FY2024: eTranzact Records 54% Profit Growth
Nume Ekeghe
eTranzact International Plc has reported a 54.12 per cent growth in profit after tax (PAT) for the 2024 financial year, closing at N3.39 billion, a performance the board described as a major turnaround for the electronic payment firm.
The announcement was made at the company’s 21st Annual General Meeting (AGM) held in Lagos recently, where the board also proposed a dividend payout of 12.50 kobo per share, marking a return to dividend payment following a restored retained earnings position.
Addressing shareholders at the AGM, Chairman of the Board, Mr. Wole Abegunde, said the impressive result was underpinned by a disciplined revenue strategy and sustained cost-efficiency initiatives across the company’s operations.
“eTranzact has posted a Profit Before Tax (PBT) of N4.9 billion and a PAT of N3.39 billion, representing significant year-on-year growth. This is a testament to the resilience and commitment of the board, management, and staff,” Abegunde stated. “We are confident that the company is well-positioned to deliver consistent shareholder value as we move into a new era of growth and innovation.”
He also emphasised the company’s renewed focus on customer satisfaction, noting that product development and pricing strategies will continue to be refined to enhance service delivery and strengthen market competitiveness.
Providing a breakdown of the company’s operating performance, Managing Director/CEO, Mr. Olaniyi Toluwalope, said gross profit rose by 36.52 per cent from N8.32 billion in 2023 to N11.36 billion in 2024. Operating profit jumped by 48.83 per cent to N4.66 billion, while earnings per share climbed by 54.17 per cent, from 24 kobo to 37 kobo.
According to Toluwalope, the significant uptick in earnings was driven by increased transaction volumes and values, as well as enhanced service quality and reliability. “Over the last four years, we have steadily improved our transaction success rate and reduced processing times. These improvements are key drivers of the company’s performance,” he said.
The CEO also highlighted several strategic initiatives rolled out in 2024 aimed at bolstering eTranzact’s competitive positioning. These include the migration to the Smart Vista Switching Infrastructure, which brought more bank partners onto the platform, the launch of an upgraded PocketMoni Wallet and mobile app, and the rollout of the Cashpoint Agent Management Platform that accelerated deployment of POS terminals nationwide.
“These strategic moves are reinforcing our market relevance, deepening financial inclusion, and positioning us to tap into emerging opportunities in the digital payments space,” Toluwalope added.
