C & I Leasing Plc, a Nigerian publicly listed company and Nigeria’s largest integrated leasing and business services conglomerate founded in 1990 has experienced a remarkable boost within its Fleet business in 2024, winning multibillion naira contracts that underscore the company’s strong market position and reliability.
These new contracts have not only increased the company’s vehicle fleet and deepened its relationships with client partners but also reflects C & I Leasing’s ability to offer more versatile and scalable solutions, ensuring that clients can rely on the company for all their transportation needs.
In addition to its winning streak, the Company released its H1 result on the NGX and reported Group gross earnings of N18.2 billion as at 30th June 2024, compared to N10 billion recorded as at 30th June 2023, representing an 81.6% increase year on year.
Net operating income increased to N5.7 billion, up by 86.4% year on year, while total assets were up by 29.4%, standing at N102.5 billion for the period. The operating lease assets of the company stood at N64.6 billion, an increase of 37.5% year to date, while profit after tax surged by an outstanding 309.8% YoY, to close at N987.0 million. Basic earnings per share of 55.79 kobo Vs 30.81 kobo Year on Year, showcased steady shareholder appreciation by an 81.1% margin.
C & I Leasing Plc’s gross earnings have consistently followed an upward trend for the last 2 years, growing from N19.98 billion in 2022 to N23.96 billion in 2023. The business attributes its growth to an improved marine segment, and impressive gains in its fleet management and outsourcing businesses, highlighting its strong market position and reliability.
While the Company’s strong financial results were released, it also announced the redemption to Investors of its ₦10 billion Commercial Paper Issuance, in August 2024. This marks the third tranche of its Commercial Paper program, and with this redemption, the Company has now successfully raised and redeemed a total of ₦15.400 billion over the past two years.
For the rest of 2024, the Company expects to sustain the Group’s projections by maintaining its current business strategies whilst continuing with its recent initiatives in operational optimization.