C&I leasing plc recorded revenue of N36.7 billion for the year ended 31 December 2024, up from N22.4 billion in 2023 and ended the year with a net profit after tax of N1.6billion as against N273.3m recorded in 2023.
C&I Leasing Plc (CILEASING), Nigeria’s foremost Integrated Leasing, and other ancillary services Company announced its December 2024 audited financial statements with an impressive revenue growth by 63.9 per cent from N22.4 billion in 2023 to N36.7b billion in 2024 and a profit after tax of N1.6billion from N273.3 million recorded in previous year of 2023.
FULL YEAR GROUP FINANCIAL HIGHLIGHTS
Ø Gross Earning is N36.7billion compared to N22.4 billion in 2023.
Ø Lease rentals income was N31.1billion compared to N18.7 billion in 2023.
Ø Profit before tax was N2.7billion compared to N1.5billion in 2023.
Ø Profit after tax was N1.6billion compared to N0.3billion in 2023.
Ø Net Outsourcing income increased by 17.3 per cent from N1.2 billion in 2023 to N1.4 billion in 2024.
Ø Shareholders’ fund increased by 82.4 per cent from N26.4 billion in FY 2023 to N48.2 billion in 2024.
Ø Basic Earnings per Share was 115.02 kobo compared to 26.15 kobo in 2023.
Ø Diluted Earnings per Share was 115.02 kobo compared to 11.55 kobo in 2023.
PROFITABILITY RATIOS
Ø EBITDA Margin of 58.1 per cent compared with 52.7 per cent in 2023.
Ø Net Profit Margin before Tax was 7.3 per cent compared with 6.9 per cent in 2023.
Ø Net Profit Margin after Tax was 4.4 per cent compared with 1.2 per cent in 2023.
Ø EBITDA/Interest expense was 2.0 times compared with 1.9 times in 2023
Ø Net debt/ EBITDA was 2.95 times compared to 4.25 times in 2023
Ø Net debt/Equity was 1.31 times compared with 1.90 times in 2023
Ø Net debt/Total Capitalization was 0.85 compared with 1.28 in 2023
Ø Total debt/Total Capitalization was 0.92 compared with 1.33 in 2023
Ø Net Debt/Operating Profit was 4.77 times compared to 6.34 in 2023
Ø Asset Turnover (Revenue /Avg. Total Assets) was 0.38 times compared to 0.44 times in 2023
OPERATIONAL HIGHLIGHTS
Ø The fleet management unit offers a full range of fleet management solutions which include vehicle rentals, vehicle tracking/fuel monitoring and vehicle maintenance, reservation for business, school bus and third-party businesses.
Ø The Marine business remains strong, and revenues have remained stable with an upward trajectory from income on third-party contracts.
Ø The Outsourcing division continues to record stable revenues and growing market share during the period.
Commenting on the results, The GMD/CEO of C&I Leasing Plc, Mr Ugoji Lenin Ugoji said: Despite current market realities, we have been able to deliver an impressive set of results on account of business expansion and the resilience of our business model. The year 2024 was another challenging year for the company as prevailing harsh market conditions ranging from rising interest rates to potential economic downturn and high inflation put pressure on the cost of doing business in the country which greatly impacted our business operations.
However, we have remained focused on the fundamentals of our business such as efficiency of business operations through optimal cost management, superior customer service and diversification of earnings to take advantage of growth opportunities in the available market space.
Explaining the performance, the Group Managing Director of C&I Leasing Plc, Mr Ugoji Lenin Ugoji said Nigeria’s oil and gas sector saw a mix of positive developments and persistent challenges. While crude oil production increased compared to the previous year, it still fell short of the budget benchmark and OPEC quota. Infrastructure projects like LNG Expansion gained momentum, reducing reliance on imported products. However, issues like oil theft, pipeline vandalism, and security risks continued to impact operations and increase costs.
He, however, stated that the in-spite of these conditions, the company would continue to explore more options of exceptional support services to our numerous clients, as we maintain the high quality of our product offerings to meet their diverse business needs and sustain our profitability in the near future.
While expressing his view that 2025 is expected to have a moderation in Oil prices which may result in reductions in marine rates, he said the company would continue to create superior service to our stakeholders, particularly our esteemed customers and shareholders whose confidence and support have been the driving force behind our achievement.
C&I Leasing is the foremost Integrated Leasing and other ancillary services Company in Nigeria. With a Balance size of over N116 billion ($73 million), a staff strength of over 7,000 people with operational offices in key locations such as Nigeria, Ghana and the UAE. The company takes pride in its track record of exceptional and qualitative service delivery. Today, the C&I brand presence can be felt in major sectors of the Nigerian economy, providing specialized services especially in Marine, Telecommunications, Oil and Gas, Vehicle / Equipment Rentals, Manpower outsourcing and Transportation.
In 1997, C&I Leasing became the first Leasing and other ancillary services Company to be publicly quoted on the floor of the Nigerian Stock Exchange (Now NGX).
C&I Leasing has enjoyed consistent growth over the years and has expanded its scope of business to cover major sectors of the Nigerian Economy and indeed, the west coast of Africa. The company now has over 4 divisions and 3 subsidiaries under its auspices, making up the C&I Leasing group of companies.
