C&I Leasing assures shareholders of enhanced return with expansion drive

C&I Leasing Plc. has reiterated plans to embark on a business expansion drive in the near future to increase market share and ensure enhanced returns to shareholders. The C&I Leasing Group Managing Director/Chief Executive Officer, Mr Lenin Ugoji, stated this at the company’s 31st Annual General Meeting for the year ended Dec. 31, 2021 held […]

C&I Leasing Plc. has reiterated plans to embark on a business expansion drive in the near future to increase market share and ensure enhanced returns to shareholders.

The C&I Leasing Group Managing Director/Chief Executive Officer, Mr Lenin Ugoji, stated this at the company’s 31st Annual General Meeting for the year ended Dec. 31, 2021 held at the weekend in Lagos.

Ugoji said the business expansion would come in the form of fleet management business due to the inherent opportunities in space and in the marine business.

He said the company would likely acquire vessels for dry product movement in the near future.

“Part of what the new management wants to do is to bring about a lot more efficiency to the current operations, while we look at business expansion in the near future,” he said.

Ugoji remarked that the company would continue to support the nation’s infrastructure development.

He said the company would ensure enhanced returns on investment for shareholders in the years ahead.

The company’s chairman, Dr Samuel Maduka Onyishi, said the profit before tax for the group increased by 9.5 per cent to N542 million during the period under review from N490 million in 2020.

Shareholders present at the meeting, however, commended the efforts of the company in adherence to sound corporate governance and proper management of the company’s fleet in the year under review.

The immediate past Publicity Secretary, Independent Shareholders Association of Nigeria, Mr Moses Igbrude, commended the company for giving scholarships to school children in the year under review.

Meanwhile, the gross earnings of the group declined by seven per cent from N19.4 billion in 2020 to N18.2 billion in 2021 due to the straggling impact of the pandemic.

Its profit after tax stood at N31.2 million from N321 million recorded in the comparative period of 2020.