Follow Us on Google
By Chukwuma Umeorah
In a move to enhance operational efficiency and foster business acquisition, C & I Leasing Plc has said it would leverage cutting-edge technologies such as data & analytics, automation, optimised infrastructure, legacy modernisation, and cybersecurity for sustainable growth.
The Chairman of the company, Samuel Onyishi, said this during its 32nd Annual General Meeting (AGM) held in Lagos, focusing on the financial year concluding on December 31, 2022. According to him, these tech-driven measures are expected not only to streamline operations within the company but also to fortify its position in the market.
“We recognise the transformative power of technology in our industry, and as such, we are dedicated to leveraging it for sustained growth,” stated Onyishi.
He outlined the company’s vision to build upon its past achievements, actively seeking opportunities to expand operations and explore new market frontiers.
“In 2023, our organisation was focused on achieving all-round improvement in the business and delivering a sterling and sustainable performance that enhances optimal returns to shareholders.” He expressed confidence attributing the company’s resilience to the collaborative efforts of staff, management, the audit committee, and the board.
The Group Managing Director/CEO of C&I Leasing, Lenin Ugoji, revealed that it aims to reward shareholders with cash dividends in 2024, after a hiatus in shareholder rewards.
“We know that it has been quite some time since we rewarded shareholders. The most important factor for 2024 is going to be foreign exchange because we think foreign exchange has an impact on all the other aspects and getting it under control, will help inflation rate, which will impact our business positively,” Ugoji said.
He however commended the Federal Government’s establishment of a tax special committee to address taxation issues affecting businesses in Nigeria.
Ugoji also underscored the company’s engagement in the marine business as a primary hedge against exchange rate fluctuations, disclosing that only about 15 per cent of its liabilities are in dollars.
Addressing challenges faced, he cited the instability in interest rates but highlighted a major achievement in retaining qualified staff, a critical factor for a company operating in a country experiencing a professional exodus.
Shareholders present at the meeting lauded the board and management for the company’s commendable performance.
The President of Pragmatic Shareholders Association of Nigeria, Bisi Bakare urged the board to sustain and surpass these achievements in the coming year, while Moses Igbrude, the National Coordinator of Independent Shareholders Association of Nigeria (ISAN) called on the management to prioritise the payment of dividends to shareholders in 2024.
The financial overview for the year showcased a one per cent decrease in the group’s gross earnings, from N18.2 billion in 2021 to N17.9 billion in 2022. However, the company’s profit before tax surged by an impressive 216 per cent, reaching N626.8 million in 2022 compared to N198.5 million in 2021.
The group’s profit after tax saw an exceptional increase of 1,746 per cent, rising from N31.2 million in 2021 to N577.3 million in 2022. Similarly, the company’s profit after tax increased by 257 per cent, from a loss of N196.2 million in 2021 to a profit of N307.7 million in the year under review.
While the group’s total assets slightly decreased by one percent, the shareholders’ fund experienced growth, increasing by 21 per cent from N13.9 billion in 2021 to N16.2 billion in 2022.
