eTranzact International Plc has reported a strong financial performance for the 2024 financial year, with profit after tax rising by 54.12 per cent to N3.39 billion.
This was disclosed during the company’s 21st Annual General Meeting (AGM) in Lagos on Thursday.
In his address, Mr. Wole Abegunde, the chairman of the Board, said the company’s performance marked a significant turnaround and reflected sustained efforts across management and operations.
In recognition of this progress and the restored retained earnings position, the Board proposed a dividend payout of 12.50 kobo per share, reaffirming the company’s commitment to delivering shareholder value and consistent returns.
Mr. Abegunde disclosed that eTranzact recorded a Profit Before Tax (PBT) of 4.9 billion and a Profit After Tax (PAT) of N3.4 billion, surpassing previous years’ results.
He attributed this growth to a robust revenue drive and stringent cost-efficiency measures.
“The efforts of the board, management, and staff have been commendable in delivering this level of performance. We are optimistic that the company will continue to build on this momentum to achieve higher profitability and operational efficiency,” he stated.
He also emphasized the company’s commitment to customer satisfaction, highlighting that eTranzact will continue to refine its product offerings to meet evolving needs while maintaining competitive pricing and reducing the cost of service delivery.
Speaking on the company’s operational performance, Mr. Olaniyi Toluwalope, the managing director/CEO, reported that gross profit rose by 36.52 per cent, from N8.32 billion in 2023 to N11.36 billion in 2024. Operating profit increased by 48.83 per cent, reaching N4.66 billion.
Profit before tax grew by 53.20 per cent, while earnings per share rose by 54.17 per cent, from 24 kobo to 37 kobo.
He noted that the sharp increase in profit was driven primarily by increased transaction volumes and values, supported by consistent service delivery, stable pricing, and strong demand for digital payment solutions.
According to him, the company also improved its transaction success rate and reduced average processing time, a trend that has continued steadily over the last four years.
Mr. Toluwalope outlined several strategic initiatives implemented during 2024 to enhance market positioning. These include the migration to the Smart Vista Switching Infrastructure, which brought more bank partners onto the platform.
He also highlighted the launch of a new PocketMoni Wallet Platform and mobile app, and the deployment of a Cashpoint Agent Management Platform, which accelerated the rollout of POS terminals nationwide and strengthened the company’s competitive edge.
Toluwalope reaffirmed eTranzact’s commitment to innovation, financial inclusion, and delivering sustainable value to its shareholders and customers.
