C&I Leasing posts N580m half-year profit

C&I Leasing Plc has announced a profit after tax of N580 million for the half-year ended June 30, 2017, against N145.4 million posted during the corresponding period in 2016.

Specifically, the firms unaudited 2017 half-year performance showed 298.9 per cent rise in profit, from N145.4 million to N580 million while profit before tax also stood at N614.9 over N176.7 million achieved during the same period in 2016.

Similarly, its revenue increased to N11.5 billion, representing 32.3 per cent rise when compared to N8.7 billion in 2016. According to the company, the improved performance was due to the diversification exercise embarked upon by the company. It added that the three business lines : Marine, Fleet management and Outsourcing are gaining strength in their different markets with each contributing positively to the overall performance of the business.

The company explained that its  marine services remains strong and stable during the year as it commenced a contract for the provision of four new vessels to NLNG and has recently received its 80 ton bollard pull vessel, ‘MV Bello 2015’ for a SNEPCO contract.

It noted that the marine unit recorded 85 per cent utilisation on its assets despite the industry related challenges in the Oil and Gas sector. “C&I is also building three more boats which will be delivered next year. Fleet Management continues to grow the business across the country, despite the high price of new vehicles.

“It is also using technology to improve its cost efficiency, especially in the maintenance of vehicles. “Personnel Outsourcing continues to record stable revenues and has expanded across several industries including Oil & Gas, Telecommunications, Banking, Manufacturing and Agriculture.

The company added that the business unit is currently exploring diversification of its outsourcing business from purely personnel outsourcing to business process outsourcing by developing core competencies in human resource management, direct sale/representation for clients and call centres.

The Managing Director of C&I Leasing Plc, Andrew Otike-Odibi said the strength in the diversity of our business is once again at play in our financial performance.