C&I Leasing Posts Net Profit Of N1.6bn In 2024

C&I Leasing Plc has reported a net profit of N1.6 billion in its full financial year results ended December 31, 2024.

The Company’s audited financial statements showed an impressive revenue growth by 63.9 per cent from N22.4 billion in 2023 to N36.7 billion in 2024 and a profit after tax of N1.6 billion from N273.3 million recorded in the previous year of 2023.

Lease rentals income stood at N31.1 billion compared to N18.7 billion in 2023, while net outsourcing income increased by 17.3 per cent from N1.2 billion in 2023 to N1.4 billion in 2024.

Shareholders’ funds increased by 82.4 per cent from N26.4 billion in the full year 2023 to N48.2 billion in 2024. Basic earnings per share amounted to 115.02 kobo compared to 26.15 kobo in 2023.

Speaking on the results, the GMD/CEO of C&I Leasing, 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.”

He said that “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.”

Ugoji noted that “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 “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.”