eTRANZACT International Plc has posted a loss of N72.6 million for the period ended September 2020 – a 15.3% decline.
This is according to its latest financials sent to the Nigerian Stock Exchange market today.
Key highlights of the 2020 9M financials include:
- Revenue declined to N5.45 billion, down by -16.1% Y-o-Y.
- Both Loss Before Tax and Loss After Tax deteriorated to a loss of N72.6 million, up by +15.3%.
- Cost of sales declined to N5.17 billion, down by -15.3% Y-o-Y.
- Gross profit declined to N281.7 million, indicating a loss of 28.1% Y-o-Y.
- Administrative expenses declined to N492.1 million, down by -0.5% Y-o-Y.
- Investment income declined to N31.33 million, indicating a decrease of -48.4% Y-o-Y.
- Finance cost decreased to N5 million, down by -42.8% Y-o-Y.
- Property, plant and equipment increased to N667.9 million, up by +20.1% within the period under view.
- Total assets grew to N6.95 billion, up by +2.8% within the period under view.
What you should Know
eTRANZACT International Plc has been battling to recover since the scandal that rocked the company in 2018, the same year it posted a loss of N268 million. By Q2 2019, the firm seemed to have overturned the deficit, posting a profit of N96.09 million.
However, since the beginning of the year, the firm had subsequently recorded a loss in both quarters of the year. These losses seemed to have eroded the gains made by the firm in 2019.