By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Courteville Business Solutions Plc has increased its Shareholders Fund by 17.0 percent (17%) in its First Quarter Highlights at the Company’s “Facts behind the Figure” held Wednesday at the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

Adebola Akindele, Group Managing Director (GMD) of the Courteville highlighted this in his presentation to the Nigeria’s Exchange Management, Stockbrokers, Investment Analysts and the Financial Press.

Akindele said to record the growth, the Company’s Shareholders Fund grew from N2, 315, 845,200 in the First Quarter (Q1) of year 2011 to N2, 709,619, 502 in the same period of year 2012.

In the same vein, Retained Earnings grew from N340,567,888 in the Q1 of 2011 to N439,019,502 in the Q1 of 2012; indicating an increase of 29% in the highlight period.

Also, Profit Before Tax (PBT) is rose from N53, 863,332 in the First Quarter of year 2011 to N63, 340,971 in the projected period of 2012, showing a rise of 17.59%.

While Turnover increased from N170, 351,939 in the Q1 of 2011 compared to N233, 972,095 in the highlighted period of 2012, representing an increase in Turnover of 37.34%.

Akindele in his presentation has put expected dividend to investors of the Company to hit N177.6 million which translates to 6 Kobo per share dividend at the end of 2012 Financial Year End (FYE).

“Courteville since listing on the Floor of the Nigeria’s Exchange in 2009 has been consistent in declaring Profit, from 2009 to 2011” he said.

In the three (3) periods, the Firm has posted a Profit After Tax (PAT) of N181, 144,102 million, 179,427,759 million and N245, 353,061 million in years 2009, 2010 and 2011 respectively.

36.2% growth in turnover to N855.6 million in 2011     (2010: N627.83million). Other Income grew by 7.68% to 259.74 in 2011 (2010: N241.20milllion)

As earlier Reported, Courteville has proposed to reward investors of the Company with a 5 Kobo dividend and increased its Profit by 36.7 percent (36.7%).

The 5 Kobo dividend the Company proposed to offer its investors, is an increase of 11.11% in its Audited Report for the period ended December 31 2011.

To increase its dividend payout to investors of the Company by 11.11%, Courteville in year 2010 end paid a 4.5 Kobo dividend compared to 5 Kobo it has proposed to pay in the Audited Report for the period ended December 31 2011.

Since listing on the Floor of the Nigeria’s Exchange in year 2008, Courteville Business Solutions Plc has consistently paid investors of the Company a higher dividend.

The Company paid 0.4 Kobo dividend for years 2009 and 2008 respectively, a dividend of 4.5 Kobo in year 2010 and now has proposed to reward its shareholders with a 5 Kobo dividend living up to its promise of paying a higher dividend on a consistent basis.

A look at the Financial Report for year 2011 end, the Company increased its Profit by 36.7% as it posted a Profit After Tax (PAT) of N245.352 million in year 2011 end compared to N179.427 million recorded in year 2010 end.

Also, Profit Before Tax (PBT) grew from N231.108 million in year 2010 end compared to N303.635 million in year 2011 end; indicating a growth of 31.4% in the review period.

Turnover also increased from N627.703 million in year 2010 end compared to N855.600 million in the Audited Report for the period ended December 31 2011; showing an increase of 36.3%.

In its Corporate Declaration at the Nigeria Exchange, Courteville had affirmed that closure date of Register of Members whose names appears on its record will be June 05 2012 and payment date would be August 01 2012 after its Annual General Meeting (AGM) scheduled for July 17 2012.

In the same vein, Courteville and 12 other Firms are amongst the 13 Quoted Companies that were commented for Good Corporate Governance by the Nigerian Stock Exchange (NSE) in April 2012.

The NSE said the Companies were given this commendation for exceeding the minimum Post-Listing standards prescribed for Financial Disclosure by filling their Audited Accounts for the Year Ended December 31 2011 ahead of time.

“The Exchange is pleased to recognise Quoted Companies who exceeded the minimum Post-Listing standards prescribed for financial disclosure by filing their Audited Accounts for the year end December 31, 2011 ahead of time” the Statement said.

According to the Nigeria’s Exchange, under the Post-Listing rules, Companies are expected to file their Audited Accounts within three (3) months after the Year-End and for Companies in the December category the scheduled filing date is March 31.

For Courteville the other 12 Firms to earn the commendation for Good Corporate Governance, the NSE said as at close of business on Friday, March 23, 2012, 13 out of 119 active listed Companies on the Main Board had submitted their financial information to The Exchange.

“We recognise the efforts as well as the Good Corporate Governance standards adopted by these Companies who took appropriate steps to ensure that their financial statements were filed ahead of time” the NSE said.