Etranzact International PlcNSENG: ETRANZACT

E-tranzact international plc- quarter 2 - financial statement for 2025

Jul 29, 2025 at 11:52 AM UTC · Issued by Etranzact International Plc

eTRANZACT INTERNATIONAL PLC UNAUDITED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

eTRANZACT INTERNATIONAL PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

	Unaudited	Unaudited	Unaudited	Unaudited
	30/06/2025	30/06/2024	Apr - Jun 2025	Apr - Jun 2024
	N'000	N'000	N'000	N'000
Continuing operations
Revenue	13,278,387	14,040,879	6,764,344	6,995,007
Cost of sales	(6,835,098)	(9,424,731)	(3,541,024)	(4,366,752)
Gross profit	6,443,289	4,616,148	3,223,320	2,628,255
Selling and Marketing costs	(427,567)	(171,281)	(317,499)	(107,701)
Administrative expenses	(3,943,683)	(2,723,888)	(1,957,302)	(1,505,637)
Operating profit	2,072,039	1,720,979	948,519	1,014,917
Other Income	-	-	-	-
Finance Cost	(10,486)	(13,767)	(4,849)	(8,331)
Investment income	98,782	118,712	49,526	64,846
Profit before tax	2,160,335	1,825,924	993,196	1,071,432
Taxation	(648,100)	(547,777)	(297,959)	(321,429)
Profit for the period	1,512,235	1,278,147	695,237	750,003

There is no other comprehensive income for the period, hence the profit for the period is equal to the total comprehensive income.

eTRANZACT INTERNATIONAL PLC

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2025

		Unaudited	Audited
		30/06/2025	31/12/2024
	Note	N'000	N'000
Non-current assets
Property, plant and equipment	1	3,322,072	2,528,374
Investment property	2	136,810	136,810
Intangible assets	3	18,750	25,236
Deposit for shares		456,755	456,755
Total non-current assets		3,934,387	3,147,175
Current assets
Inventories	6	2,094,009	2,205,911
Trade and other receivables	7	867,734	555,192
Other assets	5	6,008,731	5,439,871
Cash and cash equivalents	8	12,503,453	12,652,482
Total current assets		21,473,929	20,853,456
Total assets		25,408,316	24,000,631
Non-Current liabilities
Deferred Grant Income	10	56,246	56,246
Long term Loan	10	174,836	210,865
		231,082	267,111
Current liabilities
Trade and other payables	9	8,047,440	7,260,330
Current tax liabilities	11	746,610	1,602,241
Total current liabilities		8,794,050	8,862,571
Total liabilities		9,025,132	9,129,682
Equity Share capital	12	4,600,000	4,600,000
Share premium account	13	7,374,272	7,374,272
Retained earnings	14	4,408,912	2,896,677
Total equity attributable to owners of the company		16,383,184	14,870,949
Total equity and Liabilities		25,408,316	24,000,631

The financial statements was approved by the Board of Directors on July 24, 2025 and signed on its behalf by:

………………………… ……………………………..

Mr Niyi Toluwalope Mr Emmanuel Ogunji

Chief Executive Officer Chief Financial Officer FRC/2013/PRO/ICAN/002/00000002251 FRC/2014/PRO/ICAN/001/00000007266

eTRANZACT INTERNATIONAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE SECOND QUARTER ENDED 30TH JUNE 2025
		Share	Convertible	Retained
	Share capital	premium	Debenture	earnings	Total
	N'000	N'000	N'000	N'000	N'000
Balance at 1 January 2024	4,600,000	7,374,272	-	(496,654)	11,477,618
Profit for the year	-	-	-	3,393,332	3,393,332
Other comprehensive income	-	-	-	-	-
Total comprehensive income	-	-	-	3,393,332	3,393,332

Balance at 31 December 2024	4,600,000	7,374,272	-	2,896,677	14,870,949
Balance at 1 January 2025	4,600,000	7,374,272	-	2,896,677	14,870,949
Profit for the period	-	-	-	1,512,235	1,512,235
Other comprehensive income for the period	-	-	-	-	-
Total comprehensive income	-	-	-	1,512,235	1,512,235

