C&I Leasing plans to raise additional capital
AS part of its strategic effort to enhance profitability and deepen its operations, C&I Leasing Plc has unfolded plans to raise $20-30million additional capital from the nation’s capital market this year.
The capital, which may come through rights issue or bond, according to the Managing Director of the company, Emeka Ndu would be used to finance business growth in the areas of fleet management, Marine and power sector investment.
Speaking at the company’s investors’ forum held in Lagos yesterday, Ndu disclosed that the company plans to expand its fleet management business through the acquisition five new additional vessels, even as it plans to merge with C&1 Motors, its subsidiary in a near future.
“We are already set to grow and we are already moving at the trajectory. The earning per share has moved from 7 per cent to 13 per cent. The performance last year showed that the company is more profitable and competitive and we are deploying resources that would make us more efficient.
“We would continue to look at our business to identify areas of improvement and are currently reviewing our relationship with C&I Motors. We are planning to raise money through rights issue or bond in the course of the year and we plan to raise within $20 to 30 million.” He added.
On the company’s expectations from the incoming administration, he said: “We need more clarity for business with less interference and more level playing ground for efficient operations”
The company posted gross earnings of N13.9 billion in its 2014 performance, higher than N12.2 billion achieved in 2013.
Its profit before tax also rose from N304million to N411 million during the period under review while profit after tax rose from N161million to N178 million.
Earning per share rose to 13.8 , which represent 13 per cent increase when compared to 12 achieved in 2013.
He expressed optimism that the improved performance recorded in 2014 would be sustained, while assuring shareholders of better returns on investment in the next financial year.
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