Business
Resort Savings / Loans Targets N3bn Profit By 2010
Resort Savings and Loans Plc, a new entrant into the league of companies quoted on the Nigerian Stock Exchange, has assured shareholders of high returns on their investments at the end of its current financial year as it target N3 billion profit after tax by the 2010 year end.
Speaking at the listing by introduction of the company on the exchange last week, its Managing Director, Mr Abimbola Olayinka, said the company was set to leverage on its performance for the 2008 year-end to achieve better performancs for the 2008 year-end and better performance in subsequent years.
According to him, the company has all it takes to outperform others in the mortgage banking industry with its array of products which has been giving it an edge over others.
He disclosed that during its financial year ended 2008, the bank recorded a turnover of N485 million as against N39 million the previous year, implying a growth rate of 1139%. “Profit before tax and extra-ordinary items was N208 million as against N9 million in the year 2007 with a colossal growth of 3,650%,” he said.
Assuring stakeholders in the company of a brighter future, Olayinka said, “Our actions are designed to elevate our values to high level of excellence and our organisational priorities are well set to withstand the test of time. Our operations are not being threatened by any known or unknown situation and we will continue to wax stronger”.
Appreciating shareholders for confidence reposed in the company during its private placement, chairman of the company, Mr Joe Idudu, said the fund raised was being put into judicious use as evidenced from the financial performance.
“We thank you for the confidence reposed in the Board and the management and we will not disappoint you,” he said.