eTranzact’s revenue rises by 88% in Q3 2023

Bisola David
Bisola David
eTranzact’s revenue rises by 88% in Q3 2023

eTranzact International Plc recorded revenue of N8.3 billion in Q3 2023, an increase of 88.2% year on year from the same quarter in 2022.

The Times reported that the company’s Q3 2023 revenue contributed to the nine months’ revenue of N25.7 billion, indicating a year-over-year appreciation of 60.2% from the corresponding period in 2022, according to the financial results for the nine months ended September 2023.

Additionally, the company reported a pre-tax profit of N729 million for the third quarter of 2023, up 21.1% from the same period the previous year.

Throughout the reviewed quarter and the nine months that ended in September 2023, the company had remarkable growth in both revenue and profit.

Even though interest rates were rising while the business was operating, it managed to record a 2.3% year-on-year drop in its finance cost during the nine-month period.

The highly unrecoverable N3.82 billion in proceeds from Smart Micro Systems Limited were also disclosed by the firm as “fraud assets.” In 2018, Smart Micro Systems Limited was the target of a fraud case.

Key Highlights Q3 2023 vs Q3 2022

Revenue: N8.3 billion, +88.2% YoY

Cost of sales: N6.4 billion, +118.7% YoY

Gross profit: N1.9 billion, +28.5% YoY

Selling and marketing costs: N67.3 million, +29.9% YoY

Administrative expenses: N1.3 billion, +41.0% YoY

Operating profit: N596.4 million, +8.3% YoY

Profit before tax: N729 million, +21.1% YoY

Profit for the period: N510.3 million, +24.6% YoY

Cash and cash equivalents: N10.8 billion, +14.7% YTD

Total assets: N19.2 billion, +8.3% YTD

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