C & I Leasing Plc Reports Strong H1 2024 Performance with 309% Surge in Profit and Redeems N10bn CP
C & I Leasing Plc, Nigeria’s leading integrated leasing and business services conglomerate, has posted its H1 2024 results, showing robust financial growth.
The Group recorded gross earnings of N18.2 billion as of June 30, 2024, an 81.6% increase from the N10 billion reported in H1 2023. Net operating income rose by 86.4% year-on-year to N5.7 billion, while total assets grew by 29.4% to N102.5 billion.
The company’s profit after tax saw a significant surge of 309.8%, closing at N987.0 million. Earnings per share also appreciated by 81.1%, reaching 55.79 kobo from 30.81 kobo year-on-year.
Earnings Growth Driven by Marine and Fleet Management Segments
C & I Leasing Plc continues its upward trajectory in earnings, with gross earnings climbing from N19.98 billion in 2022 to N23.96 billion in 2023.
The company attributes its strong performance to enhanced operations in the marine segment and significant gains in fleet management and outsourcing, reinforcing its market leadership.
Successful Redemption of ₦10 Billion Commercial Paper
The company also announced the redemption of its ₦10 billion Commercial Paper Issuance in August 2024, marking the third tranche of its program.
This brings the total amount raised and redeemed over the last two years to ₦15.400 billion. Moving forward, C & I Leasing Plc plans to sustain its growth by maintaining current business strategies and continuing its operational optimization initiatives for the remainder of 2024.
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Source: Legit.ng
