eTranzact International Reports N5 Billion Pre-Tax Profit in 2024

eTranzact International Plc reported a pretax earnings of N5 billion for the fiscal year ending December 31, 2024.

This represents 53.2 per cent year-on-year growth from a pre-tax profit of N3.1 billion in 2023, highlighting the company's accelerating profitability and strategic expansion.

The fintech Company's audited results released on the Nigerian Exchange (NGX) Limited revealed that its full-year revenue surged to N29.8 billion, while profits from core operations climbed to N4.6 billion, reflecting a 48.8 per cent increase from the previous year.

The shareholders saw their earnings per share (EPS) jump by 54.2%, increasing from N0.24 to N0.37, highlighting the firm’s enhanced operational efficiency, boosted profitability, and effective managerial oversight.

Dividend declaration and balance sheet recovery on the back of its stellar performance, eTranzact declared a final dividend of 12.5 kobo per 50 kobo share, payable to shareholders whose names appear on the register of members by the qualifying date.

The firm similarly experienced a significant improvement in its balance sheet, as retained earnings surged to N2.8 billion, marking a shift from the negative balance of N496.6 million seen in 2023.

This turnaround highlights the company's strengthened financial position and sustainable growth trajectory.

Reflecting on the company's outstanding performance, MD/CEO, eTranzact International, Niyi Toluwalope, expressed confidence in the company's transformation story and growth trajectory.

'Surpassing the N5 billion pre-tax profit mark is a significant milestone for us. It speaks to the dedication of our team, the effectiveness of our strategic investments, and the growing trust our customers and partners place in our brand. We are excited about the road ahead as we continue to scale and deliver even greater value,' he said.

Toluwalope pointed out that 'beyond its impressive financials, eTranzact continued to strengthen its position as a leading force in Nigeria's fintech sector. The company recently expanded its service footprint, onboarding more financial institutions and fintech partners, further solidifying its ecosystem influence.'

He mentioned that as eTranzact moves ahead, its aim to become the leading integrated fintech platform for both businesses and customers is supported by three key strategic foundations.

'First is deepening its commitment to deliver advanced reliable financial technology infrastructure to the financial services sector and government partners alike. Recognizing the vital role of small businesses in Nigeria's economy, eTranzact is extending its fintech capabilities to support SME growth and scalability, offering tailored solutions to meet their unique financial needs. Direct-to-consumer play, which will see the company reposition its PocketMoni brand as a leading digital bank for Nigerians, aiming to tap into the growing demand for accessible and seamless financial services,' he said.

Provided by SyndiGate Media Inc. ( Syndigate.info ).