Courteville declares N250.6m profit

Courteville Business Solutions Plc said it made a pre-tax profit of N250.6m in the half year ended June 30, 2015.

A statement on Monday explained that the electronic business solutions and outsourcing company was able to make such profit because of its good standing in the business community.

The company said it grew its revenue by 1.9 per cent year-on-year to N822.2m, gross profit rose by 20.8 per cent to N513m, while its cost of sales fell by 19.1 per cent to N308.2m, which was muted by rising operating costs. Operational costs rose by 25 per cent to N248m.

The statement read in part, “Even though the operating profit grew by 14.7 per cent to N320.1m, the company made a pre-tax profit of N250.6m against the N256.8m made within the same period last year. Profit after tax stood at N210.5m in comparison with N215.7m recorded in the second quarter of 2014.

“Also, the total comprehensive income reduced by 2.3 per cent to N210.8m, while the basic earnings per share dropped by 2.3 per cent to 5.93 kobo.”

The Group Managing Director, Courteville Business Solutions, Mr. Adebola Akindele, was quoted as saying that the results reflected the company’s strength and that its demand environment was resilient through the business cycle.

Akindele said, “Courteville Business Solutions delivered consistent financial performance in its business process outsourcing platforms such as AutoReg, which handles registration for eight out of every ten vehicles on Nigerian roads.

“We also recorded over 30 per cent growth on Egole, our e-commerce portal. The results were achieved in a difficult and volatile economic environment driven by the drop in oil price, depreciating naira and uncertainty in the run-up to the general election.”

He explained that as a result of the economic challenges, consumer spending and business confidence declined, while government budgets underwent deep cuts.

The statement added that in line with the company’s five-year strategy to diversify and expand internationally, it had acquired Priority Loss Adjusters Limited, a market leader in motor vehicle administration and testing in Jamaica, and that it would begin operation in Zimbabwe next month, whilst delivering quality services to its clients and shareholders.

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Source : Punch

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