C & I Leasing Plc has published its financial results for the first quarter ended March 2025, reporting a pre-tax profit of N487.9 million.
While this reflects a decline from the N605.2 million recorded in the same period of 2024, the performance remains solid, supported by revenue growth and cost efficiencies in key areas.
Overall profitability was driven by strong top-line performance, with lease rental income rising to N8.5 billion, up 9.67% year-over-year from N7.7 billion.
Helping to boost margins, lease expenses were reduced to N2.9 billion, down from N3.6 billion in the previous year. As a result, net lease rental income jumped 35.6% to N5.5 billion.
- The company also recorded a healthy N345.3 million in net outsourcing income, marking a 16.6% year-on-year increase, with outsourcing rental services contributing to the majority.
- Income from tracking and tagging services grew as well, rising to N52.4 million from N42.1 million in Q1 2024.
Despite finance costs of N3 billion, C & I Leasing earned N3.5 billion from interest income, joint ventures, and other operating income, up from N2.8 billion in the same period last year.
However, rising operating expenses, particularly a 35.3% increase in depreciation to N2.08 billion, weighed on profitability.
- Net profit for the quarter came in at N433.2 million, slightly down from N501.8 million in Q1 2024.
More favorably, the balance sheet showed solid growth, with total assets rising to N131 billion, up 15.3% year-on-year, while retained earnings climbed 5.6% to N7.4 billion.
Key Highlights (Q1 2025 vs Q1 2024)
- Lease rental income: N8.5 billion, +9.67% YoY
- Lease expenses: N2.9 billion, -19.55% YoY
- Net lease rental income: N5.5 billion, +35.62% YoY
- Net outsourcing income: N345.3 million, +16.55% YoY
- Net tracking income: N32.7 million, +86.58% YoY
- Finance cost: N3.09 billion, +40.83% YoY
- Depreciation expense: N2.08 billion, +35.33% YoY
- Pre-tax profit: N487.9 million, -19.38% YoY
As of the close of trading on June 30, 2025, the company’s shares were priced at N4.64, reflecting a year-to-date gain of 23.08%.
