Nigerian financial technology firm, Etranzact Plc has released its first quarter 2016 results showing revenue increase of 5 percent from N2.1 billion recorded in first three months of 2015 to N2.2 billion.
However, cost of sales leaped to N1.6 billion compared with N1.5 billion in the same period of 2016, due to a slight increase in sales and marketing expenditure to N37.9 million from N34.2 million in Q1 2015.
The company’s result also showed a profit before tax of N224.7 million, a 5 per cent decline from a profit before tax of N236.5 million declared in the corresponding period in of 2015. The company also made a profit after tax of N152.82 million from N156.2 million in Q1 2015.
Basic Earnings per share during the first three months reduced to N3.64 per share from N3.72.