By Juliet Umeh
Leading e-commerce solutions and advisory firm, Courville Business Solutions Plc, announced a profit before tax (PTF) of Naira 339.4 million in 2019.
The figure is an improvement over the N179.8 it recorded in 2018.
This benefit, according to the company, is due to the expansion of business activities and the astute financial and management cost control measures implemented during the year.
The president of the company, Afam Edozie, in his speech at the 15th annual general meeting in Lagos said that, based on the recorded result and current economic realities, the Board of Directors will not however recommend the payment of dividends to shareholders.
Edozie, who was represented by Mr. Olufemi Adekoya, also revealed that the company obtained 3 new AutoReg Motor Vehicle Management Documentation (MVAD) mandates and also renewed the contract with the Nigerian Insurance Association (NIA) for a year more.
He credited the telecommunications and information services subsector as the largest contributors to the growth recorded in the economy, having contributed N2.57 billion to the national gross domestic product (GDP).
In addition, he promised that the company will continue its business expansion drive, especially for its flagship product, AutoReg; within local boundaries, while ensuring that the company will also continue to grow the business internationally, especially in the African and Caribbean markets.
He said: “Our Company will seek to expand its product base and, for this, the emphasis will be on Research and Development. We will also deepen our existing business relationships with the goal of increasing our companies’ market share and maximizing total production. “The first quarter of the year is over and all the projections were not met and we would have to go back to the drawing board to work on the way forward, he said.
Adebola Akindele, the company’s group general manager, said the company had the foresight to prepare for the lockdown by activating the work-from-home model and this helped it flow smoothly into the lockdown period.
Akindele believes that the Coronavirus-induced break in the lockdown affected us negatively in terms of profitability initially, but allowed us to recover once the lockdown was lifted.
“We have always planned for this type of risk in our system and it prepared us to be able to take advantage of all the types of resources that we gather in the future,” he said.