C&I Leasing grows gross earnings by 6% to N12.4bn

The gross earnings of C&I Leasing plc has increased by 6 percent to N12.4 billion in 2013, from N11.8 billion recorded in 2012. The group also saw its profit before tax surge by 69 percent from N181 million in 2012, to N305 million in 2013.

The company’s shareholders’ fund and total assets increased by 7 percent and 3 percent from the preceding year of 2012, to N6 billion and N20.7 billion, respectively in 2013, while the it also recorded a growth of 4 percent and 2 percent from the preceding year of 2012, to N5.1 billion and N21.9 billion in 2013 for the shareholders’ fund and total assets, respectively.

Revealling this at the company’s 23rd annual general meeting in Lagos, Abdul Bello, chairman, C&I Leasing, maintained that despite a challenging operating environment the group witnessed growth in terms of earnings, profitability and assets quality, adding that the firm’s continued focus on efficiency across its diversified platform was yielding returns, especially in its core business rather than revenue.

“We are determined in delivering cost and operational efficiencies for the benefits of both the shareholders and customers, while still maintaining high level of service delivery and innovation,” he said.

The group’s earnings for the outgoing year was however significantly downed by losses from the subsidiary companies of Citrans Global Limited and C&I Motors.

This, the chairman said, has influenced the group’s decision to divest completely its interest in Citrans Global Limited, while it will continue to re-evaluate its investment in C&I Motors because of the company’s synergistic relationship with its fleet management business operations.

Bello further revealled the group will continue to invest in the future, grow its market share and strategically focus on identified markets with visible growth prospects.

The group paid a total dividend of N83, 543,600, representing a distribution of 4 kobo for every 50 kobo shares held.

The chairman was however confident that the company will be bullish in the current year having taking some decisive steps.

Some of which include taking advantage of cheaper sources of financing available internationally to financing its offshore vessel support business.

“The company is also at the verge of raising additional equity to enable it take advantage of emerging opportunities in the economy,” he said.