Onyishi: C & I Leasing Remains Focused on Driving Growth, Profitability
Kayode Tokede
The Chairman, C & I Leasing, Samuel Onyishi, yesterday stated that the company remains focused on driving sustainable growth, enhancing operational efficiency, and creating long term value for its shareholders.
Speaking at the company’s 33rd Annual General Meeting (AGM) , he said that the management of the company believed that its strategic priorities and robust business model would enable them to navigate macroeconomy challenges and opportunities effectively.
The shareholders of the company approved a dividend payout of 5kobo per ordinary share among others recommended by the board of directors at the AGM.
In the 2023 financial year, the group’s gross earnings moved to N22.41 billion, about 25 per cent increase from N17.94 billion in 2022, largely driven by growth in net lease income.
Also operating profit of the group stood at N5.69 billion in 2023, representing 14 per cent increase from N4.99 billion in 2022, while profit before tax closed 2023 at N1.55 billion, 52 per cent increase from N1.02 billion reported in 2022.
The Group Capital Adequacy Ratio remains strong at 31 per cent in 2023 financial year.
Onyishi stated that despite challenges and uncertainties, C & I Leasing remains resolute to harness the potential opportunities that these challenges represent and thus enhance the group’s profitability and shareholder returns.
“Our strength remains our resilience and adaptability. We will continue to navigate the challenges by proactively embracing change, exploring new diversification initiatives, implementing cost optimisation strategies and leveraging technology to offer innovative solutions for our clients.
“The Group continues to unearth and drive new solutions by leveraging technology to improve the efficiency of operations and business growth,” he said.
On dividend payout to shareholders, he said, “By next year, the dividend will do better. We are working to make sure more of our vehicles are on the road. Our target is to make sure this company looks up.”
The Managing Director, Chief Executive Officer, C & I Leasing, Mr. Ugoji Lehin Ugoji who acknowledged the recent challenges noted that they also came with opportunities and positive policies.
He stated that the present President Bola Tinubu-led government policies are clearly towards increasing oil production because Nigeria has revenue problems, stressing that the C & I Leasing has potential to explore these opportunities to return to sustainable dividend payout to shareholders.
“Based on that, the increase in production will require the use of auxiliary services like the marine services where we provide services. We think there is a positive outlook for us 2024 and 2025,” he added.
However, some shareholders who attended the hybrid AGM commended the management for dividend payout, emphasising on improved performance and robust returns on their investment with C & I Leasing.
The National Coordinator, Progressives Shareholders Association of Nigeria (PSAN), Mrs. Bisi Bakare commended the company’s 2023 exceptional performance and dividend payout to shareholders.
