Courteville targets expansion into African, Caribbean markets

Business solutions service provider, Courteville Business Solutions plc with footprint into two African Countries and daily processing of over 40,000 transactions, is looking at accelerating expansion into other African and Caribbean markets.

The firm which boasts as the largest data capture platform in the sub-Sahara Africa, currently operating in Nigeria and Sierra Leone with 4,500 business outlets, is positive about creating a strong brand that will continue to deliver shareholder value and meet the expectation of its teeming customers.

Courteveille at the end of the 2012 financial year recorded a turnover of N1.06 billion, a growth of 24 percent from N856.6 million recorded in 2011, resulting to a gross profit of N473.6 million. Its profit after tax grew by 22 percent closing at N298.3 million in 2012 as against N245.3 million in 2011.

Adebola Akindele, group managing director, Courteville Business Solutions plc who spoke at the Company’s Fact Behind the Figure at the Nigerian Stock Exchange (NSE) said the company sees a lot of opportunities in the Nigerian market and around Africa and would take advantage of them to grow its market share as global firm.

“What we have done in Nigeria having understood the challenges facing our environment is to turn these difficulties into opportunities” We are aware of the inadequacies in infrastructure and what we have done is to create solutions that take into cognizance these problems, Akindele said.

He noted that the company would continue to meet its shareholders expectation, promising that it would remain commitment to best practice with high level corporate governance; operate trans -parentally; pay dividend regularly to the benefit of its stakeholders.

In its 2012 financial year, the company would be paying 5 kobo as dividend, which the GMD said has grown at the rate of 10 percent between 2012 and 2011. Its earning yield was 20 percent in 2012 and 17 percent the previous year.

According to the GMD, the company is considering a bonus issue for its shareholders when it gets approval of the accounts from the regulatory authorities.

For the current year 2013, first quarter result of the Company show a turnover of N313.01 million as N233.97 million, a 33.78 percent increase, while the profit before tax rose by 77.99 percent to close at N112.74 million in 2012 as against N63.3 million the previous year.

In her future plans, the company intends to construct its AutoReg business platform into a dominant franchise in Sub-Sahara Africa; full diversification into, and enhancement of e-business solution development and services; expansion of AutoReg franchise into other states in Nigeria; enhancement of the existing Egole-e-commerce platform and creation of universal e-payment solution.

Courteville Business Solutions plc was incorporated in 2005 as a Limited Liability Company. At this time, the company was set up as a business and financial advisory institution.

It later migrated towards the provision of business solutions based on the opportunities that exist in the motor vehicle administration documentation and other government public service processes.