C&I Leasing Plc says it will continue to create value through the company’s activities while also growing shareholders’ wealth and dividend.
This assurance was given at the firm’s Annual General Meeting held in Lagos, where it unveiled its results showing a 21.8 per cent increase in profit before tax from N1bn in 2016 to N1.3bn in 2017. The group’s total assets grew by 17.2 per cent from N38.4bn in 2016 to N45bn in 2017.
The company which commenced operations in 1991 as a limited liability company dealing in finance leases, said it had since evolved to a credible brand for business support services in personnel outsourcing, fleet management and marine services where it is heavily invested in an assortment of tug boats, ballistic boats, patrol vessels and other vessels all tied in mid to long-term contracts for marine operations, offshore support leasing, charter and logistics with various International Oil Companies.
The Managing Director of the company Mr. Andrew Otike — Odibi, stated that the management of C & I Leasing was committed to continually deliver value for all shareholders and grow the business to yield profit and return on their investments.
He said, “Although 2016 was a challenging year for businesses in Nigeria, our strategy to yet invest in assets and aggressive growth in 2017 definitely paid off as we increased not only our assets but our profits in the process. In 2018 financial year and beyond, we plan to continuously improve on our operations to maximise returns for our shareholders and other stakeholders.”
In response to the issue of balancing out the impact of the liability profile generated by the purchase of these assets on its accounts, he said the company had just redeemed a percentage of the ABRAAJ convertible note so with this redemption, the dilution effect of existing shareholders if the notes were converted had been avoided.
C&I Leasing conducted, a restructuring in 1997 which resulted in its public listing on the Nigerian Stock Exchange.
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