eTranzact International Plc recorded a 54.12 per cent increase in profit after tax for the 2024 financial year, marking a major turnaround that has enabled the company to declare a for the first time in six years.
At its 21st yearly general meeting held in Lagos, the Chairman of the Board, Wole Abegunde, announced a proposed dividend of N12.50 kobo per share, following the restoration of the company’s retained earnings to a positive position.
He described the development as a key milestone in eTranzact’s ongoing transformation and a reflection of its commitment to delivering consistent value to shareholders.
According to Abegunde, the company posted a profit before tax (PBT) of N4.9 billion and profit after tax (PAT) of N3.4 billion, driven by increased revenue, disciplined cost management, and improved operational efficiency.
He said: “The board, management, and staff have all played a crucial role in delivering this performance. With our current momentum, we are confident in our ability to sustain profitability and strengthen our market position.”
He also reaffirmed the company’s customer-centric focus, noting that eTranzact will continue refining its products to meet evolving customer needs while maintaining competitive pricing in a regulated market.
Speaking on the operational performance, the Managing Director, Olaniyi Toluwalope, said the company recorded strong growth across all key financial indicators in 2024.
According to him, Gross profit rose by 36.52 per cent to N11.36 billion, while operating profit increased by 48.83 per cent to N4.66 billion. Profit before tax climbed by 53.20 per cent, and profit after tax rose by 54.12 per cent to N3.39 billion. Earnings per share also grew by 54.17 per cent, from 24 kobo in 2023 to 37 kobo in 2024.
Toluwalope attributed the impressive results to a sharp rise in transaction volumes and values, backed by enhanced system reliability and faster processing times. He said the company has consistently improved its processing success rates and turnaround times over the past four years.
He also highlighted the successful execution of several strategic initiatives in 2024, including the migration to the Smart Vista Switching Infrastructure, the launch of a new PocketMoni Wallet Platform and mobile app, and the rollout of a Cashpoint Agent Management Platform.
These advancements, according to him, have helped expand the company’s point-of-sale network and enhance its competitiveness in the electronic payment space.
Toluwalope said eTranzact remains focused on innovation, efficiency, and long-term growth as it continues to drive digital financial inclusion across Nigeria.
