Courteville business solutions recorded a 42.3 percent drop in profit to N117 million in September 2022 from N203 million in the preceding period of 2021.
The e-business solutions and advisory company saw its revenue increase marginally by 2 percent to N1.36 billion in September 2022 from N1.33 billion in the comparable period of 2021.
Courteville’s business solution revenue was driven mainly by commission which contributed the sum of N1.2 billion, e-commerce (N145.4 million), and vehicle inspection fees (N11.7 million) in September 2022.
Here are seven things to note from Courteville business solution’s third-quarter financial books.
Revenue – up by just 2%
Courteville business solutions recorded an increase in revenue to N1.36 billion in September 2022, up two percent from N1.33 billion in September 2021.
The firm’s revenue increase was driven mainly by commission, e-commerce and vehicle inspection fees which contributed N1.2 billion, N145.4 million and N11.7 million in the period that ended September 2022.
The revenue from the commission surged by five percent to N1.2 billion in September 2022 from N1.14 billion in September 2021.
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Courteville’s business solution revenue from e-commerce dropped eight percent to N145.4 million in September 2022 from N158.1 million in September 2021.
Profit – 42% dip
Courteville business solutions saw its profit drop 42.3 percent to N117 million in September 2022 from N203 million in September 2021.
Cost of sales – 1% drop
The e-business solutions and advisory company’s cost of sales dropped 1 percent to N509.3 million from N514.9 million.
Other income
Courteville business solutions other income dropped 63 percent to N8.43 million in September 2022 from N22.7 million in September 2021.
Operating cost
Operating costs jumped to N774.4 million in September 2022, indicating a 15 percent increase from N673 million in September 2021.
Investment income
Courteville business solutions investment income dipped 8 percent to N60.4 million in September 2022 from N65.8 million in September 2021.
Vehicle inspection fees dipped by 97 percent to N11.7 million in September 2022 from N401 million in September 2021.
Prepayment
The e-business solutions and advisory company saw its prepayment drop 21.7 percent to N24.8 million in September 2022 from N31.7 million in December 2021.
Courteville business solutions is a Nigerian e-business solutions and advisory company and the first in its sector to be listed on the Nigerian Stock Exchange (NSE), with shareholders’ funds in excess of $8 million.
In August, the company’s group managing director Adebola Akindele announced the company is considering temporarily pulling out from the Nigerian Stock Exchange (NGX) due to its low market share value.
Akindele, who disclosed this at the firm’s Annual General Meeting (AGM), said despite the huge profits and return on investment, its shares have not been properly valued in the market over the past 10 years, hence the pullout from the NGX to enable the company re-strategise.
“We are considering pulling out from the Nigerian stock exchange temporary. Our shares have not been adequately valuable over the past 10 years. We make huge return on investment, but the market price of our stocks is less than its value, while other companies that are not doing better like us, the stock is highly-priced. The shareholders have testified about what we have achieved over the past 14 years,” Akindele said.
