)		(5,694,734)		(8,156,423)
Repayments of Principal		(26,392,406)		(16,773,719)		(23,465,125)
Net cash used in financing activities		(49,008,260)		(33,717,788)		(31,250,708)
Net movement in cash and cash equivalents		(1,189,216)		30,604,334		1,410,302
Cash and cash equivalents at the beginning of the year		8,335,248		6,368,572		6,368,572
Effect of Forex on cash balance		492,381		-		556,374
Cash and cash equivalents at the end of the year	19.0	7,638,413		36,972,906		8,335,248

The notes on pages 12 to 24 are an integral part of these financial statements.

Note to the financial statements

General information
Transcorp Power Plc ("the Company") was incorporated in Nigeria on 24 September 2012 under the Companies and Allied Matters Act as amended as a private limited liability company as Transcorp Power Limited and is domiciled in Nigeria. It changed name to Transcorp Power Plc in January 2024. Transcorp Power Plc is a subsidiary of Transnational Corporation Plc (Transcorp).
The company's principal activity is the generation and sales of electric power.
The financial statements are presented in Nigerian Naira (NGN) and all values are rounded to the nearest thousand (N'000), except
when otherwise indicated.
Basis of preparation
The financial statements have been prepared in compliance with IFRS Accounting Standards and interpretations issued by the International Accounting Standards Board (IASB) and in the manner required by the Companies and Allied Matters Act (CAMA) 2020 and the Financial Reporting Council (Amendment) Act 2023. Further standards may be issued by the International Accounting Standards Board (IASB) and may be subject to interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC).
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below.
Financial period
These financial statements cover the financial year from 1 January 2025 to 30 September 2025, with comparative figures for the period ended 30 September 2024 and financial year ended 31 December 2024.
Going Concern
The Directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing financial statements.
Composition of financial statements
The financial statements are drawn up in Naira, the functional currency of Transcorp Power Plc. The financial statements are prepared in accordance with IFRS Accounting Standards and comprise:
- Statement of profit or loss and other comprehensive income
- Statement of financial position
- Statement of changes in equity
- Statement of cash flows
- Notes to the financial statements.
Principal activities
The Company is mainly engaged in the generation and sale of electric power.
Revenue from contracts with customers

Disaggregated revenue information

Set out below is the disaggregation of the Company's revenue from contracts with customers:

7 Revenue from contracts with customers

Disaggregated revenue information

Set out below is the disaggregation of the company's revenue from contracts with customers:

30 Sept

2025

30 Sept

2024

Capacity charge	82,915,517	74,151,122
Energy delivered	225,611,785	149,391,792
Ancillary services	13,500	13,500
Total revenue from contracts with customers	308,540,802	223,556,414
Timing of revenue recognition Services transferred over time	308,540,802	223,556,414

N'000 N'000

Total revenue from contracts with customers 308,540,802 223,556,414 Revenue generated from:

Local customers 220,431,433 184,356,934

International customers 88,109,369 39,199,480

Total revenue from contracts with customers 308,540,802 223,556,414

There is no other revenue item outside IFRS 15.

Ancillary services include earnings from Blackstart operations and frequency control services provided.

8 Cost of sales

30 Sept

2025

30 Sept

2024

Natural gas and fuel costs Salaries and wages

Repairs and maintenance.

N'000 N'000

163,731,404	118,423,505
921,518	824,102
4,159,883	3,573,707

Depreciation (Note 11.1) 4,119,966 3,555,101

Insurance 289,545 284,628

Other direct expenses	15,650,047	432,129
Total cost of sales	188,872,363	127,093,172
9 Other operating income Other income	-	21,156
	-	21,156

Repairs and maintenance* - Included in the repairs and maintenance cost is the contract sum for operating and maintenance cost as at September 30, 2025.

