C&I Leasing Plc has concluded the buyout of 27.5% minority stake in C&I Petrotech Marine Limited. This buyout makes C&I Petrotech Marine Limited a fully owned subsidiary of C&I Leasing Plc.
C&I Petrotech Marine Limited is a Joint Venture company with six vessels currently deployed to a long-term contract with Shell Petroleum Development Corporation (SPDC)
Managing Director of the company, Andrew Otike-Odibi noted that the buyout will further the company’s drive to restructure and re-position its marine business for enhanced profitability.
C&I Leasing Plc recently recorded a successful N7 billion bond issue which is the first in the series of an N20 billion bond issuance programme. The management had revealed that the funds raised from the bond programme will be used to invest in its business expansion drive and restructuring of the company’s debt over a period of five years.
In its Full year 2017 financial statements for the year ended 31 December 2017, the company recorded revenue growth of 26% Y-O-Y to N21.4 Billion from N17.0 Billion and 19% Increase in Profit After Tax to N1.1 Billion.
In its Q1 2018 financial statements for the period ended 31 March 2018, the company recorded gross earnings of N6.47 billion as compared to N6.097 billion for Q1 2017. Profit before Tax also grew from N305 million to N405 million
C&I Leasing group of companies is made up of three divisions, Fleet Management, Outsourcing, and Marine divisions and two subsidiaries in Leasafric, Ghana and EPIC International FZE, United Arab Emirates.
In 1997, C&I Leasing Plc concluded a major restructuring that saw its conversion to a public company with its share listed on the official list of the NSE as the only leasing, support, and logistics rentals services company.
It’s shares traded at N2.31 on the floor of the Nigerian Stock Exchange as at today with a one year return of 266.67%
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