Leasing and business service conglomerate, C & I Leasing Plc, has recorded a remarkable growth in fortune as its Profit After Tax (PAT) improved by 27% at Half-Year 2019, compared to what was recorded in the corresponding period of 2018.
In monetary terms, this translates to N184.7 million appreciation over the Profit-After-Tax recorded in 2018, which stood at N682.1 million. This was disclosed in the company’s HY 2019 financial statements published on the website of the Nigerian Stock Exchange (NSE).
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The highlight of the Key Performance Indicators (KPIs) of C & I Leasing reflected that Gross Earnings grew by 27.2% on the back of the growth in the company’s lease rental income. The positive trend saw the turnover climb from N12.8 billion last year to N16.3 billion this year.
In the same vein, C & I Leasing’s Profit Before Tax (PBT) experienced a 25.7% appreciation, surging from the N723 million declared at HY 2018 to N909 million recorded in the corresponding period of 2019.
C & I Leasing’s Earnings Per Share (EPS) went up dramatically from 42.2 kobo at HY2018 to N2.14 at HY2019, gaining 397.8% in the process.
Reasons for the increase in Gross Earnings: The overwhelming impact of the improved turnover on the rest of the KPIs came essentially from the expansion of C & I Leasing’s business, specifically in the marine and fleet management services in the period under review.
Also noteworthy was the dramatic increase in the company’s share of gain from Joint Venture compared to what was recorded in the same period last year. This grew exponentially by 86.3% from N156.565 million at HY 2018 to N291.635 in the relative period this year.
If the current momentum of success is sustained till FY2019, the prospect of getting a good reward will excite investors.
C & I Leasing currently trades on the floor of the NSE at N5.50 per share.