Foremost e-business solutions and advisory company Courville Business Solutions Plc, has announced a profit before tax (PTF) of N339.4 million in 2019.
The figure is an improvement on the N179.8 it recorded in 2018.
This profit according to the company is coming on the back of expansion of business activities and astute management cost and financial controls measures put in place during the year.
Chairman of the company, Afam Edozie, in his speech at the 15th annual general meeting in Lagos said, based on the result recorded and the current economic realities, the Board of Directors will however not recommend the payment of dividend to the shareholders.
Edozie, who was represented by Mr Olufemi Adekoya, also revealed 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.
He credited telecoms and Information Service subsector as the biggest contributors to the growth recorded in the economy having contributed N2.57 trillion to the national gross domestic product (GDP).
He further pledged that the company will continue with its business expansion drive especially for its flagship product, AutoReg; within the local boundaries, while assuring that the company will also continue to grow the business internationally especially within the African and Caribbean Markets.
He said: "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. "The first quarter of the year is gone and all the projections have fallen through and we would have to go back to the drawing board to work on the way forward he said.
Adebola Akindele, group managing director of the company said the company had the foresight to prepare for lockdown by activating the work from home model and this helped in seamlessly flowed into the lockdown period.
Akindele opines that the Coronavirus induced lockdown disruption affected us negatively in term of profitability initially, but it allowed us to bounce back one 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 the kind of resources we put together going forward", he said.