C&I Leasing Reports N23.96 bn as Gross Earnings in 2023

Ugo Aliogo

C&I Leasing Plc has reported Group gross earnings of N23.96 billion as at December 2023, compared to N19.98 billion recorded in 2022, representing a 19.91% increase.

In a statement, it noted that the net income totalled N12.4 billion compared to N9.24 billion a year ago.

The statement also noted that the operating costs increased to N1.37Billion on the back of the higher inflationary operating economic environment whilst revenue per employee rose strongly as personnel costs declined by 15%, Year-on-Year.

Commenting on the result, the Group Managing Director, Lenin Ugoji, attributed the increase to improved marine business, average revenue per vessel, focused Operational efficiency initiatives, as well as marginal growth in its Fleet Management Unit, helped sustain earnings growth across major revenue lines.

“The year 2024 is expected to see the company benefit from an increased global and local oil production rally amidst the need for greater oil revenue by the Federal Government,” Ugoji added.