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

C&I Leasing Plc recorded declined income in three income-generating units.

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C&I Leasing gets approval to list N539 million worth rights issue, C & I Leasing Plc sets ambitious revenue target for 2023

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.

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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