Balance at 30 June 2025	4,600,000	7,374,272	-	4,408,912	16,383,184

eTRANZACT INTERNATIONAL PLC

CASHFLOW STATEMENT FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

Cashflow from operating activities	Note	30/06/2025 N'000	31/12/2024 N'000
Cash receipt from customers		13,114,466	29,420,021
Cash paid to suppliers and employees		(10,472,661)	(33,883,596)
Cash generated from operations		2,641,805	(4,463,575)
Income taxes paid	11	(1,503,730)	(1,014,836)
Net cash used in operating activities		1,138,075	(5,478,411)
Cashflow from investing activities
Purchase of property, plant and equipment	1	(1,328,885)	(1,703,498)
Additions to intangible assets Interest received and similar income	3	- 98,782	- 242,920
Interest on Loan		(10,486)	(18,778)
Proceeds from sale of Investment Property		-	-
Proceeds from sale of Property, plant and equipment		-	-
Net cash used in investing activities		(1,240,589)	(1,479,356)
Cashflow from financing activities
Net Proceeds from Debenture Issue		-	-
Issue Cost		-	-
Conversion cost of debenture to ordinary shares		-	-
Repayment of Loan Principal		(35,714)	(71,429)
Repayment of Interest on Loan		(10,801)	(26,558)
Loan obtained	10	-	-
Net cash generated by financing activities		(46,515)	(97,987)
Net increase in cash and cash equivalents		(149,029)	(7,055,754)
Effects of exchange rate on year end bank balances		-	10,969
Cash and cash equivalents at beginning of year		12,652,482	19,697,267
Cash and cash equivalents at end of the period	8	12,503,453	12,652,482

eTRANZACT INTERNATIONAL PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

1.0 Property, plant and equipment

Motor Vehicle

Plant & machinery

Furnitures,

Fittings and Equipment

Computer

Equipment & POS

Work In Progress

TOTAL

N000

	Cost or Valuation As at January 1, 2025	1,380,212	56,463	1,642,984	1,158,976	-		4,238,636
	Additions	674,000	-	348,429	306,456	-		1,328,885
	Reclassifications	-	-	-	-	-		-
	Disposals	-	-	-	-	-		-
	As at 30 June, 2025	2,054,212	56,463	1,991,413	1,465,432		-	5,567,521
	Accumulated depreciation and impairment
	As at 1 January	602,211	48,339	727,203	332,508		-	1,710,262
	Adjustments Charge for the period	146,646	1,520	179,737	207,285			535,189
	Disposals	-	-	-	-			-
	As at 30 June, 2025	748,856	49,859	906,940	539,793		-	2,245,451
	Carrying amount
	As at January 1, 2025	778,002	8,124	915,781	826,469		-	2,528,374
	As at 30 June, 2025	1,305,356	6,604	1,084,473	925,640	-		3,322,072
1.1	Impairment losses recognised in the Period

There were no impairment losses recognized during the period.

1.2 Contractual commitments

At June 30, 2025 the company had no contractual commitments for the acquisition of property, plant and equipment

eTRANZACT INTERNATIONAL PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

2 Investment property

Cost Land	30/06/2025 N'000 136,810	31/12/2024 N'000 136,810
	30/06/2025 N'000	31/12/2024 N'000
Balance at the beginning of the year	136,810	136,810
Disposal	-	-
Impairment loss	-	-

Balance at the period end 136,810 136,810

The company's investment property is held under freehold interests.

Investment property is recognized at cost in the books and subsequently tested for impairments.