Note to the financial statements (cont'd)

		30 September 2025	30 September 2024
10	Finance income and finance costs	N'000	N'000
	Finance income
10.1a	Interest income	3,976,205	4,880,192
		3,976,205	4,880,192

The interest income relates to interest on demand deposits and short-term intercompany loans

10.1b	Dividend
	Dividend income	107,143	-

10.2	Finance costs
	Interest expense on loans		(8,646,250)	(7,916,184)
10.3	Other Gain/(Loss)
	Foreign exchange gain		1,689,516	3,574,365
10.4	Profit before income tax		91,636,351	81,121,322
The profit before income tax was arrived at after charging/(crediting):
	Depreciation		4,172,787	3,600,045
	Other gain/(loss)		1,689,516	3,574,364
	Interest expense on loans		8,646,250	7,916,184
	Interest income		(4,543,502)	(4,880,192)
	Auditors' remuneration		72,225	58,012
	Director's' remuneration		333,145	175,228
			30 September 2025	30 September 2024
11	Administrative expenses		N'000	N'000
	Auditors' remuneration		72,225	58,012
	Bank charges		191,787	20,400
	Depreciation	(Note 11.1)	52,821	44,944
	Directors' remuneration		333,145	175,228
	Corporate social responsibility (a)		5,374,547	1,764,773
	Insurance		2,579	18,857
	Management fees (b)		7,340,775	6,728,197
	Other operating expenses (c)		2,028,555	1,310,448
	Printing & Stationery		15,438	24,079
	Medicals		252,436	100,635
	Professional fees		467,808	138,185
	Rates & utilities		14,250	9,000
	Repairs and maintenance		298,895	200,721
	Security services		143,730	101,711
	Staff costs		534,724	505,474
	Pension cost		22,007	18,794
	Subscriptions and fees		389,943	73,432
	Travel and accommodation		394,055	312,926
			17,929,720	11,605,816

Note to the financial statements (cont'd)

Administrative expenses (cont'd)
1. Corporate Social Responsibility relates to various social responsibilities carried out during the period.
2. Management fees relates to the management services that the parent company, Transnational Corporation Plc provided during the period to the Company.
3. Included is staff cost is N200.3 million paid to teachers of Transcorp Power Plc. Staff School. The staff school is categorized by management as part of the Corporate Social Responsibility of the Company and the net expenses are included in other operating expenses. Also included in the other operating expenses are entertainment, feeding/canteen expenses, medical expenses, printing and stationery, ICT expenses, community related expenses and listing expenses.
1. Total depreciation included in the statement of profit or loss

			30 September 2025	30 September 2024
			N'000	N'000
	Depreciation- Cost of sales	(Note 8)	4,119,966	3,555,101
	Depreciation- Administrative expenses	(Note 11)	52,821	44,944
	Total depreciation expense		4,172,787	3,600,045
12	Impairment loss on financial assets
	Total impairment loss on financial assets		7,689,136	4,295,633

Impairment of Financial Assets

During the period, the Company recognized an impairment loss on financial assets in accordance with IFRS 9. The impairment relates primarily to trade and other receivables, reflecting expected credit losses based on historical default rates, current conditions, and forward-looking information. The total impairment loss recognized in the statement of profit or loss for the year amounted to ₦7.69 billion, and has been deducted from the carrying value of the affected receivables

Income tax

The major components of income tax expense for the period ended 30 September 2025 and 2024 are:

	30 September 2025	30 September 2024
	N'000	N'000
Current income tax	25,166,788	22,700,273
Total income tax for the period	25,166,788	22,700,273
Deferred tax:
Relating to origination and reversal of temporary differences	(2,415,003)	-
Income tax expense reported in the statement of profit or loss	22,751,785	22,700,273

		30 September 2025	31 December 2024
13.1	The movement in tax payable is as follows:	N'000	N'000
	Balance as at 1 January	52,848,904	20,181,722
	Total Income tax for the period	25,166,789	35,218,191
	Tax paid during the period	(1,305,665)	(2,551,009)
	Closing balance	76,710,028	52,848,904

Corporate tax is calculated at 30 percent of the estimated taxable profit for the period. The charge for taxation in these financial statements is based on the provisions of the Companies Income Tax Act as amended. The charge for education tax of 3 percent is based on the provisions of the Education Tax Act, as amended.

