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C&I Leasing posts N24bn gross earnings in 2023

C&I Leasing posts N24bn gross earnings in 2023

C&I Leasing Plc, a leasing and business services conglomerate in Nigeria, recorded an improvement of 19.9 percent in its gross earnings last year.

According to the company’s latest financial statements, its gross earnings rose to N23.96 billion in 2023 from N19.98 billion in 2022.

Net income was N12.4 billion, up from N9.24 billion a year ago.

Operating costs increased to N1.37 billion on the back of the higher inflationary operating economic environment whilst revenue per employee rose strongly as personnel costs declined by 15 percent year-on-year

Commenting on the result, Lenin Ugoji, group managing director, attributed the increase to improved marine business, average revenue per vessel, focused operational efficiency initiatives, as well as marginal growth in its Fleet Management Unit, which helped sustain earnings growth across major revenue lines.

“The year 2024 is expected to see the company benefit from an increased global and local oil production rally amidst the need for greater oil revenue by the Federal Government,” he added.

Interest income grew to N46.2 million in 2023 from N29.18 million in 2022. Interest from joint ventures also recorded an increase to N1.07 billion from N757.92 million.

Total assets for the period was N79.16 billion, up from N58.41 billion. Net cash from operating activities increased to N14.51 billion from N10.06 billion.

Net cash used in investing activities recorded a negative of N4.87 billion from a negative of N2.85 billion.

Cash and cash equivalents for the period was a positive of N582.6 million from a negative of N475.37 million.