After a disappointing financial 2017 year that gulped N111 million in a loss, the leading Fintech firm, Carbon has declared N147 million profit after-tax for the year 2018.
The firm also disclosed that its gross earnings grew more than double from N1.57 billion in 2017 to N3.73 billion in 2018.
The company began operations in 2012 and in six years. It has grown its revenue steadily, reaching an all-time high of N3.73 billion in year 2018. In the same year, loans and advances to customers rose to N2.57 billion from N 1.63 billion.
“Over the last year, the Paylater app has transformed into digital financial services platform that now offers bill payments, credits reports, fund transfers and savings products, in addition to loans,” the company said in the released financial results.
Total liabilities of Carbon fell to N1.54 billion from N3.2 billion recorded in the same period of 2017, while shareholders’ equity, which is fund payable to the owners of the business, rose marginally by 0.57 per cent to N1.75 billion.
The profit margin of the firm, a key profitability metric that measures how profit a company generates from every naira of its revenue stood 3.94 per cent against a loss margin of 7 per cent recorded in the previous year.
This clearly shows that for every N100 the company realised as revenue in the review period, it generated N3.94 as profit, indicating an improvement from the loss it recorded from N1.57 billion.