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Business News

eTranzact International Plc forecasts PBT of N53.19 million in Q1 2021

eTranzact has announced a projected 173.3% increase in PBT for Q1 2021.

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eTranzact International Plc proposes rights issue, Etranzact International Plc Announces Notice of Board Meeting

eTranzact International Plc has projected a massive rise in its Profit Before Tax (PBT) to N53.19 million for the first quarter of 2021 (Q1, 2021), indicating a 173.3% increase from a loss of N72.6 million recorded in Q3 2020.

This is according to the latest earnings forecast of the firm, signed by the Chief Executive Officer of the firm, Niyi Toluwalope, and sent to the Nigerian Stock Exchange market.

READ: eTRANZACT International Plc records a loss of N72.6 million in 9M 2020.

READ: 11 Plc reports N4.1 billion profit in 9M 2020, down by 35%

Key highlights of the earnings forecast for Q1 2021;

  • Revenue is projected to decline to N3.88 billion, -28.8% Q-o-Q
  • Profit After Tax is projected to increase to N36.17 million,+149.8% Q-o-Q.
  • Taxation is projected to rise to N17.02 million, +100% Q-o-Q.
  • Cost of sales is projected to decline to N3.49 billion, -32.5% Q-o-Q.
  • Gross profit is projected to increase to N393.2 million, +39.5% Q-o-Q.
  • Operating profit is projected to increase to N43.4 million, + 118.9% Q-o-Q.
  • Investment income is projected to decline to N13.24 million, -57.7% Q-o-Q.
  • Finance cost is projected to decline to N3.5 million, -30.8% Q-o-Q.

READ: Abbey Mortgage Bank Plc projects N60.13 million profit in Q1 2021

Bottom Line:

For a company that had earlier reported a loss of N72.6 million in 9M 2020 as captured by Nairametrics, the optimistic outlook posted by the firm is a bold statement going forward, especially given the lacklustre performances posted by the firm in recent times. The firm projects modest revenue, but aims to maximize profit and minimize costs as evident by its projections.

READ: United Capital Plc raises N15 billion through Commercial Paper

READ: List of cryptos U.S investment banks are buying quietly

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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