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Q2 2022: eTranzact International reports 56.6% growth in total assets to N17.092bn

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By Philemon Adedeji

eTranzact international plc has reported its unaudited financial statement for the second quarter ended June 30 2022, declaring total assets which grew significantly to a 56.6 per cent to N17.092 billion as of June 30 2022 from N10.911 billion achieved as of end of December 31, 2021.

As the group total current assets moved impressively by 65.7 per cent to N15.539 billion in H1 2022 from N9.379 billion achieved as of end of December 31, 2021, but non- total assets recorded increased just a bit by 1.4 per cent from N1.531 billion accounted as of end of December 31, 2021 to N1.553 billion achieved as of end of June 30, 2022.

eTranzact international Plc is a technology company in Nigerian offering services for electronic transaction switching and payment processing.

The unaudited result H1 2022 financial results submitted to the Nigerian Exchange Limited (NGX) showed that the group liabilities gained a 0.69 per cent to N8.556 billion in H1 2022 from N8.497 billion generated as of end of December 31, 2021, amid 1.2 per cent increase in total current liabilities to N8.116 billion as of June 30, 2022 from N8.021 billion as of end of December 31, 2022.

The key highlights of the financial statement under total assets revealed property, plant and equipments which gained a 5.8 per cent to N835.1 million in H1 2022 from N789.1 million as of December 31, 2021.

Other key highlights of the financial statement include intangible asset which declined by 16.7 per cent to N124.3 million in H1 2022 from N149.3 million as of end of December 31, 2021.

In addition, the group total equity recorded for the period gained a 253.6 per cent to N8.535 billion in H1 2022 from N2.413 billion accounted as of end of December 31, 2021.

However, eTranzact international plc  Profit Before Tax (PBT) recorded for the period increased  by huge per cent to 586.4 per cent from N87.6 million accounted as of end of December 31, 2021 to N601.2 million generated in H1 2022.

Profit After Tax (PAT) for e period also emerged strongly to a 581.3 per cent from N59.6 million as of end of December 31, 2021 to N408.8 million in H1 2022.

From the profit and loss figure, the group revenue moved from N11.215 billion as of end of December 2021 to N11. 621 million generated in H1 2022, reflecting a marginal difference of 3.6 per cent.

But cost of sale depreciated by 4.4 per cent to N9.677 billion in H1 2022 from N10.127 billion as of end of December 31, 2021.

Similarly, the  technology company unaudited result showed gross profit of N1.087 billion recorded in H1 2021 from N1.943 billion recorded in the comparable period of 2022, eTranzact international has recorded 79 per cent growth in gross profit during the half year e June 30, 2022.

The group spent 293.6 per cent in selling and marketing during the period which moved from N16.03 million as of end of December 31, 2021 to N63.113 million achieved in H1 2022.

In addition, eTranzact international Plc reported its operating profit which gained 1535 per cent to N476.6 million in H1 2022 from N29.1 million achieved as of end of December 31, 2022.

Commenting on the results, the Chairman of eTranzact International Plc, said  the global economic expansion has continued in a moderating pace in 2022 along side a transition from COVID-19 pandemic to endemic, war and unrest in Ukraine has triggered a costly humanitarian crisis that demand a peaceful resolution.

The economy is expected to sustain positive trajectory in 2022. This is predicated on growth of manufacturing activities, real sector and impact of the Central Bank of Nigeria’s interventions on growth-enhancing sectors.

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Bearish trend halted as investors gain N70.87bn

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Investors in the Nigerian equities heaved a sigh of relief as the losing streak on the bourse was halted on Monday, April 22, 2024 as investors recorded a profit of N70bn at the end of trading.

This followed the boom in the share value of stocks like Japaul Gold, GTCO, FTN Cocoa, Universal Insurance Company and RT Briscoe amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalization increased to N56.367 trillion from N56.296 trillion posted by the bourse on Friday, last week.

Similarly, the All-Share Index (ASI) grew to 99,665.05 from 99,539.75 achieved by the bourse the previous day.

The market breadth was negative 16 stocks advanced, 18 stocks declined, while 85 stocks remained unchanged in 8, 298 deals.

Japaul Gold and Ventures Plc led other gainers with 9.58 percent growth to close at N1.83 from its previous price of N1.67, Guaranty Trust Holding Company (GTCO), FTN Cocoa Processors, and Universal Insurance Plc are amongst other gainers that also grew their share prices by 9.55 percent, 8.76 percent, and 8.57 percent respectively.

On the flip side, The Initiate Plc led other price decliners as it shed 10% off its share price to close at N1.80 from its previous close of N2.00. Prestige Assurance, Omatek Ventures, and VitaFoam Nigeria Plc are amongst other losers that also shed their share prices by 9.84 percent, 9.52 percent, and 9.26 percent respectively.

On the volume index, Guaranty Trust Holding Company (GTCO) Plc traded 50.158 million units of its shares in 630 deals, valued at N1.1774 billion followed by Access Holdings Plc which traded 48.067 million units of its shares in 951 deals, valued at N815.925 million and United Bank for Africa (UBA) Plc which traded 41.746 million units of its shares in 776 deals, valued at N956.455 million.

On the value index, GTCO recorded the highest value for the day trading stocks worth N1.773bn in 630 deals followed by UBA which traded equities worth N956bn in 776 deals and ACCESSCORP which traded equities worth N815m in 951 deals.

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Transcorp Power Plc grows PBT by 775% in Q1 2024

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223 percent.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51 percent, a cost to income ratio of 70 percent and net profit margin of 30 percent compared to Q1 2023 gross margin of 37 percent, cost to income ratio of 87 percent and net profit margin of 13 percent.

“This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.  We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, saying, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.  Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders.

“We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth,” he added.

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Investors end week’s trading with N173bn loss

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Investors in the Nigerian equities market ended the week’s trading with a N173 billion loss on Friday.

This followed the slump in the share value of Unity Bank, FBNH, Tantalizer, and Deap Capital Management & Trust, amongst others on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.2 trillion from N56.4 trillion posted by the bourse on Thursday.

Similarly, the All-Share Index (ASI) fell to 99,539.75 from 99,845.91 achieved by the bourse the previous day.

The market breadth was negative as 14 stocks advanced, 19 declined while 87 others remained unchanged in 7,168 deals.

FTN Cocoa Processors led other gainers with 9.60 percent growth in share price to close at N1.37 from its previous N1.25 per share.

R.T. Briscoe, Livestock Feeds, and Royal Exchange also raised their share prices by 9.26 percent, 9.02 percent, and 8.06 percent respectively.

On the flip side, Unity Bank led other price decliners as it shed 10 percent off its share price to close at N1.62 from the previous N1.80 per share.

Tantalizers, Deap Capital, and Caverton Offshore equally shed their share prices by 8.57 percent, 7.35 percent, and 6.83 percent respectively.

On the volume index, United Bank for Africa (UBA) traded 38.715 million shares valued at N880.5 million in 687 deals followed by Guaranty Trust Holding Company (GTCO) which traded 38.296 million shares worth N1.31 billion in 629 deals.

Access Holdings traded 34.339 million shares valued at N584.5 million in 660 deals.

On the value index, banking stocks led the way again as GTCO recorded the highest value for the day, trading stocks worth N1.31 billion in 629 deals followed by UBA which traded stocks worth N880 million in 687 deals.

Zenith Bank traded equities worth N875 million in 622 deals.

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