Investments across three business segments lift C&I Leasing H1 profit by 27%
C&I Leasing Plc has announced that the huge investments across its three business segments; fleet management, marine logistics support, Outsourcing are currently reflecting on its bottom-line as the firm posted a Profit After Tax (PAT) of N866.9 million in its half-year operations, representing a growth of 27 per cent.
Specifically, the company’s unaudited results for the half-year 30 June 2019 showed a PAT of N866.9 million, representing 27 per cent rise when compared to N682.2 million achieved in the corresponding period in 2018.
The company’s profit before tax also rose to N909.2 million from N723.0 million recorded in 2019 while gross earnings stood at N16.3 billion, up 27.2 per cent over N12.8 billion in 2019.
Furthermore, its total assets increased from N52.6 billion to N57.2 billion. Shareholders’ funds rose to N12.8 billion, an increase of 8.0 per cent over N11.8 billion in 2018.
The chairman of the company, Chukwumah Okolo at the just concluded yearly general meeting of the company held in Lagos explained that its core business lines; Fleet Management, Outsourcing, and Marine Services achieved significant growth during in 2018.
“This sterling performance is a result of increased operational efficiency, cost optimisation strategies and enhanced service delivery across the three major business lines which attest to our commitment to sustainable growth and undisputed market leadership in our chosen business.
“The outlook for 2019 remains positive despite it being an election year. We acknowledge the challenges posed by the rapidly changing geopolitical and social-economic dynamics. Nevertheless, as a visionary group with a sound corporate governance structure, our resolve is to continue to seek opportunities to expand our operations and market frontiers.
“The board has laid down a solid foundation for growth, expansion, and diversification, which is already yielding results as we remain consistent in improving the overall wellbeing of the company with initiatives that makes us leaders within our market space.
He added: “In 2019, we plan to consolidate the progress made in the previous years by delivering a strong and sustainable performance that enhances optimal returns to shareholders. We are progressing with confidence and optimism, knowing fully well that our businesses have been strategically positioned to take advantage of emerging opportunities in the market.”
The Chief Executive Officer, Andrew Otike-Odibi said:
“We recorded robust growth of 27.2 per cent in earnings from N16.3 billion in 2018 to ₦12.8 billion in 2019 and of 25.8 per cent in profit before tax from N723.0 million in 2018 to N909.2 million in 2019. Despite the stringent operating environment, we continued to create more business opportunities, which allowed us to deliver more value for all stakeholders.
“As at H1 2019, our Group capital adequacy ratio stood at 18.5 per cent, well above the CBN minimum requirement of 12.5 per cent. The improvement in this ratio is a result of our constructive attempts to make the Group more stable to external fluctuations in the industry.
“ We remain focused on our key priorities for 2019, including validation of our business expansion, growth objectives of meeting and exceeding client’s expectation, increasing demand for our products and services and recapitalising the Company’s capital base”.