BY BAMIDELE FAMOOFO
eTranzact Plc, has shown some signs of recovery as it came back to profitability against a loss of N327 Million recorded in the third quarter financial period ended September 30, 2020.
The company bounced back to profitability according to its unaudited financial report for the period ended nine months 2021 made available to the Nigerian Exchange Limited on Friday.
The company recorded a Profit after Tax of N145 Million as against a loss after tax of N327 Million recorded year-on-year as at September 2020.
Revenue increased marginally to N17.44billion as at September 2021 from N17.07billion recorded in the same period in 2020.
Cost of sales dropped from N16.33billion in September 2020 to N15.59billion as at the close of the financial period in nine months of 2021.
Administrative expenses increased by 29.7% year-on-year from N1.28billion as at nine months in 2020 to N1.66billion in September 2021 while Total Assets rose by 61.2% to N10.93billion in September 2021 from N6.78billion in 2020. Total Liabilities stood at N8.82billion increasing marginally from N8.36billion in September 2020. Total Balance Sheet remains robust, increasing by 61.21% year-on-year to N10.93billion as at September 30, 2021.
