Courteville posts N198.3m profit in Q3

Courteville Business Solutions Plc, an Information and Communication Technology firm listed on the ICT sub-sector of the Nigerian Stock Exchange, has announced a profit after tax of N198.271m for the third quarter of 2011.According to the firm, the PAT figure represents a 23 per cent increase, when compared with its third quarter figure for 2010, which stood at N161.548m.It noted that profit before tax also increased from N192.315m in the third quarter of 2010 to N233.260m in the reviewed period of 2011, representing an increase of 21 per cent.The Deputy Managing Director, AutoReg Franchise, Courteville, Mr. Adewale Sonaike, in a statement on Monday noted that the company also posted a turnover of N810.173m in its unaudited Q3 (September) 2011 results made available to the NSE.The firms turnover increased to N810.173m in Q3 of 2011, from N648.852m recorded in the corresponding period of 2010, indicating an increase of 25 per cent in the reviewed period, he said.He added that the firm had, in its audited period of 2010, rewarded investors of the company with a total dividend payout sum of N133.2m, translating into N4.5K payout per unit share held.We will continue to pay consistent and improved dividend to shareholders of Courteville, since this is the reason we are in business: to add value to all our stakeholders, he added.Meanwhile, the company has said that it has expanded its AutoReg Motor Vehicle Administration and Documentation to 18 states in the country.According to Sonaike, two new states and Abuja have signed on the AutoReg MVAD platform. The states, he said, were Imo and Zamfara.The AutoReg Business Solution, which is a patented and franchise business in Nigeria, has been able to grow in multiples. I say multiples because now it is operational in 18 states of the federation, as two new states and Abuja have been signed on, he said.Sonaike said the AutoReg initiative would bring increased revenue to the states that had adopted it, describing it as a system that ensured maximum collection of all revenue due government on motor vehicle documentation and administration.
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