C&I Leasing Plc has released its unaudited financial results for the first quarter ended 31 March 2026, showcasing a robust start to the year with a significant climb in both top-line revenue and bottom-line profitability.
According to the report submitted to the Nigerian Exchange, the Group’s Profit After Tax rose to N500.4m, representing a 15.5 per cent increase compared to the N433.3m recorded during the same period in 2025.
The company’s gross earnings for the quarter reached N12.78bn, up from N11.33bn in Q1 2025, primarily driven by the core lease rental income, which contributed N11.15bn to the total revenue.
The Group Managing Director, Ugoji Ugoji, noted that the results reflect the company’s strategic focus on high-value sectors.
“The 12.8 per cent growth in gross earnings is a testament to the sustained demand for our specialised leasing services. Our diversified model is proving resilient, allowing us to capture value across the marine, fleet management, and outsourcing sectors simultaneously,” Ugoji said.
One of the most striking highlights of the Q1 report is the expansion of the Group’s balance sheet. Total assets grew by approximately 10.8 per cent in just three months, moving from N135.5bn in December 2025 to N150.15bn as of 31 March 2026.
This expansion was fuelled by a sharp rise in trade and other receivables, alongside a 25 per cent jump in finance lease receivables, which climbed to N12.5bn.
Addressing the balance sheet strength, Chief Financial Officer Sunday Aiyeola emphasised the importance of liquidity management.
“Surpassing the N150bn asset mark is a significant milestone for C&I Leasing. We have intentionally boosted our cash balances by 14.5 per cent this quarter to ensure we remain agile in meeting our obligations and funding new opportunities as they arise,” he said.
The report was not without its challenges. Finance costs rose to N3.73bn in Q1 2026, compared to N2.95bn in the previous year, reflecting the broader economic trend of rising borrowing costs. However, the company successfully offset these expenses through improved “Other Operating Income”, which rose by over 145 per cent to N560.7m.
A board spokesperson highlighted the discipline needed to sustain these margins: “While the rising cost of capital remains a pressure point for the entire industry, our focus on operational efficiency and net lease rental income, which grew to N6.3bn, has provided the necessary buffer to protect our shareholders’ value.”
The company’s equity also saw a healthy boost, closing the quarter at N49.6bn, largely supported by foreign currency translation reserves. With basic earnings per share of 13 kobo, C&I Leasing remains a steady performer for investors seeking exposure to the Nigerian agro-allied and industrial leasing space.
