C&I Leasing posts N1.2 billion profit in nine months
C&I Leasing Group has achieved gross earnings of N19.9 billion in its unaudited result for the nine months ended September 30, 2018, or 15.7 per cent rise against N17.2 billion recorded in the corresponding period of 2017.
Also, the Group posted profit after tax of 1.2 billion representing 25 per cent increase over N950 million achieved in 2017, while profit before tax also rose from N1.2 billion to N1.3 billion, representing 11.4 per cent increase.
C&I Leasing in a statement attributed the improved performance to increased efficiency recorded across all the business units as well as improvement in capacity utilisation of both marine and non-marine assets.
Furthermore, personnel outsourcing earnings rose 10.4 per cent to N5.0 billion, while riding on the back of expansion in existing and new contracts in Ghana and Nigeria, fleet management earnings increased by 6.3 per cent to N6.5 billion from N6.1 billion posted in the previous year.
Its marine earnings also increased by 27.6 per cent from N6.6 billion to N8.9 billion due to an increase in the capacity utilisation of vessels compared to the previous year’s; while tracking income rose 7.0 per cent to N18 million from ₦16 million achieved in 2017 due to ongoing business restructuring activities.
The Chief Executive Officer, C&I Leasing, Andrew Otike-Odibi, said the firm would continue to pursue a clear and consistent strategy to deliver a strong performance for its shareholders
He said: “The Group has continued to deliver a healthy performance despite the challenging operating environment… The continued progress of our business units and brands is the result of our dedication to quality service delivery, and efficient processes coupled with increased visibility following some successful strategic marketing activities.
“As at 30 September, 2018, the capital adequacy ratio (CAR) still stood at 8.9 per cent below the CBN minimum requirement of 12.5 per cent, and this is due to the pending conversion of $10 million loan stock from Abraaj, which is expected to be completed through 2018, and result in our CAR returning to normalised levels.”
Speaking on key expansion projects affecting the business, Otike-Odibi explained that the marine business acquired two brand new tugboats, named; ‘MV Chidiebube’ and ‘MV Folashade’ with Sifax Marine Limited, under the Sifax C&I Marine Limited joint venture arrangement, which commenced work at the beginning of October with NLNG on a long-term contract.
“We have seen increased demand in HR Business Process requests especially for staff travel and logistics, as a result of which we have closed the right partnerships to aid timely delivery. Our recruitment portal ‘Getajobng.com’ is at the final stages of becoming a commercial web application, which will be an additional source of revenue.
“We continue to up-skill our outsourced workforce with ongoing trainings via E-Learning, classroom training sessions and workshops. We are partnering with the Chartered Institute of Personnel Management for the upcoming 2018 National Conference in Abuja, as a strategic business development initiative.