C&I Leasing plans business expansion, increase in profit
Addressing shareholders during the company’s 27th yearly general meeting in Lagos, at the weekend, the Managing Director, Andrew Otike-Odibi, said the company recorded 21.8 per cent increase in profit before tax from N1 billion in 2016, to N1.3 billion in 2017, while the group’s total assets grew by 17.2 per cent from N38.4 billion in 2016, to N45 billion during the period under review.
Otike-Odibi also reassured of the management’s commitment to continually deliver value to all shareholders, and grow the business for more returns on investments.
He said: “although 2016 was a challenging year for businesses in Nigeria, our strategy to yet invest in assets and aggressive growth in 2017 definitely paid off, as we increased not only our assets but our profits in the process.
“However, we have remained focused on the fundamentals of our business such as efficiency of business operations through cost management, superior customer service, and diversification of earnings to take advantage of growth opportunities in the market where we operate.
“In 2018 financial year and beyond, we plan to continuously improve on our operations to maximise returns for our shareholders and other stakeholders.”
In response to the issue of balancing out the impact of the liability profile generated by the purchase of assets on its accounts, he said the firm has just redeemed a percentage of the ABRAAJ convertible.
Otike-odibi added that C &I Leasing is poised to continuously explore more options in providing exceptional support services to clients as well as maintaining a high quality product offerings to meet their diverse business needs and sustain profitability.
“We will continue to create superior value for all our stakeholders, particularly our esteemed customers and shareholders, whose confidence and support have been the driving force behind our achievements.”
A 1997 restructuring resulted in C&I Leasing’s public listing on the Nigerian Stock Exchange.
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