At its 13th annual general meeting held last week in Lagos, eTranzact, an e-payments solution provider, declared to its shareholders, a gross revenue of N10.4 billion for the year 2016, representing a 20 per cent growth, compared to 2015. It also declared operating profit of N620 million and profit before tax (PBT) was N449.4 million.
The board of directors therefore approved the payment of 10 kobo dividend to shareholders for the period.
The key drivers of eTranzact’s growth in 2016, according to the company, were strengthened collaboration with partner banks, with major innovations across its mobile banking suite, new product releases and strategic alliances.
While unveiling the future plan, the company said it would take steps to increase profitability of new relationships, enhance and deepen existing ones, and explore new partnerships locally and internationally.
Speaking on the company’s performance for the period, its Board Chairman, Mr. Felix Ohiwerei, OFR, said; “As a company we will continue to demonstrate our understanding of the benefits of strategic alliances and the potential business opportunities these can create. We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing partners. Our alliances contributed significantly to some of the improved financial performance we achieved in 2016.”
He informed shareholders that the 2017 AGM would be his last as the Chairman of the Board of Directors and as a member of the Board.
“From the beginning, the Board in collaboration with the management team, has worked hard to build a world class organisation with global operating standards. We have made a lot of progress over the years and we keep getting better.
We are poised and committed to be a regional leader in the medium term and in the long term, a global leader in the electronic and mobile payment industry. To this end, we will continue to deliver secure, cost effective and innovative electronic and mobile payment services that are compliant with globally recognized standards,” Ohiwerei said.
Founder and CEO of eTranzact, Mr. Valentine Obi said; “I will like to take this opportunity to thank the Chairman of the eTranzact board, for his outstanding service and commitment to the vision, mission and values of our company.
He said Ohiwerei had over the years, shown the true meaning of value-based leadership, by demonstrating a continuous commitment to excellence, strategic planning and hard work. He leaves a strong legacy that we will work hard to keep up with and we will continue to execute our long term strategy and deliver on the mission and vision of the company, Obi said, while appreciating the board, management and staff of eTranzact for their doggedness, continued innovation, drive and commitment to the vision and mission of the company.
According to Obi, 2016 was a year that required special focus as we launched new products and extended our philosophy of making payments simple to other more complex industries as part of our innovation drive.
“The rewards of our efforts have stayed consistent with an annual revenue growth rate of 70 per cent that we hope to continue. We promise to continue to make payments simple, and innovating and creating solutions that transform the lives of people in Africa,” Obi assures shareholders.