Basic and diluted earnings per share

Basic earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year. There were no potentially dilutive ordinary shares at either period end; hence the basic and diluted earnings per share have the same value.

	30 September 2025	30 September 2024
Profit for the year attributable to shareholders (in ₦'000)	68,424,412	58,421,049
Weighted average number of shares in issue (unit '000)	7,500,000	7,500,000
Basic earnings per share (N)	9.12	7.79
Diluted earnings per share (N)	9.12	7.79

The denominator for the purposes of calculating basic earnings per share is based on issued and fully paid ordinary shares of N0.50 each.

There have been no transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements.

Note to the financial statements (cont'd) Transcorp Power Plc Unaudited Interim Financial Statements For the period ended 30 September 2025

15 Property, plant and equipment Land	Building	Furniture and fittings	Plant and machinery	Motor vehicles	Capital Spares	Work in progress	Total
N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Cost:
1 January 2024 842,460	1,766,473	479,027	76,524,648	234,159	3,151,287	6,522,087	89,520,141
Additions -	22,225	39,876	3,568,732	144,050	299,387	4,579,995	8,654,265
Reclassification -	-	-	3,535,546	-	-	(3,535,546)	-
Adjustments (Note
15.3) -	-	-	-	-		(1,124,000)	(1,124,000)
Transfer -	-	-	-	-	(487,875)	487,875	-
31 December 2024 842,460	1,788,698	518,903	83,628,926	378,209	2,962,799	6,930,411	97,050,406
1 January 2025 842,460	1,788,698	518,903	83,628,926	378,209	2,962,799	6,930,411	97,050,406
Additions -	-	103,517	1,152,757	134,635	54,515	804,975	2,250,398
Reclassification -	-	-	5,035,838	-	-	(5,035,838)	-
Adjustments -	-	-	-	-	-	-	-
Transfer -	-	-	-		-	-	-
30 September 2025 842,460	1,788,698	622,420	89,817,521	512,844	3,017,314	2,699,548	99,300,805
Accumulated depreciation: 1 January 2024 -	327,440	313,840	30,725,046	173,937	-	-	31,540,263
Depreciation for the year -	35,798	56,184	4,763,339	45,741	-	-	4,901,062
Disposals -	-	-	-	-	-	-	-
31 December 2024 -	363,238	370,024	35,488,385	219,678	-	-	36,441,325
1 January 2025 -	363,238	370,024	35,488,385	219,678	-	-	36,441,325
Depreciation for the year -	26,994	49,044	4,058,280	38,468	-	-	4,172,786
30 September 2025 -	390,232	419,068	39,546,665	258,146	-	-	40,614,111
Carrying amounts
31 December 2024 842,460	1,425,460	148,879	48,140,541	158,531	2,962,799	6,930,412	60,609,082
30 September 2025 842,460	1,398,466	203,352	50,270,856	254,697	3,017,314	2,699,548	58,686,694

None of these assets are impaired nor pledged as security or collateral.
The transfer in the current period relates to items reclassed from capital spares to work in progress whereas that of the prior period relates to capital spares previously classed as inventory.
The adjustments relate to certain costs in the capital work in progress of which upon review by the management during the period took decision to expense as it was considered not meeting the criteria for a property, plant and machinery. .

Note to the financial statements (cont'd)

	30 September	30 September
16 Intangible asset	2025	2024
	N'000	N'000
Goodwill
Balance at 1 January	9,701,191	9,701,191
Adjustments	-	-
Balance at 31 March	9,701,191	9,701,191

Goodwill arose from the excess of the consideration over acquisition-date fair values of identifiable asset

i.e. purchase of Ughelli Power Plc on 1 November 2013.

In assessing goodwill impairment at 30 September 2025 and 30 September 2024, the Company compared the aggregate recoverable amount of the asset to the carrying amounts. Recoverable amount has been determined based on the value in use using five-year cash flow forecast approved by directors that made maximum use of observable markets for inputs and outputs. For periods beyond the forecast period, cash flows were extrapolated using growth rates that do not exceed the long-term average for the business.

