C&I Leasing Plc reported a pretax profit of N2.98 billion in its audited 2025 financial statements filed on the Nigerian Exchange.
This represents an 11.0% increase from N2.68 billion recorded in 2024, supported by stronger earnings across its leasing, fleet management, marine, outsourcing businesses, and joint venture businesses.
Gross earnings rose to N50.15 billion from N36.74 billion in 2024, reflecting sustained growth in the company’s diversified operations.
Supported by a tax credit of N931.5 million during the year, earnings translated into a post-tax profit of N3.91 billion, significantly higher than the N1.60 billion recorded in the prior year.
Key highlights (2025 vs 2024)Â
- Gross earnings: N50.15 billion, up 36.52% YoY
- Net lease income: N25.638 billion, up 26.62% YoY
- Net tracking income:Â N116.034 million, up 74.66% YoY
- Interest income: N324.586 million; up 217.79% YoY
- Operating income: N15.966 billion; up 56.08% YoY
- Pretax profit: N2.98 billion, up 11.0% YoY
- Tax credit: N931.5 million vs tax expense of N1.08 billion
- Post-tax profit: N3.91 billion, up 143.63% YoY
- Total Assets: N141.823 billion, up 21.97% YoY
- Total shareholders’ funds: N51.149 billion, up 6.22% YoY
Driving the numbersÂ
A closer look at the results shows that the company’s revenue growth was driven by its core business lines, including equipment leasing, logistics solutions, marine vessel rentals, fleet management, and personnel outsourcing operations.
- Lease income, driven by finance lease income (N35.7 billion) grew by 43.11% to N44.477 billion in 2025.
- Outsourcing service income increased to N21.51 billion compared to N16.966 billion in 2024. However, the company retained only 9 kobo from every N1 of income.
- The company’s subsidiaries also contributed to operations during the year, with a share of profit from joint ventures standing at N1.3 billion, although 60% lower than the N3.2 billion in 2024.
- The disposal of finance lease items, the leasee did not exercise its option to purchase upon expiration of the lease term and old items of the company contributed with about N1.5 trillion
Despite gross earnings growing by over 36%, pretax profit growth remained relatively moderate at 11%, suggesting increased operating and finance-related costs during the period.
- Operating expenses comprising depreciation and amortization, personnel expenses, and other operating costs grew by 12% YoY to N13.89 billion in 2025.
- However, finance costs increased even faster, climbing 35% YoY to N14.27 billion and consuming nearly 90% of the company’s operating profit of N15.97 billion.
However, profitability improved significantly at the bottom line after the company recorded a tax credit of N931.5 million, compared to a tax expense of N1.08 billion in 2024. This supported the sharp rise in post-tax profit to N3.91 billion.
Balance sheet
Total assets grew by 22% YoY to N141.82 billion, driven mainly by plant and equipment for lease, which stood at N73.57 billion and accounted for over half of total assets.
- Trade and other receivables also increased significantly to N29.17 billion from N18.51 billion, while finance lease receivables rose to N9.96 billion from N5.68 billion.
The company’s expansion was largely debt-funded, with total liabilities climbing 33% YoY to N90.68 billion.
- Loans and borrowings rose to N47.29 billion, while commercial notes issued more than doubled to N15.28 billion from N7.06 billion, helping explain the sharp increase in finance costs during the year.
Despite the higher leverage profile, total equity improved to N51.15 billion from N48.15 billion, supported by stronger retained earnings and profitability growth.
Market reaction
On the Nigerian Exchange, shares of CILEASING began the year at N6.85 and have gained 11.7% year-to-date.
The stock has also gained 16% over the past four-week period. This follows an 82% YtD gain in 2025
