C & I Leasing Plc has announced a growth in its gross earnings to N36.7bn for the financial year ended 31 December 2024, representing a 64 per cent increase from the N22.4bn reported in the previous year.
The audited financial results, which were filed with the Nigerian Exchange Limited on Monday, showed that the group’s profit after tax rose to N1.6bn in 2024, compared to N273.3m recorded in 2023, a 487 per cent increase.
The company’s lease income grew significantly to N31.1bn in 2024 from N18.7bn in the prior year, while net lease income stood at N20.2bn, up from N11.2bn. The company also reported a share of profit from joint ventures at N3.2bn, higher than the N1.5bn reported in 2023.
Despite a finance cost of N10.6bn, the group posted an operating profit of N10.2bn, reflecting strong revenue generation and efficient cost management.
The company reported a profit before tax of N2.7bn in 2024, rising from N1.5bn in the previous year. Its total comprehensive income stood at N21.6bn, significantly higher than the N9.6bn posted in 2023, largely driven by a N20bn gain from the translation of foreign operations.
At the company level, profit after tax surged to N4.1bn from N6.7bn in the previous year, supported by a tax credit of N2.3bn.
Earnings per share rose to 115.02 kobo for the group and 416.89 kobo for the company, indicating improved returns to shareholders.
The PUNCH reported that C&I Leasing Plc recorded an over-subscription in its recent Series 5 Commercial Paper Issuance, which concluded in March 2025.
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