C&I Leasing Plc Earns 309% Surge In Profit After Tax

C & I Leasing Plc, Nigeria’s largest integrated leasing and business services conglomerate, has reported an impressive 309.8 percent year-on-year increase in profit after tax for the first half of 2024.

 This surge reflects the company’s robust performance across its fleet and leasing business segments, buoyed by recent multi-billion naira contract wins and the successful redemption of its ₦10 billion commercial paper.

The company’s H1 2024 financial results, released on the Nigerian Exchange (NGX), highlight a significant 81.6 percent year-on-year rise in group gross earnings, which soared to ₦18.2 billion as of June 30, 2024, compared to ₦10 billion recorded during the same period in 2023. Net operating income increased by 86.4 percent year-on-year, totalling ₦5.7 billion, while total assets grew by 29.4 percent to reach ₦102.5 billion.

C & I Leasing’s operating lease assets expanded by 37.5 percent year-to-date, standing at ₦64.6 billion, underscoring the company’s strong market position in Nigeria’s leasing sector. The remarkable surge in profit after tax, which closed at ₦987 million, was accompanied by an 81.1 percent increase in basic earnings per share, rising from 30.81 kobo in 2023 to 55.79 kobo in 2024, demonstrating solid returns for shareholders.

The company attributes its impressive growth to improvements in its marine segment and significant gains in its fleet management and outsourcing businesses. C & I Leasing’s ability to secure high-value contracts has not only increased its vehicle fleet but also deepened its partnerships with key clients. The company’s capacity to offer versatile, scalable solutions has reinforced its reputation as a reliable partner for transportation and business services.

In addition to its financial growth, C & I Leasing also announced the successful redemption of its ₦10 billion commercial paper in August 2024. This redemption marks the third tranche of the company’s Commercial Paper Program, bringing the total amount raised and redeemed to ₦15.4 billion over the past two years. The company’s successful completion of this program highlights its commitment to maintaining investor confidence and financial stability.

Looking ahead, C & I Leasing Plc aims to sustain its strong performance for the remainder of 2024 by maintaining its current business strategies and continuing to focus on operational optimisation. With its solid financial position and expanding market footprint, the company remains poised for continued growth in the Nigerian business services and leasing landscape.

C & I Leasing Plc, Nigeria’s largest integrated leasing and business services conglomerate, has reported an impressive 309.8 percent year-on-year increase in profit after tax for the first half of 2024.
This surge reflects the company’s robust performance across its fleet and leasing business segments, buoyed by recent multi-billion naira contract wins and the successful redemption of its ₦10 billion commercial paper.
The company’s H1 2024 financial results, released on the Nigerian Exchange (NGX), highlight a significant 81.6 percent year-on-year rise in group gross earnings, which soared to ₦18.2 billion as of June 30, 2024, compared to ₦10 billion recorded during the same period in 2023. Net operating income increased by 86.4 percent year-on-year, totalling ₦5.7 billion, while total assets grew by 29.4 percent to reach ₦102.5 billion.
C & I Leasing’s operating lease assets expanded by 37.5 percent year-to-date, standing at ₦64.6 billion, underscoring the company’s strong market position in Nigeria’s leasing sector. The remarkable surge in profit after tax, which closed at ₦987 million, was accompanied by an 81.1 percent increase in basic earnings per share, rising from 30.81 kobo in 2023 to 55.79 kobo in 2024, demonstrating solid returns for shareholders.
The company attributes its impressive growth to improvements in its marine segment and significant gains in its fleet management and outsourcing businesses. C & I Leasing’s ability to secure high-value contracts has not only increased its vehicle fleet but also deepened its partnerships with key clients. The company’s capacity to offer versatile, scalable solutions has reinforced its reputation as a reliable partner for transportation and business services.
In addition to its financial growth, C & I Leasing also announced the successful redemption of its ₦10 billion commercial paper in August 2024. This redemption marks the third tranche of the company’s Commercial Paper Program, bringing the total amount raised and redeemed to ₦15.4 billion over the past two years. The company’s successful completion of this program highlights its commitment to maintaining investor confidence and financial stability.
Looking ahead, C & I Leasing Plc aims to sustain its strong performance for the remainder of 2024 by maintaining its current business strategies and continuing to focus on operational optimisation. With its solid financial position and expanding market footprint, the company remains poised for continued growth in the Nigerian business services and leasing landscape.