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

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.