Etransact International profit tumbled by 36% in 2016

ALAT

Etransact International, an IT support company for the financial services sector saw its profit for the year 2016 tumbling by 36% year on year.

Total revenue for the year rose to NGN10.4 billion revenues compared to NGN8.6 billion recorded in the financial year 2015.

Its costs of sales for the period was NGN 7.5 billion in contrast to NGN6.1 billion recorded same period 2015.

The company recorded NGN2.9 billion gross  profit compared to NGN6.4 billion recorded in the fiscal year 2015. Its operating profit for the year was NGN620.1 million compared to NGN850.9 million recorded in the year 2015.

Etransact recorded NGN865.1 million as profit before tax in the year in review against NGN1.0 billion recorded in the the fiscal year 2015.

After deducting its tax for the period, the profit for the year NGN449.8 million in contrast to NGN704.7 million recorded in the year 2015,which represents 36% fall year on year comparison.

Etransact said its total asset for the period was NGN6.9 billion total assets in 2016 compared to NGN5.8 billion recorded in the previous year.

Total liabilities for the year rose to NGN3.4 billion against NGN2.3 billion recorded in the year 2015.

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Company Information

ETranzact was launched in September 2003, and has today evolved into a brand with global reach extending its innovative services to include products which cut across virtually all aspects of the e-payment space; ATM, Internet, POS, and Mobile. The company currently has operations in six other countries around the world; South Africa, Ghana, Zimbabwe, Kenya, Cote d’voire and United Kingdom

Since Inception, eTranzact has deployed its mobile payment solutions to banks and non bank financial institutions alike and was recently granted the license by the Central Bank of Nigeria to provide Mobile Money services to individuals with a special focus on the unbanked.

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