|GMD of CBS, Mr. Adebola Akindele fielding questions from journalists at the event|
|Chairman of CBS;Group Capt. Murtala Salami (retd), GMD; Mr Adebola Akindele and other stakeholders at the annual AGM|
Courteville Business Solutions Plc (CBS) on Tuesday May 27, 2014 during its Annual General Meeting in Lagos got the approval of its shareholders to pay a total of N71m as dividend for the 2013 financial year.
The dividend, which was approved by the shareholders translates into two kobo per ordinary share of 50 kobo, according to the company.
The company’s board of directors had recommended the dividend after it recorded a 22 per cent rise turnover and eight per cent rise in both profit before tax and profit after tax in 2013.
Its audited financial statements for the period showed that its turnover rose from N1.060bn in 2012 to N1.289bn in 2013. It also showed that in the same period, the company’s profit before tax rose from N374.2m to N403m, while its profit after tax appreciated from N298.3m to N307.8m.
Its earnings per share rose by 7.5 per cent, to N8.67 from N8.06.
On the company’s activities in the year under review, the Chairman, Courteville Business Solutions, Group Capt. Murtala Salami (retd), said, “The company initiated a mix of long-range strategies and agile tactical responses to the challenges and opportunities that were developing in the environment. The thrust of these strategies and responses, which were to create a sound base for sustainable future growth, was the adoption of a new strategic direction that has been encapsulated in a five-year plan document and effectively rolled out in 2013.”
He also said that in the course of the year, among several others investments, the company expanded its flagship AutoReg motor vehicle administration documentation solution to cover 21 states of the federation.
“However, as part of our framework of innovation to leverage the opportunities provided by the emerging future and to prepare for its challenges, the year saw us introduce new solutions targeted at the small and medium enterprises subsector of the economy as well as the upgrade of the variety of services available on all our platforms,” Salami added.
He said the company’s five-year plan and the fact that it had been in operation
for nine years, gave him the confidence that it would be able to seize the growth opportunities presented by the developments in the macro-economic environment. “I am yet more convinced that we will succeed because we are a listening and learning organisation and I have the utmost conviction in our strategic choices,” he said.
Shareholders, who spoke at the meeting, commended the company for the investments made in the year and for opting to pay dividend, despite the tough operating environment.
The National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu commended the company that despite the challenges, the company stayed profitable. He also commended the company for its investment in property including a new head office and for being able to pay dividend.
The GMD of Courteville Business Solutions, Mr Adebola Akindele however thanked the shareholders for their interest in the growth of company over the years. He however promised them that they will continue to do their best to improve on the returns of the company.