Nigerian payments provider, eTranzact International Plc, has released its official financial report for the year 2022, revealing a remarkable increase in profit after tax. The company recorded a profit of ₦1.17 billion, which represents a staggering 157.81% rise in comparison to the previous year.
This announcement was made public during eTranzact’s 19th annual general meeting held in Lagos where the company’s chairman, Wole Abegunde, described 2022 as a significant year for the company’s financial performance. He credited this historic achievement to the management’s dedication to excellence and the board’s commitment to maximizing returns for shareholders.
Abegunde further emphasized that the company would continue to pursue high performance and explore new business opportunities to further improve future financial results.
Managing Director Olaniyi Toluwalope presented the company’s financial statements, reporting that eTranzact processed over N50 trillion worth of transactions in 2022, a substantial increase from N39 trillion processed in 2021. This growth was attributed to the increased volume of transactions facilitated by switching services, particularly through its SwitchIT platform. The company reported gross revenue of N22.54 billion, gross profit of N5.7 billion, and a profit after tax of N1.17 billion.
“eTranzact International Plc continued on the path of the impressive streak of profitability, excellence and quality service delivery, which were the highlights and hallmarks of 2021. All efforts were geared towards building on the gains of 2021 and the entire company was in sync and I am proud to say we delivered on our common goal as a company, for 2022,” Toluwalope stated.
Toluwalope also highlighted the company’s focus on providing seamless services, ensuring a 99% success rate and uptime across all its service offerings throughout the year. This achievement was made possible by deploying advanced technology and expertise to process transactions promptly and maintain constant availability of all channels with minimal to zero downtime.
Furthermore, eTranzact underwent a change in leadership by electing six non-executive directors and one executive director to join its Board. However, their appointment is subject to the approval of the Central Bank of Nigeria (CBN). Additionally, two directors were re-elected, following the appropriate regulations and company guidelines.