Shareholders of C&I leasing approve firm’s four kobo dividend
For increasing shareholders value on investment through dividend payout and adherence to corporate governance principles, shareholders of C&I Leasing Plc have commended the company’s board on its 2015 performance, even as they approve the firm’s four kobo per share dividend due to every investor of the company.
The shareholders, who spoke during the 25th yearly general meeting of the company, in Lagos, at the weekend, lauded the board on the dividend payout and ability to reducing its cost of expenditure by N100 million, adding that this showed that the company was being properly managed by the board in terms of accountability.
A shareholder, Oladimeji Balogun, urged the company to explore new opportunities, especially in the marine sector to boost the revenue base of the company.
Precisely, he stressed the need for the firm to venture into ferry services operation since they are based in the marine sector.
“We are happy with the way the board has been running our company in a prudent manner, especially on the aspect at reducing the cost of operation by N100 million.
“This showed that we have experienced financial managers. But I will advice that the board should look into the ferry business since it has a presence in the marine sector. This will help shore up our revenue base,” he said.
Another shareholder, Sokari Obiekwe said that it was a good sign that the company is being revived in the right direction but added that much is needed to be done in the area of creating more business opportunities.
Obiekwe urged the management to give shareholders an update on the various mergers that took place in the company, especially the one between C&I Motors Limited and C&I Leasing Plc.
Reviewing the company’s performance, the Chairman, Chukwuma Okolo said the gross earnings of the Group grew by five per cent to N14.6 billion from N13.9 billion posted in 2014.
He attributed the increase in revenue to the sustained growth recorded in the company’s marine, fleet and outsourcing businesses.
Similarly, the Group recorded a growth of 13 per cent on net profit before tax from N412 million to N465 million for the Group but a drop by 20 per cent from N507 million to N406 million for the Company.
On the company’s total equity, he explained that the total equity for the Group decreased by two per cent from N5.8 billion in 2014 to N5.7 billion during the year under review.
The firm’s total assets increased by 25 per cent to N29 billion in 2015 from N23 billion achieved in the previous year.