Courteville Business Solutions Plc, Nigeria’s foremost e-business solutions and advisory company has announced a 2019 profit before tax of N339.4 million as against N179.8 recorded in 2018.
The company linked the profit to expansion of business activities and financial controls measures put in place during the year.
Afam Edozie, chairman, Courteville Business Solutions Plc, at the 15th annual general meeting of the company in Lagos, said that on the count of the current economic realities, the board of directors would, however, not recommend the payment of dividend to the shareholders.
Edozie, who was represented by Olufemi Adekoya, announced that the company secured 3 new AutoReg Motor Vehicle Administration Documentation (MVAD) mandates while also renewing the contract with the Nigerian Insurance Association (NIA) for another year.
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The company, he said, would continue its business expansion drive especially for its flagship product, AutoReg, within the local boundaries and on the international scene, especially the African and Caribbean markets.
“Our Company will be seeking to expand its product base and to this end, emphasis will be placed on research and development. We will also be deepening our existing business relationships with the aim of growing our market share of the businesses and maximising total output”, he said.
Adebola Akindele, group managing director of Courteville said the company had the foresight to prepare for the coronavirus lockdown by activating the work-from-home model and this helped in seamless flow into the lockdown period.
Akindele said that the coronavirus induced lockdown affected the company negatively in terms of profitability initially, but it allowed the company to bounce back once the lockdown was lifted.
“We have always planned for this kind of risk in our system and it prepared us to be able to take advantage of all kind of resources we put together going forward”, he said.
