E-Tranzact reports N1.89bn loss as COVID-19 hits revenue

E-Tranzact International Plc has posted a loss after tax of N1.89 billion for the 2020 financial year, compared with a profit after tax of N147.04 million in the previous year.

The payment technology provider reported a loss before tax of N1.87 billion last year, compared with a profit before tax of N291.61 million in 2019.

Its revenue fell to N22.72 billion from N25.19 billion, according to its financial statements released on Thursday.

The company said the COVID-19 pandemic and the resultant restriction in movement impacted its revenue from in-branch bank collections and other public sector payment solutions last year.

“There was no significant impact on the company in terms of financing and financing activities. There was no major impact in terms of planned investments, acquisitions, investments and dispositions of securities and loans,” it added.

It said the competition and market demand in the payment technology space remained stable, adding that there had been no key disruption as a result of the pandemic.