Africa-Press – Tanzania. SELCOM Paytech, one of the leading local digital payment tech firms posted a hefty pre-tax profit jump of 35 per cent after its revenue went up sizably last year.
The firm, listed on Dar es Salaam Stock Exchange (DSE) non trading platform, Endeleza, said the profit went up to 2.7bn/- last year from 2.0bn/- in previous year.
The tech firm attributed the strong results to sales revenue increase by 33 per cent to 15.56bn/- last year from 11.71bn/- in 2019.
The firm’s financial statement posted on DSE’s Endeleza site showed that despite handsome revenue the costs of sale consumed it by almost half to 8.24bn/- of gross profit. Also, employment and administration expenses further ate the gross profit by 5.32bn/-, which was up by 18 per cent compared to last year.
Thus leaving the digital solution firm with operating profit of 3.21bn/- up slightly from 2.96bn/- of 2019. At the end of the day, Selcom a Pan African crosssegment financial and payment services provider, posted net profit of 1.9bn/- up from 1.38bn/- in 2019. Selcom provides a full range of electronic payment products and services focusing on digital, card and cardless processing services.
Its digital solutions are easily customisable to support not only the needs of the for-profit sector, but also to support the non-profit sector to solve challenges faced by the underserved communities within the country. Selcom currently boasts a network of over 50,000 agents and merchant touch points for assisted bill payments as well as agency banking services.
Endeleza is a non-trading segment at the DSE Website designed to enhance Small and Medium Enterprises (SME) visibility and profiles. Through the platform, qualified private investors, angel investors, private equity funds, venture capital funds, crowd-funding platforms as well as banks will access the necessary information required for them to make informed decision on where to inject their money.
So far, eight companies are featured at the platform namely Selcom, Raha Beverages Company, AKM Glitters Company, Victoria Finance Plc, FINCA Microfinance Bank, AML Finance, Techno Image and Reni International Company. Prospective financiers will read profiles of the companies on the DSE website.
The profiles detail companies’ histories, type of businesses they engage in as well as numbers pertaining to their members of staff and clients among others. They will also read information regarding the companies’ financial results for a period of three years as well as how they, the firms, were being governed.
