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Home Companies Company News

Courteville Issues Profit Warning One Year After Blowing N1 billion On New Head Office

Nairametrics by Nairametrics
January 26, 2016
in Company News
[INTERVIEW] Courteville’s CEO Explains Q3 Performance, Autoreg and Outlook for Q4

Courteville CEO

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Courteville Business Solutions has issued a profit warning claiming that they expect their 2015 full year results to be bad. According to the company, they expect additional write-offs of about N145 million due to receivables that they expect could go bad. The company blamed the naira, falling exchange rate, reduction in allocation to state governments and the dwindling foreign currency reserve as the major reason. According to Couteville, these have affected the ability of state governments to pay them their money.

Courteville has the franchise for popular motor vehicle registration platform Auto-Reg and operates in on behalf of many states in Nigeria. Their claims therefore suggest that state governments do not pay them fees collected from the vehicle registrations. The company had released a pre-tax profits of about N300 million in the 9 months ending September 2015 an 18% drop from the year before. Revenue was however up 16% to N1.2 billion.

The company launched its N1 billion new head office building in 2014.The company currently has a negative working capital of N166 million and owed over N700 million in trade receivables. Courteville also reported a trade debtors of about N653 million up 11% from the same period 2014.

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 2

  1. Fiz says:
    January 26, 2016 at 9:08 am

    These companies don’t even make it encouraging to buy shares again. Seems they like declaring loss after wasting money. Shior! I’m sure some top people in the company gained from the 1 billion contract. All these companies knows how to vex shareholders sha..

    @Nairametrics, pls keep up the good work.

    Reply
    • Nairametrics says:
      January 26, 2016 at 9:36 am

      Thanks a lot

      Reply

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NECO begins 2025 SSCE External registration across Nigeria, sets September 18 deadline 

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NECO begins 2025 SSCE External registration across Nigeria, sets September 18 deadline 

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