Courteville Business Solutions Plc has posted a Profit Before Tax (PTB) of N179.8million in 2018 against N52.01 in 2017, coming on the back of strong cost and financial control measures implemented by the management team.
Speaking at the 14th yearly general meeting Tuesday, in Lagos, on company Chairman, Afam Edozie, however said based on the result recorded and the economic realities, the Board of Directors will not recommend the payment of dividend to the shareholders.
Edozie said the ICT industry continues to be a fast-growing sector and witnessed growth of 9.7 per cent, which helped in contributing to the two per cent growth in the non-oil sector of the national gross domestic product (GDP), year-on-year according to the National Bureau of Statistics (NBS). The telecoms and information service continues to be the biggest contributor to growth.
He said the 2020 financial inclusion target of the Federal Government has seen the growth of Mobile Money Operators and the disruption of the banking industry; but the sector requires close watching going into the 2020 deadline for an 80 per cent financial inclusion target for the Nigerian citizens.
Speaking on the outlook for 2019, Edozie said many forecasters expect GDP growth to regain 3.01 per cent level in 2019, contingent on a number of critical conditions being met.
“Our Company will continue with our business expansion drive especially for our flagship product, AutoRegT; within our local boundaries, while we will also continue to grow our business internationally especially within the African and Caribbean Markets,” he said.
The Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, lauded the performance of the electronic business solutions development company, while urging the board and management to do more to improve return on investment for shareholders.
Another shareholder, Michael Cole, who queried the Board, noted, “What we are asking for is not here in the annual report. There is no dividend here, there is no return on investment for shareholders. In the past years we have been asked to fill the e-dividend form, when is the e-dividend coming?”