C &I Leasing PLC held its 27th Annual General Meeting in Lagos, Nigeria where the company unveiled its results showing a 21.8% increase in profit before tax from N1Billion in 2016 to N1.3Billion in 2017 while the group’s total assets grew from by 17.2% from N38.4Billion in 2016 to N45Billion in 2017.
The company which commenced operations in 1991 as a limited liability company dealing in finance leases has since evolved to a credible brand for business support services in personnel outsourcing, fleet management and marine services where it is heavily invested in an assortment of tug boats, Ballistic Boats, Patrol vessels and other vessels all tied in mid to long term contracts for Marine Operations, Offshore support leasing, charter and logistics with various International Oil Companies(IOCs).
The Managing Director of the company Mr. Andrew Otike – Odibi, stated that the management of C & I Leasing PLC is committed to continually deliver value for all shareholders and grow the business to yield profit and return on their investments. He said “although 2016 was a challenging year for businesses in Nigeria, our strategy to yet invest in assets and aggressive growth in 2017 definitely paid off as we increased not only our assets but our profits in the process. In 2018 financial year and beyond, we plan to continuously improve on our operations to maximize returns for our shareholders and other stakeholders”.
In response to the issue of balancing out the impact of the liability profile generated by the purchase of these assets on its accounts, he said C & I Leasing PLC has just redeemed a percentage of the ABRAAJ convertible note so with this redemption, the dilution effect of existing shareholders if the notes were converted has been avoided.
C&I Leasing Plc conducted a restructuring in 1997 which resulted in its public listing on the Nigerian Stock Exchange. The company commenced its operations with a license from the Central Bank of Nigeria for finance leasing in 1991 but today; over 2 decades later, it has evolved to become a valuable resource and business partner for several indigenous and multinational blue-chip organizations. The company currently provides support services along three lines; Fleet Management, Personnel Outsourcing and Marine Services. The C&I Leasing group of companies which has its operational offices in Lagos, Port Harcourt and Abuja is also invested in subsidiaries – Leasafric Ghana and Epic International FZE.
Chief Financial Officer