C&I Leasing Plc, a Nigerian financial services company, experienced robust financial performance in the fiscal year ending December 31, 2024, as evidenced by substantial growth across key financial metrics. The company’s gross earnings surged by 64% to N36.7 billion compared to N22.4 billion in 2023, driven primarily by significant growth in its core leasing operations. This robust performance underscores the company’s success in capitalizing on market opportunities and solidifying its position within the Nigerian leasing sector. The remarkable increase in earnings reflects the company’s strategic initiatives and operational efficiency, pointing to a positive trajectory for future growth.
Profitability also witnessed a significant upswing, with profit after tax skyrocketing by 487% to N1.6 billion from N273.3 million in the preceding year. This surge in profitability can be attributed to several factors, including the substantial increase in lease income, which grew to N31.1 billion in 2024 from N18.7 billion in 2023. The resultant net lease income also witnessed a notable increase, reaching N20.2 billion compared to N11.2 billion in the previous year. Furthermore, the company benefited from a higher share of profit from joint ventures, amounting to N3.2 billion, exceeding the N1.5 billion reported in 2023. These positive contributions, coupled with effective cost management strategies, contributed significantly to the impressive growth in profitability.
Despite a substantial finance cost of N10.6 billion, C&I Leasing Plc maintained a healthy operating profit of N10.2 billion, highlighting the strength of its revenue generation capabilities and efficient cost control measures. This robust operating profit demonstrates the company’s ability to navigate financial challenges while maintaining a strong operational foundation. The increase in profit before tax to N2.7 billion from N1.5 billion in the previous year further underscores the company’s financial strength and its ability to generate sustainable earnings.
C&I Leasing Plc also recorded a significant increase in its total comprehensive income, which reached N21.6 billion compared to N9.6 billion in 2023. This remarkable growth was primarily driven by a substantial N20 billion gain from the translation of foreign operations, indicating the company’s successful management of its international ventures. At the company level, profit after tax exhibited a different trend, decreasing to N4.1 billion from N6.7 billion in the previous year. This decline was offset by a tax credit of N2.3 billion, demonstrating the company’s strategic utilization of tax benefits to mitigate the impact on overall profitability.
Shareholder value also saw a significant boost, as earnings per share rose to 115.02 kobo for the group and 416.89 kobo for the company. This increase reflects the improved returns generated for shareholders, driven by the company’s strong financial performance and strategic initiatives. The growth in earnings per share reinforces investor confidence and underscores the company’s commitment to delivering value to its shareholders.
In addition to its impressive financial performance, C&I Leasing Plc also demonstrated strong capital market activity. The company’s recent Series 5 Commercial Paper Issuance, which concluded in March 2025, was oversubscribed, indicating strong investor appetite and confidence in the company’s future prospects. This successful capital raise provides C&I Leasing Plc with additional resources to further fuel its growth trajectory and pursue strategic investments. The oversubscription signals positive market perception of the company’s financial strength and its potential for continued success in the Nigerian financial services landscape.