• Friday, February 23, 2024
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BusinessDay

eTranzact profit rises amid harsh operating environment

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eTranzact International Plc’s impressive financials is indicative of the company’s resilience even amidst the country’s tough operating environment post election year. The company’s 2014 annual report and financial statement showed that eTranzact generated record revenues, profits and cash flows which transformed the firm’s accumulated deficit to a retained surplus.The firm’s operating profit grew from N188.7 million in 2013 to N388 million in 2014, representing a 101 percent annual growth. Meanwhile, profit before tax grew by 145 per cent from 2013 performance while profit after tax grew by 112 per cent compared to 2013.The report showed that gross revenue for the year 2014 was N7.1 billion which represents a 51 percent growth compared to 2013. The company’s board has approved the payment of 5 kobo per share to its shareholders for year 2014.  According to the firm, the impressive performance were inspired by some critical growth drivers.
“They include: Strengthened collaboration with partner banks in driving mobile banking business, strategic alliances with International money transfer operators which is driving growth of remittance business, alliances with government agencies, parastatals and educational institutions which is driving bulk payments, central collection and transaction switching and processing business.” The company added that it has taken steps to consolidate on profitability with new relationships, enhancing and deepening existing ones and exploring new partnerships locally and internationally. Speaking at the company’s 11th Annual General Meeting (AGM) held in Lagos, Valentine Obi, managing director/chief executive officer, eTranzact International Plc, said, ” We have been encouraged by our performance in the period under review. We have experienced consistent growth in revenue and profitability over the past ten years with transaction activity value, volumes and partnerships also experiencing significant growth in the last three years.”
Obi also pointed out that the company’s impressive results was essentially down to setting key performance indexes around user experience, platform stability and technology development. “It is new level for us indeed and this shows that the strategies we have in place are working and it will continue to work. Going forward, Nigerians will be seeing new products that eTranzact will be introducing to help the industry grow and increase our profitability as well for the benefit for our shareholders and other partners.” Speaking on the company’s outstanding growth, Felix Ohiwerei, chairman of the Board, who appreciated the management for its innovation, drive and resources, said that eTranzact will continue to strive to grow “to become regional and global leader in the electronic and mobile payments industry, and with our performance in the period under review and indicators from the current period, we believe that the period ahead will be even more glorious.”
Ben Uzor