C&I Leasing Plc, a leasing and business services conglomerate in Nigeria, reported Group gross earnings of N23.96 billion as of December 2023, compared to N19.98 billion recorded in 2022, representing a 19.91% increase.
Net income totalled N12.4 billion compared to N9.24 billion a year ago. Operating costs increased to N1.37 billion on the back of the higher inflationary operating economic environment whilst revenue per employee rose strongly as personnel costs declined by 15%, Year-on-Year.
Commenting on the result, Lenin Ugoji, the Group Managing Director, attributed the increase to improved marine business, average revenue per vessel, focused Operational efficiency initiatives, as well as marginal growth in its Fleet Management Unit, which helped sustain earnings growth across major revenue lines.
“The year 2024 is expected to see the company benefit from an increased global and local oil production rally amidst the need for greater oil revenue by the Federal Government,” Ugoji added.
