Company records big step forward, reaps mobile banking dividends

folarin okunola

November 16, 2015 11:18 AM

Etranzact recorded a 130.06 percent increase in net income in the first nine months to close at N541. 38 million compared to N235.32 million for the same period in 2014.

Chairman, eTranzact, Mr. Felix Ohiwerei, with CEO, Mr. Valentine Obi

Mobile banking and payments services provider Etranzact International Plc., has undergone a huge leap forward as third quarter earnings surged.

According to Asoko Insight, the company has been recording considerable growth at both the top and bottom since 2013.

Etranzact recorded a 130.06 percent increase in net income in the first nine months to close at N541. 38 million compared to N235.32 million for the same period in 2014.

In addition, the company’s sales also gained by 20.41 percent to close at N6.31 billion in 2015 compared to N5.24 billion in 2014.

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Other details of the company’s recently release financial report include a jump to 11.45 percent in cost of sales, a 24.43 percent increase (N1.03 billion) in operating expenses, a 53.04 percent increase in gross profit, while operating profit stepped up by 118.73 percent to close at N726.65 million.

The company recorded return on equity (ROE) of 16.33 percent in the period under review from 7.89 percent from last year.

The company currently has a market capitalization of N11.34 billion with its share price closed at N2.70 on the floor of the stock exchange.

folarin okunola