C & I Leasing Explores Alternative Energy Initiatives for Revenue Growth

Kayode Tokede 

C & I Leasing Plc expressed that it is set to tap into opportunities in the compressed natural gas (CNG) vehicle initiatives in-line with the Federal Government gas policy to drive revenue.

Speaking to journalists at the company’s “Facts Behind the Figures” presentation on the floor of NGX, in Lagos, Ugoji  said, “We think that we’re going to continue in that line in terms of not just to speak to CNG vehicle investment, but actually to do it. We think we can provide some support in that sector.”

According to him, there is a need to understand the impact of CNG on manufactured fuel vehicles, stressing on the importance of fuel to CNG conversion research.

“We will research as long as we think it is necessary. A typical vehicle is amortised over four or five years. So, that means that you need to know what’s going to be the impact of CNG on vehicles.

“By the end of first year, we should be able to provide some credible results. We are also using the test for clients as well to see how it also services them and brings down their cost,” he said

Chief Financial Officer, C & I Leasing, Okechukwu Nnake, presenting the “Fact Behind The Figures”  said the turnover increased by N8.2 billion, 82 per cent above actual in H1 2023 over optimal utilization of operating leased assets, growth in cross-marine charter and new contracts and expansion in the existing ones.

He stated that the profit before tax increased by N807 million, 299 per cent above actual in H1 2023 due to growth in revenue through expansion in existing/ new contracts, employing several cost optimization techniques via continuous process improvement and automation technology.

CEO, NGX, Mr.  Jude Chiemeka  said C & I Leasing has been a prominent player on the Exchange, with over two decades of operational excellence.

He expressed that over the years, the company has evolved into a diversified conglomerate specializing in leasing and business services.