eTranzact reports N4.8 billion full-year profit for 2024 despite revenue dip; declares final dividend 

This represents a 53.20% increase from the pre-tax profit of N3.1 billion reported the previous year, despite a decline in overall revenue.

Revenue for the full year fell from N33.9 billion in 2023 to N29.8 billion in 2024, primarily driven by a decline in mobile airtime sales.

Despite the overall revenue drop, the company reported a significant increase in profits from its core operations, which rose to N4.6 billion compared to N3.1 billion for FY 2023.

The company’s earnings per share grew from N0.24 to N0.37, reflecting an improvement in profitability associated with its common stock.

On the balance sheet, retained earnings improved to N2.8 billion, a notable recovery from a previous negative balance of N496.6 million.

eTranzact also announced a final dividend of 12.5 kobo for every 50 kobo, subject to applicable withholding tax and regulations. This dividend will be payable to shareholders whose names appear on the register of members as of the close of business on July 7, 2025.

The company reported a decline in full-year revenue, decreasing to N29.8 billion from N33.9 billion the previous year.

The cost of sales also decreased, aligning with the revenue drop, from N25.5 billion to N18.5 billion in FY 2024.

Gross profit increased to N11.3 billion, reflecting a 36.52% rise from N8.3 billion in the previous year.

On the brighter side, profits from core operations reached N4.6 billion, up from N3.1 billion the previous year.

Ultimately, pre-tax profit hit N4.8 billion, reflecting a 53.20% year-over-year growth, with earnings per share surging by 54.17%.

The company’s total assets experienced a decline, dropping to N24 billion from N28.2 billion the previous year, primarily due to a decrease in current assets.

Total equity, however, presented a more favorable outlook, rising to N14.8 billion, a substantial 29.56% increase from N11.4 billion in the previous year, with the share premium comprising a significant portion at N7.3 billion.