Lagos, Nigeria – Fintech firm eTranzact International Plc has announced a robust pre-tax profit of N4.8 billion for the full year ended December 31, 2024, marking a significant 53.20% increase compared to the N3.1 billion reported in the previous year. This impressive profit growth comes despite a decline in the company’s overall revenue.
The company’s financial report, released over the weekend, reveals that revenue for the year fell to N29.8 billion from N33.9 billion in 2023. This dip was primarily attributed to a decrease in mobile airtime sales.
However, eTranzact demonstrated strong performance in its core operations, with profits from this segment rising to N4.6 billion, up from N3.1 billion in the previous fiscal year. This suggests improved efficiency and profitability in key areas of the business.
The company also reported a significant increase in its earnings per share (EPS), which grew by 54.17% from N0.24 to N0.37. This improvement reflects the enhanced profitability attributed to each share of the company’s stock.
A notable highlight in the financial results is the substantial recovery in eTranzact’s retained earnings, which improved to N2.8 billion. This is a significant turnaround from a negative balance of N496.6 million in the preceding year, indicating a strengthening of the company’s financial position.
In a move that will likely please investors, eTranzact’s board has declared a final dividend of 12.5 kobo for every 50 kobo share held. This dividend is subject to applicable withholding tax and regulations and will be paid to shareholders whose names are on the company’s register by the close of business on July 7, 2025.
Key Financial Highlights (2024 vs. 2023):
- Revenue: N29.8 billion (-11.82% year-on-year)
- Gross Profit: N11.3 billion (+36.52% year-on-year)
- Operating Profit: N4.6 billion (+48.83% year-on-year)
- Pre-Tax Profit: N4.8 billion (+53.20% year-on-year)
- Earnings per Share: N0.37 (+54.17% year-on-year)
- Retained Earnings: N2.8 billion (Significant improvement from negative balance)
- Total Assets: N24 billion (-14.91% year-on-year)
While revenue experienced a decline, eTranzact’s ability to significantly boost profitability through its core operations and improve its retained earnings will likely be viewed positively by investors. The announcement of a final dividend further underscores the company’s commitment to shareholder returns.
