C&I Leasing records N920.9 million profit after tax

Amid harsh operating environment, C&I Leasing Plc has posted a Profit After Tax (PAT) of N920.9 million in its 2016 operations, against N148.8 million recorded in the corresponding period in 2015.

Specifically, the firm’s audited result for the period ended December 31, 2016 showed 519 per cent growth in profit after tax, from N148.8 million in 2015 to N920.9 million in 2015.

According to the company, the improved performance was achieved through a combination of cost-cutting measures, more efficient utilisation of assets, in addition to improved asset quality and foreign exchange gains.

The group also reported profit before tax of N1.0 billion, an increase of 122.5 per cent from N465.6 million achieved in 2015. Its revenue rose by 16.7 per cent to N17.0 billion from N14.6 billion reported in 2015 while lease rental income of N9.1 billion, up 11.4 per cent year-on-year from N8.2 billion.

The company’s net operating income stood at N5.7 billion, up 23.1 per cent from N4.6 billion in 2015 while shareholders’ funds was N8.1 billion, an increase of 42 per cent from N5.7 billion a year earlier.

The Managing Director of the company, Andrew Otike-Odibi said 2016 was a challenging year for the company, given prevailing harsh market conditions; the scarcity of foreign exchange, rising inflationary pressures and the resultant increase in the cost of doing business, among others.

“Nevertheless, we delivered an impressive set of results, with revenues of N17.0 billion (+16.7 per cent) and PAT of N920.9 million (+519.0 per cent).

“We remain focused on sustaining delivery of superior customer service and continued diversification of earnings to take advantage of growth opportunities in the markets and business segments we operate in.