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C&I Leasing Plc, Nigeria’s leading integrated leasing and ancillary services company, has announced its audited financial results for the year ended December 31, 2024.
The company recorded a significant revenue growth of 63.9% to N36.7 billion, up from N22.4 billion in 2023.
The company’s profit after tax also surged to N1.6 billion, compared to N273.3 million in 2023. Other key highlights include:
- Lease rentals income increased to N31.1 billion from N18.7 billion in 2023.
- Profit before tax rose to N2.7 billion from N1.5 billion in 2023.
- Shareholders’ fund grew by 82.4% to N48.2 billion from N26.4 billion in 2023.
- Basic earnings per share increased to 115.02 kobo from 26.15 kobo in 2023.
The company’s operational highlights include:
- Fleet management unit offering vehicle rentals, tracking, and maintenance services.
- Strong marine business with stable revenues and growing income from third-party contracts.
- Outsourcing division recording stable revenues and increasing market share.
These results demonstrate C&I Leasing Plc’s strong performance and growth in the leasing and ancillary services sector.
Commenting on the results, The GMD/CEO of C&I Leasing Plc, Mr Ugoji Lenin Ugoji said, “Despite current market realities, we have been able to deliver an impressive set of results on account of business expansion and the resilience of our business model. The year 2024 was another challenging year for the company as prevailing harsh market conditions ranging from rising interest rates to potential economic downturn and high inflation put pressure on the cost of doing business in the country which greatly impacted our business operations.
”However, we have remained focused on the fundamentals of our business such as efficiency of business operations through optimal cost management, superior customer service and diversification of earnings to take advantage of growth opportunities in the available market space.
Explaining the performance, the Group Managing Director of C&I Leasing Plc, Mr Ugoji Lenin Ugoji said, “Nigeria’s oil and gas sector saw a mix of positive developments and persistent challenges. While crude oil production increased compared to the previous year, it still fell short of the budget benchmark and OPEC quota. Infrastructure projects like LNG Expansion gained momentum, reducing reliance on imported products. However, issues like oil theft, pipeline vandalism, and security risks continued to impact operations and increase costs.
He, however, stated that the in-spite of these conditions, the company would continue to explore more options of exceptional support services to our numerous clients, as we maintain the high quality of our product offerings to meet their diverse business needs and sustain our profitability in the near future.
While expressing his view that 2025 is expected to have a moderation in Oil prices which may result in reductions in marine rates, he said the company would continue to create superior service to our stakeholders, particularly our esteemed customers and shareholders whose confidence and support have been the driving force behind our achievement.
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