C & I Leasing Plc said it will continue to leverage technology to improve operational efficiency and business acquisition for enhanced growth and development.
The Chairman of the company, Dr Samuel Onyishi, disclosed this in Lagos while addressing shareholders at the company’s 32nd Annual General Meeting (AGM) in Lagos for the financial year ended Dec. 31, 2022.
Onyishi said the company would embrace data & analytics, automation, optimised infrastructure, legacy modernisation and cyber-security.
He said the company would continually consolidate past achievements and seek opportunities to expand its operations and market frontiers.
Onyishi noted that the board has laid down a solid foundation for growth, expansion, and diversification, which is already yielding results.
“In 2023, our organisation is focused on achieving all round improvement in the business and delivering a sterling and sustainable performance that enhances optimal returns to shareholders,” Onyishi said.
Also speaking, the Group Managing Director/Chief Executive Officer of C&I Leasing, Mr Ugoji Lenin Ugoji, said the company would pay cash dividend to shareholders in 2024.
“We know that it has been quite some time since we rewarded shareholders,” Ugoji said.
In the year under review, the group’s gross earnings decreased slightly by one per cent from N18.2 billion in 2021 to N17.9 billion in 2022.
The company’s profit before tax increased by 216 per cent from N198.5 million in 2021 to N626.8 million in 2022. Similarly, the group’s profit after tax rose by 1,746 per cent from N31.2 million profit recorded in 2021 to N577.3 million profit in 2022.
The company’s profit after tax increased by 257 per cent from N196.2 million loss in 2021 to N307.7 million in the year under review.
Also, the group’s total assets decreased by one per cent from N58.1 billion in 2021 to N57.8 billion in 2022.
However, the company’s total assets also declined by one per cent from N48.0 billion in 2021 to N47.5 billion in 2022.
The group’s shareholders’ fund grew slightly by 21 per cent from N13.9 billion in 2021 to N16.2 billion in 2022.