As at June 30, 2025 the fair value of the investment property has been estimated as N566.5m (2024: N566.5m). The fair value has been determined by the management of the company by reference to market evidence of transaction prices for similar properties in comparable areas.

eTRANZACT INTERNATIONAL PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

Intangible assets

This represents the cost incurred in acquiring e-portal and other technologies which form the basis of the Company's e-payment Technology solutions.

eTranzact

enterprise platform

N'000

eRemit platform

N'000

Other Softwares

N'000

TOTAL N'000

Cost At 1 January 2025	293,510	105,858	54,659	454,027
Additions	-	-	-	-
Reclassification	-	-	-	-
Disposals	-	-	-	-
As at 30 June, 2025	293,510	105,858	54,659	454,027
Amortisation
At 1 January 2025 Adjustments	289,345	84,989	54,459	428,791 -
Charge for the year	4,165	2,121	200	6,486
Disposals	-	-	-	-
As at 30 June, 2025	293,510	87,109	54,659	435,277
Carrying amount At 1 January 2025	4,165	20,869	201	25,236
As at 30 June, 2025	-	18,750	-	18,750

Significant intangible assets

In line with the IFRS reporting and disclosure standards, management has reviewed in detail the intangible assets and is of the opinion that the useful life of the Enterprise software platform and eRemit platform should be 25 years from its original implementation and this has been adjusted accordingly from the year 2012. The carrying amounts of eTranzact enterprise softwares will be fully amortised in 18 years from 2012, the eRemit platform carrying amount will be fully amortised in 22 years and 4 months.

eTRANZACT INTERNATIONAL PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SECOND QUARTER ENDED 30TH JUNE 2025

4.0 Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

30/06/2025 31/12/2024

N'000 N'000

At 1 January - -

Charged to profit or loss - -

Charged to other comprehensive income - -

Charged directly to equity - -

Reclassification from equity to profit or loss - -

Acquisitions/disposals - -

Others (describe) - -

As at 30 June, 2025 - -

		30/06/2025 N'000	31/12/2024 N'000
	Deferred tax assets Deferred tax liabilities	- -	- -
		-	-
5.0	Other assets
		30/06/2025	31/12/2024
		N'000	N'000
	Prepayments	890,315	544,877
	Advance payments	5,118,415	4,894,993
	Other assets (Note 5.1)	84,259	84,259
		9,914,091	9,345,231
	Allowance for other assets	(84,259)	(84,259)
		6,008,731	5,439,871

5.1 Other assets

Other assets balance represents amounts recoverable from the banks on unauthorized withdrawals on the reloadable customers float account in various banks, which were initially refunded by etranzact pending the outcome of investigations into the cases.

	eTRANZACT INTERNATIONAL PLC
	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE SECOND QUARTER ENDED 30TH JUNE 2025
6.0	Inventories
		30/06/2025	31/12/2024
		N'000	N'000
	Airtime Pins Utility Stock Point of Sales (POS) EMV Bulk SMS	2,094,009 - - - -	2,205,911 - - - -
	Provision for obsolete spares and slow moving stock	2,094,009 -	2,205,911 -
		2,094,009	2,205,911
7.0	Trade and other receivables
		30/06/2025	31/12/2024
		N'000	N'000
	Trade receivables	721,664	557,744
	Allowance for doubtful debts	(360,699)	(360,699)
	Other receivables	360,965	197,045
	Staff debtors (Note 7.1)	191,153	104,763
	Other debtors	315,616	253,383
		867,734	555,192

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

7.1 Staff debtors	30/06/2025 N'000	31/12/2024 N'000
Staff debtors	240,295	153,905
Allowance for staff debtors	(49,142)	(49,142)
	191,153	104,763
8 Cash and Bank
	30/06/2025	31/12/2024
	N'000	N'000
Cash and bank balances	3,682,316	3,445,378
Restricted Cash	6,348,297	6,823,167
Short term investments	2,472,840	2,383,936
	12,503,453	12,652,482

	eTRANZACT INTERNATIONAL PLC
	NOTES TO THE FINANCIAL STATEMENTS
	FOR THE SECOND QUARTER ENDED 30TH JUNE 2025
9	Trade and other payables
		30/06/2025	31/12/2024
		N'000	N'000
	Trade payable Other payables:	320,806	205,078
	Accruals and Deferred Income	372,248	534,990
	Pension contribution (Note 9.2)	130,877	97,622
	Funds held for Pocketmoni and Access Bank Card Scheme	1,008,304	2,071,349
	Other Statutory Payables	964,109	893,528
	Other Payables	2,673,409	223,348
	Fund held in settlement & holding accounts	2,453,219	3,086,422
	Other creditors	124,468	147,996
		8,047,440	7,260,331

