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C&I Leasing records N1.1 billion full year profit posts 26 per cent increase in gross earnings

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Auditor

C&I Leasing Plc has announced its audited results for the financial year ended December 31, 2017, with a Profit after Tax of N1.1 billion, against N920.9 million achieved in the corresponding period in 2016.

Specifically, the firm’s performance for the 2017 financial year showed that PAT increased to N1.1 billion, representing 21 per cent growth when compared to N920.9 million posted in 2016.

Similarly, its Profit Before Tax (PBT) rose by 21.8 per cent from N1.0 billion to N1.3 billion during the period under review.

The company’s gross earning stood at N21.4 billion, 26 per cent increase over N17.0 billion achieved in the comparable period in 2016.

Furthermore, net operating income of the company recorded 29. 1 per cent increased to N7.4 billion, up from N5.7 billion posted in 2016 while earnings per share stood at 65.85 kobo higher than 54.17 kobo achieved in 2016.

Its total assets rose from N38.4 billion to N45 billion in 2017 while shareholders’ funds stood at N9.1 billion from N8.1 billion posted in the previous year.

According to a statement by the company, the improved performance was achieved due to expansion in its customer base across all business lines in the food and beverage, financial services sector, pharmaceuticals, Oil&Gas, Engineering and Construction, and Power.

It stated that subsidiaries (Leasafric, Ghana and EPIC International FZE, United Arab Emirates) contributed about 24 per cent to the group’s revenue for the period, relative to 15 per cent in the same period in 2016.

“Personnel Outsourcing continues to record stable revenues and has expanded across several industries including Oil & Gas, Telecommunications, Banking, Manufacturing and Agriculture.

The division 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 centers.


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