eTranzact International Plc reported a revenue of N8.3 billion in Q3 2023, marking an 88.2% year-on-year appreciation from the corresponding quarter in 2022.
According to the company’s financial results for the nine months ending September 2023, the company’s Q3 2023 revenue contributed to the nine months’ revenue of N25.7 billion, representing a year-on-year appreciation of 60.2% from the corresponding period in 2022.
The company also recorded a pre-tax profit of N729 million in Q3 2023, a 21.1% year-on-year appreciation from Q3 2022.
Key Highlights Q3 2023 vs Q3 2022
- Revenue: N8.3 billion, +88.2% YoY
- Cost of sales: N6.4 billion, +118.7% YoY
- Gross profit: N1.9 billion, +28.5% YoY
- Selling and marketing costs: N67.3 million, +29.9% YoY
- Administrative expenses: N1.3 billion, +41.0% YoY
- Operating profit: N596.4 million, +8.3% YoY
- Profit before tax: N729 million, +21.1% YoY
- Profit for the period: N510.3 million, +24.6% YoY
- Cash and cash equivalents: N10.8 billion, +14.7% YTD
- Total assets: N19.2 billion, +8.3% YTD
Insights
- The company recorded impressive revenue and profit growth during the quarter under review and during the nine months ending September 2023.
- Despite operating in a rising interest rate environment, the company recorded a 2.3% year-on-year drop in its finance cost during the nine-month period.
- The company also reported “fraud assets” as an allowance for the highly unrecoverable N3.82 billion proceeds from Smart Micro Systems Limited. The fraud case against Smart Micro Systems Limited traces back to 2018.
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