eTransact forecasts N8.15bn revenue in Q4’20

eTranzact International Plc is targeting to achieve N8.15 billion revenue for the fourth quarter ending December 2020. The company in its Q4 earning forecast obtained from the Nigerian Stock Exchange (NSE) also projected N7.59bn as cost of sales for the period.

eTranzact is also targeting to rake in N39.32 million as profit before tax and N26.74 million for profit after tax during the period. eTranzact posted a loss after tax of N118.25 million for the half year ended June 30, 2020 a against profit after tax of N96.09 million recorded in 2019. According to the unaudited report obtained from the Nigerian Stock Exchange (NSE), the firm posted revenue of N5.769 billion in 2020 as against N6,457 billion reported in 2019, representing a drop of 10.65 per cent.

However, cost of sales stood at N5.520 billion from N5.904 billion in 2019 representing a drop of 6.50 per cent. eTranzact International posted a loss after tax of N182.53 million for the first quarter ended March 31, 2020 However, cost of sales stood at N5.071 billion from N5.071 billion in 2019 representing a growth of 31.32 per cent.

The Nigerian Stock Exchange (NSE) recently notified dealing members that the company had through its lead stock broker, Meristem Capital Limited, submitted an application for the approval and listing of a rights issue. The rights issue was 4,666,666,667 ordinary shares of fifty kobo (N0.50) each at N1.50 per share, on the basis of 10 new ordinary shares for every 9 ordinary shares held. According to reports, in its financial result released for 2019, eTranzact International Plc had revenue fall -63.96 per cent from N18.62 billion to N6.71 billion, though the company grew net income from a loss of N3.14 billion to a gain of N99.79 million.


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