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C&I Leasing Plc records 31.27% decline in 2020 Q3 gross earnings

Adeyemi AdebayobyAdeyemi Adebayo
2 years ago
in Business News
C&I Leasing gets approval to list N539 million worth rights issue, C & I Leasing Plc sets ambitious revenue target for 2023
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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.  

READ: Coronavirus will cost Premier League clubs £1 billion

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. 

READ: C&I Leasing Plc begins JV with Sifax Marine

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.

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