C&I Leasing is Nigeria’s foremost leasing company with head offices in Lekki Phase 1. They released their first quarter earning result for the period ended 30th April 2012 with revenues of N2.6b, a 6.6% increase when compared to the prior year. However, direct cost increased 11.6% to N1.9b when compared to the same period last year leaving N702m as Gross Profit. The company ended the period with a dismal operating profit of N55m, 58% drop from last years result. The company’s operations is mostly financed with borrowings as well as trade creditors as their net assets of N1.9b represents just 9% of total assets. With Selling General and Admin Expenses (SG&A) taking up about 91% of Gross Profit it’s hard to see a silver lining in any of this.
C&I Leasing’s 2012 unaudited Q1 Results is posted on the website of the NSE