eTranzact posts 54% rise in profit

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eTranzact International Plc says its profit after tax rose by 54.12 per cent, reaching N3.39 billion for the 2024 financial year.

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The firm disclosed this in a statement issued on Thursday during its 21st Annual General Meeting held in Lagos.

Chairman of the Board, Wole Abegunde, said the performance signalled a turnaround and reflected sustained efforts across both management and operational areas.

Recognising this progress and the positive retained earnings, the board proposed a dividend of 12.50 kobo per share, reaffirming commitment to shareholder value.

Mr Abegunde stated that the company recorded N4.9 billion in profit before tax and N3.4 billion profit after tax, surpassing past performance.

He attributed the growth to strong revenue generation and strict cost-efficiency measures across operations.

“The board, management, and staff have shown commendable commitment to delivering such performance,” Mr Abegunde said.

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He added the company remained focused on improving product offerings, maintaining competitive pricing, and reducing service delivery costs.

The Managing Director, Olaniyi Toluwalope, said gross profit increased by 36.52 per cent, from N8.32 billion in 2023 to N11.36 billion in 2024.

Operating profit rose by 48.83 per cent, reaching N4.66 billion, reflecting efficiency in operations.

Profit before tax rose 53.20 per cent, while earnings per share climbed from 24 kobo to 37 kobo, a 54.17 per cent increase.

He said the profit surge was driven by higher transaction volumes, consistent service, stable pricing, and strong demand for digital payments.

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Mr Toluwalope noted improved transaction success rates and shorter processing times, a trend sustained over the past four years.

He outlined key strategic actions in 2024, including migration to Smart Vista Switching Infrastructure, which attracted more banking partners.

He also highlighted the launch of the new PocketMoni Wallet Platform and mobile app, alongside a Cashpoint Agent Management Platform.

These innovations, he said, accelerated the nationwide deployment of PoS terminals and enhanced market reach.

Toluwalope reaffirmed eTranzact’s dedication to innovation, financial inclusion, and sustainable value for shareholders and customers.

(NAN)