9.1 Trade creditors and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 6 days. The company has financial risk management policies in place as well as efficient and effective treasury management policies to ensure that all payables are paid within the pre-agreed credit terms.

Included in other statutory payables for the period is an amount which represents VAT payable. This amounts are witheld from proceeds from sales to third parties and commissions earned on switching transactions perfromed on the platform.

The directors consider that the carrying amount of trade and other payables approximates to their fair value.

9.2 Pension Contribution	30/06/2025 N'000	31/12/2024 N'000
At 1 January	97,622	59,113
Provisions	161,921	277,740
Payment	(128,666)	(239,230)
	130,877	97,622
10 Long Term Loan	30/06/2025	31/12/2024
	N'000	N'000
Openng Balance	210,866	272,977
Additions	-	-
Deferred Income on Grant	-	-
Principal Repayment	(35,714)	(71,429)
Interest Repayment Modification Gain Accrued Interest	(10,801) -10,486	(26,558) -35,876
	174,836	210,866
Deferred Income on Grant
Opening Balance Accrued during the period Recognised during the period	56,246 - -	73,344 -(17,098)
	56,246	56,246
Total Loan Balance with Accrued Interest	231,082	267,112

The loan of N500 million represents the first tranche of N150 million, the second tranche of N250 million and the third tranche of N100 million under the CBN's Shared Agent Network Expansion Facility. The loan is to fund the expansion of Shared Agent Networks across Nigeria in order to deepen financial inclusion in Nigeria. The loan was fair valued using the effective interest rate and a deferred grant income was recognised as a result of the actual interest rate on the loan being lower than the effective interest rate.

The loan has a tenor of 10 years (inclusive of 2 years principal moratorium and 1 year interest moratorium). The Company did not pledge any of its assets in securing the loan.

eTRANZACT INTERNATIONAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SECOND QUARTER ENDED 30TH JUNE 2025
11 Current tax liabilities
	30/06/2025	31/12/2024
	N'000	N'000
At 1 January	1,602,241	1,113,347
Charged for the period	648,100	1,503,730
Payments during the year	(1,503,730)	(1,014,836)
Writeback of excess provision	-	-
	746,610	1,602,241
12 Share capital
	30/06/2025	31/12/2024
Issued and fully paid:	N'000	N'000
9,199,999,816 ordinary shares of 50k each	4,600,000	4,600,000
The Company has one class of ordinary shares which carry no right to fixed income.
13 Share premium
	30/06/2025	31/12/2024
At 1 January	N'000 7,374,272	N'000 7,374,272
As at 30 June, 2025	7,374,272	7,374,272
14 Retained earnings
	30/06/2025	31/12/2024
At 1 January	N'000 2,896,677	N'000 (496,654)
Profit attributable to owners of the company	1,512,235	3,393,332
As at 30 June, 2025	4,408,912	2,896,677

15 Statement of Compliance with Securities Trading Policy

In line with the provisions of Rule 17.2 of the Amendment to the Listing Rules and 17.17 of the Rule Book of the Nigerian Exchange Group which have been incorporated into Sections 4 to 6 of the Company's Securities Trading Policy, No Director, Person discharging managerial responsibility, Adviser(s) of the Company or their connected person was involved in the trading in the Company's shares from July 1, 2025 until 24 hours after the release of the Company's Financial Statements for the period ended June 30, 2025 to the Nigerian Exchange Limited and the general public.

Earlier from Etranzact International

All Etranzact International news releases