C & I Leasing Grows Six Months Profit by 27% to N867 Million

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Goddy Egene

Shareholders of C & I Leasing Plc will have cause to smile at the end of the current financial year following improved performance of the company for the half year ended June 30, 2019. The shareholders last week approved a dividend of for 2018 financial year. And going by the H1 results, they will likely receive more dividend at the end of the 2019 financial year.

The company reported gross earnings of N16.3 billion for H1 2019, up 27.2 per cent from N12.8 billion posted in the corresponding period of 2018. A breakdown of the earnings showed that lease rental income rose 30.9 per cent from N8.8 billion in 2018 to N11.5 billion, while personnel outsourcing income increased by 22.6 per cent from N3.3 billion to N4.0 billion.

Lease rental expenses rose higher by 36.4 per cent to N5.5 billion, from N4 billion. Consequently, net operating stood at N4.6 billion in 2019, up by 24.7 per cent compared to N3.7 billion in 2018. Profit before tax rose 25.8 per cent to N909.2 million in 2019, from N723 million, while profit after tax grew by 27.1 per cent to N866.9 million, as against N682.2 million in 2018.

Commenting on the results, Managing Director/CEO of C & I Leasing Plc,  Mr. Andrew Otike-Odibi said: 

Said: “We recorded robust growth of 27.2 per cent in earnings from N16.3 billion in H1 2018 to N12.8 billion in H1 2019 and of 25.8 per cent in profit before tax (from N723.0 million in H1 2018 to N909.2 million in H1 2019). Despite stringent operating environment, we continued to create more business opportunities, which allowed us to deliver more value for all stakeholders. As at H1 2019, our group capital adequacy ratio stood at 18.5 per cent, well above the Central Bank of Nigeria (CBN) minimum requirement of 12.5 per cent. The improvement in this ratio is a result of our constructive attempts to make the group more stable to external fluctuations in the industry. We remain focused on our key priorities for 2019, including validation of our business expansion, growth objectives of meeting and exceeding client’s expectation, increasing demand for our products and services and recapitalising the company’s capital base.”

The Chairman of C & I Leasing Plc, Mr. Chukwuma Okolo said the  board had laid down a solid foundation for growth, expansion and diversification, which was already yielding results.

“We remain consistent in improving the overall wellbeing of the company with initiatives that makes us leaders within our market space. In 2019, we plan to consolidate the progress made in the previous years by delivering a strong and sustainable performance that enhances optimal returns to shareholders,” Okolo said.