The company has done goodwill assessment and there is a significant headroom from the assessment as such, there is no possible impairment that can arise on the goodwill.

		30 September	31 December
17	Inventories	2025	2024
		N'000	N'000
	General stores	2,847,416	2,124,983
	Stationery	73,481	42,677
	Lubricant	304,027	199,841
		3,224,924	2,367,501

General stores, stationery and lubricants are carried as inventories and recognised in profit or loss as consumed. The cost of inventories recognised as an expense and included in 'cost of sales' amounted to N4 billion (Q3 2024: N3.2 billion). The impairment provision on inventory is based on specific identification of damaged items that are assessed as unlikely to be usable effectively for intended purposes. There was no inventory written down during the year.

Note to the financial statements (cont'd)

		30 September	31 December
18 Trade and other receivables		2025 N'000	2024 N'000
Trade receivables	(Note 18.1)	395,344,663	239,041,280
Due from related companies	(Note 18.2)	19,649,592	31,618,697
Prepayments		455,751	173,216
Advances to suppliers		16,522,452	1,057,458
Other receivables	(Note 18.3)	176,400	26,497,850
		432,148,858	298,388,501
		30 September	31 December
18.1 Trade receivables Trade receivables		2025 N'000 418,504,996	2024 N'000 254,512,477
Less: provision for impairment loss on trade receivables		(23,160,333)	(15,471,197)
		395,344,663	239,041,280
Trade receivables		395,344,663	239,041,280

18.1a Interest clause in the Power Purchase Agreement

The Company is entitled to interest on electricity bills that are not paid within the contractual period as stipulated in the Power Purchase Agreement (PPA) signed with the Company's major customer (NBET) on 21 February 2013. The Company started selling electricity to NBET in 2015 and has not recognised any interest since then.

The reconciliation is still on going and no firm commitment has been received from the government on the payment. Based on the Company calculations, the interest component amounted to ₦126 billion (2024: ₦72.2billion). The Board of Directors decided not to recognize but to disclose the interest income in the financial statements in line with the general industry practice.

18.2	Due from related companies		30 September 2025 N'000	31 December 2024 N'000
	Receivables from related parties	(Note 23.1)	21,721,139	33,690,244
	Less: provision for impairment loss		(2,071,547)	(2,071,547)
			19,649,592	31,618,697

18.3 The other receivables in FY 2024 included an accrued revenue of about N26.0bn representing the December 2024 revenue which had not been invoiced to the customers. Invoices are raised when the Final Settlement Statement is issued by the Market Operator. There was no outstanding invoice to customers as at September 30, 2025. Note to the financial statements (cont'd)

19 Cash and cash equivalents	30 September 2025 N'000	31 December 2024 N'000
Cash in hand	-	-
Cash at bank	3,326,147	2,706,105
Demand deposits	4,312,266	5,629,143
	7,638,413	8,335,248
Cash and cash equivalents	7,638,413	8,335,248

Cash and cash equivalents comprise cash and bank balances. The carrying amount of these assets approximate their fair value. There is no impairment of cash balance because the cash is in reputable financial institutions.

		30 September	31 December
20	Trade and other payables	2025	2024
		N'000	N'000
	Trade payables	174,034,175	115,569,278
	Other payables	65,630,001	39,890,996
	Other Accruals	20,407,910	16,481,759
	Withholding tax	209,808	413,784
	PAYE tax deductions	-	3,878
	Dividend payable	-	86,864
		260,281,894	172,446,559

20.1 The trade payables relate to gas suppliers' payables and the other payables are vendors that supplied various materials and provided services to the company.

