eTranzact International Plc. has posted a profit before tax (PBT) of N536.4 million for the 2021 financial year, a128.66 percent improvement from the N1.87 billion loss recorded in 2020.
The payment processing company also achieved a 124.13 percent growth in its profit before tax (PBT). The figure rose from a negative region of N1.89 billion to N455.75 million.
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The Chairman of the company, Wole Abegunde, said the 18-year-old financial institution has commenced a journey to sustainable profitability.
He stated at the annual general meeting that eTranzact has developed a road map for restructuring in line with the new regulatory framework for the payment system industry.
Recall that the firm at the previous AGM had disclosed its intention to embrace a holding structure to retain its leadership role across critical areas of the ecosystem. Abegunde said the process of transitioning to a holding company was on course.
The Managing Director/Chief Executive Officer of the company, Olaniyi Toluwalope, described the impressive performance as the beginning of a glorious future.
