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C & I Leasing in the news
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C & I LEASING PLC INCREASES PROFIT
BY 180%
C & I Leasing Plc has grown its profit after tax by over 180
percent in 2008 financial year. During the year under
review, the company posted a turnover of N2.4 billion, up
from N1.6 billion it posted in 2007.
The company whose businesses include Finance and Operating
Leases, Outsourcing, Car Sales and Distribution and other
ancillary logistics support services, recorded a profit
after tax of N375 million in 2008 as against the N134
million recorded in 2007.
Speaking at the 17th AGM of the company held recently in
Lagos, the Chairman of the company Air Vice Marshal
Abdullahi Bello (rtd), attributed the rise in asset and
increase in revenue to the impact of consolidation of the
account of Leaseafric, its subsidiary in Ghana, and the
significant earnings from leasing, outsourcing, and rental
services among others that constitute some of the strategies
that improve the revenue.
Meanwhile, shareholders of the company had approved a
dividend of N96 million that translated to six kobo per
ordinary share of fifty kobo, having approved a similar
amount earlier in the year.
C & I GROWS PROFIT AFTER TAX BY 53% IN 2ND QUARTER
2008
C & I has within the second quarter of this year
which ended July 31, increased its profit after tax by 53
percent from N177 million in 2007 to N270 million in 2008.
Another impressive result recorded within the period under
review was 100 percent turnover from N1.1 billion in 2007 to
N2.2 billion this year.
An analysis of the group presented at a forum held in Lagos,
the Finance Controller Mr. Ayo Taire, showed that C & I
Motors recorded 19 percent, Leasafric; seven, WAP; one
percent, while C & I Leasing recorded 73 percent of the
turnover.
According to the Group MD of C & I Leasing, the company
outlook shows increasing awareness of its Suzuki brand which
is translating into continuous growth in sales, while it has
received a licence from the state government to operate a
taxi service in the state which has given birth to another
subsidiary of the company known as Citrans Global; operators
of Red Cab.
SUZUKI GETS SON’S RATING
The Standard Organization of Nigeria recently
conducted an examination of facilities at the premises of C
& I Motors, Distributors of Suzuki auto brand in Nigeria, to
enable it conclude certification of its product.
Head of the SON team, Engr. Williams Okpeh expressed
satisfaction at the company’s facilities on ground after the
audit exercise performed by some technical staff of the
regulatory agency covering areas such as aftersales,
technical and manpower development.
He said among all other companies already inspected, C & I
Motors offers the best sales capabilities with most
qualified technical staff. “They have the most modern and
most sophisticated diagnostic equipment” he adds.
Receiving the team, the Managing Director of C & I motors,
Mr. Godfrey Ugwuegbu said that Suzuki SX4 model had recorded
a major breakthrough in performance by running 30,000 kms in
two months, a performance other cars do in two years.
He also informed SON that the Jimny model was used by Newton
Jibunoh to cross the Sahara Desert to Europe.
C & I MOTORS FORMALLY INTRODUCES SUZUKI ALTO
C & I Motors, authorized distributors of Suzuki cars in
Nigeria has launched the new Suzuki Alto, a mini vehicle
with best in class features.
Following this and in a bid to empower the masses, C & I
Motors is partnering with MCB Micro Finance Bank to provide
affordable cars to taxi operators in Lagos State.
The partnership tagged; taxi initiative project, is coming
on the heels of the official launch of the new Suzuki Alto
which is the ideal car for taxi operations in Lagos state
given the fact that it is fuel efficient, and others who
want to ride on a budget car with state of the art features.
The Alto is a super compact car that has won great
popularity having stood the test of time as a result of its
rugged nature.
Distributorship
C & I Motors, a renowned auto dealer and subsidiary of C & I
Leasing Plc has signed a distributorship agreement with
Suzuki Corporation of Japan.
According to this agreement C& I Motors has become the
distributor of Suzuki cars in Nigeria and C & I is the only
leasing company quoted on the Nigeria stock exchange list.
The representative of the auto manufacturers were Mr. Emeka
Ndu, the Managing Director of C& I Leasing Plc signed on
behalf of C & I Motors. Speaking after the signing, the
managing director of C & I Motors Ltd Mr. Godfrey Ugwuebu
said the discussions had been going on for over a year. He
expressed his gratitude, that the distributorship has been
signed.
Source ThisDay
Date 21/10/07
C & I enters deal with Suzuki
C & I Motors, a subsidiary of C & I Leasing Plc has signed a
distributorship agreement with Suzuki Corporation of Japan.
Addressing journalists in Lagos, Managing Director of C &I
Motors, Mr. Godfrey Ugwuegbu said his company decided to go
for Suzuki products because of its durability and easy
maintenance. His words, “Suzuki products are extremely well
built with low cost maintenance”.
He said the products will be affordable to an average
Nigerian when they finally arrive while spare parts will be
produced in large quantities with adequate man power. We are
producing the spare parts in large quantity with enduring
brand and enduring technological features, we are committed
to maintaining Suzuki global stand and we shall get adequate
man power, spare parts before we open, we shall give our
customers the assurance that any car
they buy would be maintained without stress” he said.
However he said distribution will not start until adequate
spare parts are available in the country as his company has
commenced development of an ultra modern sales service and
spare parts location in Ilupeju while efforts are on to
establish another one in the Lagos area.
Responding, representative of Suzuki Company in Japan, Mr.
Daishi Mochizuia said the products are fully tropicalised
and built to serve Nigerian roads. “It took us a while to
arrive where we are; we have really taken our time to
consider Nigerian roads, the atmosphere as well as fuel
capacity before bringing our products to Nigeria.
There is going to be a free hitch drive through these cars.
“They are not too expensive or difficult to maintain” he
said.
Also contributing, Mr. Emeka Ndu, Managing director of C & I
Leasing said his company is committed to the long term
partnering with Suzuki products. He said the decision did
not come overnight as he believes Suzuki cars are coming to
Nigerian markets when there is high demand for new cars.
“These are quality cars that are cost friendly for the
benefit of an average Nigerian” he said.
SOURCE VANGUARD
DATE 23/10/07
C & I Motors Suzuki Distributor
C & I Motors, a subsidiary of C & I Leasing Plc has signed a
distributorship agreement with Suzuki Corporation of Japan.
With this agreement C & I Motors has become the distributor
of Suzuki cars in Nigeria.
On the Suzuki team were Mr. Daishi Mochizuki from Motors
Corporation, Japan and Mr. Rajeev Agarwal from Maruti Suzuki
India Ltd. Mr. Emeka Ndu the Managing Director of C & I
Motors. Speaking after the signing, the Managing Director of
C& I Ltd, Mr. Godfrey Ugwuegbu, said the discussions had
been going on for over a year. He expressed
joy and gratitude to God that the distributorship agreement
has been signed.
Mr. Ugwuegbu stated that following from this appointment,
his company has commenced the development of an ultra-modern
3- S (Sales, Service and Spares) location in Ilupeju. This
is a reflection of the commitment of C & I Motors to
providing excellent after-sales services for the full Suzuki
product range in Nigeria. In addition to the Ilupeju outlet,
efforts are already in place to establish additional 3-S
locations in the Lagos area. It is expected that the
Showroom and official launch of the Suzuki Products will
take place early next year.
Source Mirror
Date 27/10/07
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