C&I Leasing Plc reported revenues of N7.07 billion in 2020 Q3 compared to N10.29 billion in the corresponding period of 2019 – 31.27% decline.
Key highlights for 2020 Q3
- Gross earnings declined to N7.07 billion, -31.27% YoY.
- Lease rental income declined to N4.16 billion, -43.97% YoY.
- Outsourcing income increased to N2.56 billion, +22.86% YoY.
- Tracking income declined to N43.79 million, -23.21% YoY.
- Other operating income declined to N200.80 million, -55.67% YoY.
- Outsourcing expense increased to N2.45 billion, +29.94 YoY.
- Other operating expenses increased to N325.10 million, +74.39% YoY.
- Depreciation expense increased to N1.73 billion +81.00% YoY.
- Pre-tax profits declined to N81.44 million, -72.45% YoY.
- Earnings Per Share declined to 10 kobo, -84.06% YoY.
Bottom Line: C&I Leasing Plc recorded declined income in three income-generating units. Profits declined in the third quarter due to declined Other operating income, as well as, rising outsourcing and other operating expenses.