The company also processed over N50 trillion in transactions, a sharp increase from N39 trillion processed in 2021 – a record that demonstrates the growth of electronic payment.
In the reference year, the gross profit also rose from N2.8 billion to N5.7 billion, representing an increase of 102.54 per cent.
Its earnings per share increased to 16 kobo from seven kobo posted in 2021 while shareholders’ funds stood at N9.3 billion, up from N2.4 billion recorded in 2021.
Speaking at the company’s 2022 yearly general meeting, the Chairman, Wole Abegunde, attributed the increased performance to the expansion of the firm’s core switching services.
He assured that the firm would consolidate its performance and continue to deliver good returns on investment to shareholders.
He also stated that the company would continue to operate at a high level of corporate governance and risk management practice, noting that the principles are critical to its core business.
“As a company, we fully understand the benefits of strategic alliances and the potential business opportunities these can create. “We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing partners. We are positive that our alliances will lead to improved performances in the years ahead,” he said.
Abegunde also pointed out that the firm was poised to become a regional leader in the medium and long term as well as a global leader in electronic and mobile payments services.
Reviewing its performance he said the company concluded the process of converting the irredeemable convertible debentures to additional units of ordinary shares in September 2022, noting that N5.7 billion was raised and added to its shareholders’ funds.
He added that the capital raise and conversion process reinforces the confidence shareholders have in the firm.
The Managing Director, Olaniyi Toluwalope, said the company processed over N50 trillion transactions in 2022 alone.
“eTranzact International Plc as one of the foremost payment service providers in the payment industry in Nigeria processed over N50tn in value of total transactions processed in 2022. The value increased significantly in comparison to the N39 trillion processed in 2021.
“The company is well positioned and has enhanced the capacity to further process more transactions going forward,” he said.
