Kayode Tokede
C & I Leasing Plc recently announced its plans to capitalize on the opportunities presented by the compressed natural gas (CNG) vehicle initiatives, aligning with the Federal Government’s gas policy to boost revenue. During the company’s Facts Behind the Figures presentation at the NGX floor in Lagos, Ugoji, a representative of C & I Leasing, stated that they aim to not only invest in the CNG vehicle sector, but also provide support to drive its growth.
He emphasized the importance of conducting thorough research into the impact of CNG on manufactured fuel vehicles, particularly focusing on fuel to CNG conversion. The results of this research will enable them to understand the implications of CNG on vehicles and provide credible data to clients, helping them lower their costs.
Okechukwu Nnake, Chief Financial Officer of C & I Leasing, presented the Facts Behind the Figures and highlighted that the company’s turnover increased by N8.2 billion, a significant 82% growth in H1 2023. This growth was primarily driven by optimal utilization of operating leased assets, the expansion of cross-marine charter and new contracts, as well as extensions of existing contracts.
The profit before tax also saw a noteworthy increase of N807 million, a 299% rise over the same period last year. This growth can be attributed to the expansion of revenue through new and existing contracts, as well as the implementation of cost optimization techniques and automation technology to improve operational efficiency.
Mr. Jude Chiemeka, CEO of NGX, praised C & I Leasing as a prominent player on the Exchange, commending their operational excellence over the past two decades. He acknowledged the company’s transformation into a diversified conglomerate, specialized in leasing and business services.