21 Financial assets and financial liabilities (cont'd)
21.1 Financial liabilities		30
	Maturity	September 2025 N'000	31 December 2024 N'000
Term loan	2023 - 2030	34,611,468	37,607,079
$215 million acquisition loan	2023	-	-
Total interest-bearing loans and borrowings		34,611,468	37,607,079
Non-current		33,612,768	33,093,392
Current		998,700	4,513,687
		34,611,468	37,607,079
Qualitative description of interest-bearing loans	and borrowing

Term loans

Term loans are facilities obtained by the Company from its banker (UBA). These facilities are repayable by instalments at various dates between 2023 and 2030 with interest rate ranging from 24.5% to 30.5% per annum.

$215 million acquisition loan

$215 million acquisition loan obtained by the Company from its bankers for the purpose of acquiring 100% interest in Ughelli Power Plc. The balance was due for repayment in December 2023 and subsequently settled in January 2024.

Security on loans

The securities to the is lenders over the Company's borrowings include the irrevocable domiciliation of the company's operational proceeds with the lender, the assignment of rights over all material contracts and Legal Charge over the shares of the Sponsor. There is no domiciliary loan as at September 2025.

		30 September	31 December
22	Investments	2025	2024
		N'000	N'000
	Investment in equity
	shares	17,380,744	17,380,744
	Additional investment in shares
	during the year	5,300,000	-
	Revaluation gain of UBA Shares	2,622,232
		25,302,976	17,380,744

The investment in shares includes: 5% shareholding in Afam Power Plc, 15% shareholding of Jeolan International Limited. Jeolan owns 60% of Abuja Electricity Distribution Company (AEDC), purchase of United Bank of Africa (UBA) shares and an equity investment in Tenoil Petroleum and Energy Services Ltd resulting to 31,521 units of shares, translating to 0.31% ownership and additional deposit for UBA shares N5bn

Related party transactions and balances
The Company is a subsidiary of Transnational Corporation Plc which is domiciled in Nigeria. The parent company, Transnational Corporation Plc provided management services during the period to the Company and other intercompany related expenses/transaction.
1. Balances with related parties during the year

Receivables from related parties	Nature of relationship	30 September 2025	31 December 2024
		N'000	N'000
Transnational Corporation Plc	Parent company	(3,229,820)	18,632,846
Transcorp Hotel Plc, Abuja	Subsidiary of the group	9,863,168	8,472,616
Transcorp OPL 281 Limited	Subsidiary of the group	-	14,017
Trans-Afam Power Limited	Subsidiary of the group	15,087,791	6,368,765
Transcorp Energy Limited	Subsidiary of the group	-	200,000
Teragro Commodities Limited	Subsidiary of the group	-	2,000
		21,721,139	33,690,244

24 Share capital Allotted, called up, issued and fully paid:	30 September 2025 N'000	31 December 2024 N'000
At 1 January	3,750,000	3,750,000
7,500,000,000 ordinary shares at 50k each	3,750,000	3,750,000
25 Share premium Balance as at 1 January New Shares as a bonus issue	30 September 2025 N'000 44,385,019 - -	31 December 2024 N'000 44,385,019 - -
Balance as at 31 December	44,385,019	44,385,019

Note to the financial statements (cont'd)
26 Retained earnings
The movement in retained earnings during the year is as follows:	30 September	31 December
Balance as at 1 January	2025 N'000 78,490,595	2024 N'000 9,727,327
Profit for the period	68,424,412	80,013,268
Interim & final dividend	(37,500,000)	(11,250,000)
Balance as at 30 September	109,415,007	78,490,595
27 Particulars of employees

The table below shows the number of employees (excluding directors), who earned emoluments in the year and were within the bands stated.

Employees	30 September 2025 Number	31 December 2024 Number
Less than N1,000,000	-	-
N1,000,001 - N2,000,000	10	10
N2,000,001 - N5,000,000	68	63
Above N5,000,000	131	117
	209	190

28 Capital commitments and contingent liabilities

The Directors have disclosed that all known liabilities and commitments which are relevant in assessing the state of affairs of the Company have been taken into consideration in the preparation of these financial statements.

Legal claim contingency

The Company is involved in some legal actions in the ordinary course of business which are not material. The Company has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been made in these financial statements.