Premier e-payments solution provider, eTranzact International PLC held its 13th annual general meeting at the Civic Center, Victoria Island, Lagos on the 27th of July, 2016.
In attendance at the AGM were the executive and non-executive members of the board led by the Chairman, Mr Felix Ohiwerei, OFR; Mr Valentine Obi, Founder and CEO; and other members of the board.
The AGM had increased shareholder attendance and participation with general excitement about the company’s continuous profitability position and consistent dividend sharing in spite of the macroeconomic realities of the country in 2016.
Profitability and Dividends
eTranzact consolidated its dominance in key sectors of the industry in 2016, improving strategic partnerships and launching new products.
Gross revenue for the year 2016 was N10.4bn representing a 20% growth compared to 2015. Operating profit was 620m and Profit before tax(PBT) was 449.4m.
The board of directors approved the payment of a 10 kobo dividend to shareholders for the period.
The key drivers of eTranzact’s growth in 2016 were strengthened collaboration with partner banks, major innovations across its mobile banking suite, new product releases and strategic alliances.
eTranzact has taken 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, Mr Felix Ohiwerei, OFR, Chairman of the Board, said “As a company we 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.
I would like to take this opportunity to inform you all that this will be my last AGM 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, have worked hard to build a world class organization 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”.
Also speaking, the Founder and CEO, eTranzact International Plc, Mr. Valentine Obi said:
“I would like to take this opportunity to thank the Chairman of the eTranzact board, Mr Felix Ohiwerei, OFR for his outstanding service and commitment to the vision, mission and values of our company.
Mr Ohiwerei has over the years shown us the true meaning of value based leadership 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.
I will also like to appreciate the board, management and staff of eTranzact for their doggedness continued innovation, drive and commitment to the vision and mission of the company.
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% 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”.