C&I Leasing Plc plans to inject fresh capital into its operations to boost future performance. Chukwuma Okolo, chairman, C&I Leasing Plc stated this at the 28th annual general meeting (AGM) of the company held in Lagos last week. According to him, the fresh capital will be through rights issue and conversion of Aureos $10 million loan stock into equity before the end of the year.
Speaking on the performance of the company for 2018 financial year, Okolo said gross earnings grew by 32 percent and 25 per cent for the group and company respectively in comparison with 2017 performance.
“The group’s profit before tax also grew by 22 per cent from N1.3 billion in 2017 to N1.5 billion in 2018, while the company recorded an increase in profit before tax by 32 per cent from N506.9 million in 2017 to N668.3million in 2018. Also, the group’s profit after tax grew by 9 percent from N1.1 billion in 2017 to N1.2billion in 2018 while the company’s profit after tax decreased due to the impact of back duty tax by three percent from N451.3million in 2017 to N437.5million in 2018.
According to him, the performance was a result of increased operational efficiency, cost optimisation strategies and enhanced service delivery across the three major business lines which attest to the firm’s commitment to sustainable growth and undisputed market leadership in its chosen business. A dividend of N104.381 million was recommended for the shareholders for the 2018 financial year.
According to Okolo, the outlook for 2019 remains positive for the company despite it being an election year.
“We acknowledge the challenges posed by the rapidly changing geopolitical and social economic dynamics.
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