eTranzact Grows Profit by 87% in 2023
eTranzact Plc annual profit crossed N2.2 billion in 2023, a steep increase of 88% from N1.174 billion posted in year 2022, the company said in its audited financial statement submitted to the Nigerian Exchange.
Its earnings beat came following a surge in topline which printed at N33.905 billion in 2023, from N22.542 billion in financial year 2022. The company had accumulated losses that dent its balance sheet.
The company’s operating profit for the year was helped by net impairment reversal of more than N21.5 million in the year as against net impairment of about N265 million in 2022.
According to the company financial results for the year, operating profit double down to N3.132 billion from N1.591 billion 12 months earlier.
At the end of the period, the company announced that its earnings per share surge by 50% year on year to 24 kobo from 16 kobo. In the period, Access Bank shares in eTransact rose to 37.56%. The company’s total equity rose by about 24% year on year o N11.477 billion from N9.275 billion.
