IN its first general meeting since conversion to a public company, Resourcery, a Nigerian IT solutions company, has reported its annual financial results for the year ended December 31, 2008, showing a significant improvement over the last financial year with revenue up 46 per cent over the 2007 earnings and gross profit up 31 per cent.
The company reported revenue of N2.6 billion in 2008 compared to N1.8 billion in 2007, representing an increase of 46 per cent and gross profit was up by 31 per cent to N812.3 million from the previous year’s figure of N586.1 million.
The company’s profit after tax of N169.6 million was an increase of 881 per cent over the preceding year when it earned N17.3 million. It plans to capitalize the sum of N98.7 million out of that money and pay out the remaining sum of N70.8 million or N2.75k per 100 shares as dividend.
Following the successful completion of the private placement exercise, Resourcery embarked on strengthening its competitive edge by deepening its skills in core networking systems integration and expanded its software solution offerings in SAS, Microsoft and Oracle. 
Tani Fafunwa managing director of Resourcery, pointed to the unprecedented upheaval in the world economy and the ensuing anxiety about the Nigerian economy which further tightened the credit markets locally as factors that impacted greatly on Resourcery’s ability to generate new business.
Most companies, he said, took a cautious approach to new investment in information and communication technology.  However, despite these challenges there were several positive signs in the recently completed financial year as operating results were very impressive and Resourcery recorded improvement in every performance index, Fafunwa said.