Nigerian technology firm eTranzact International Plc has witnessed a staggering 1,987.5 percent surge in non-operating income, reaching 8.35 million naira ($7,270) last year from $348.28 in 2022. The surge was fueled by significant gains in net realised foreign exchange and property, plant, and equipment disposal. Despite a marginal revenue increase to $29.5 million, after-tax profit soared to $2 million, with profit before tax hitting $3 million. However, income tax expenses rose to $866,096. Administrative expenses grew to $4 million, while net cash from operating activities declined to $2.2 million.
eTranzact's operating profit surged to $2.7 million, and cash and cash equivalents increased to $2.4 million. eTransact International Plc specializes in secure online payment solutions, including the Payfluid web payment service and mobile banking options, catering to the evolving landscape of digital transactions.