John Okoh, Lagos
The Vice Chairman of C & I Leasing Plc, Emeka Ndu has said that the company is planning to approach the market for fresh capital that will support their operations. He disclosed this today at the company’s facts behind the figures presentation at the Nigerian Stock Exchange (NSE).
He did not reveal the actual amount they plan to raise, because they are still working on it, but however stated the process would involve different options.
Commenting on the company’s performance, he said “we have since evolved into a leading leasing and other ancillary services provider in Nigeria where we currently serve clients in various industries such as oil and gas, banking, telecommunications and Fast Moving Consumers Goods (FMCG) among other”.
On the contribution of its subsidiaries to the group gross earnings, he said marine services had 32 percent, fleet management 27 percent and personnel outsourcing 41 percent, in the company business unit performance for the 2016 financial year.
The company half year result for the period ended June 30, 2017 shows that its gross earnings moved from N8,729 billion in 2016 to N11,546 billion in 2017. Profit for the period stood at N580 million against N145 million that was recorded same period in 2016, with earnings per share of 35.87 kobo against 8.99 kobo in 2016.
On the company’s financial forecast, Ndu said they are projecting turnover of N23,927 billion in 2017, 26,319 billion in 2018, N30,267 billion in 2019 and N36,321 billion by 2020.
He added “we plan to sustain our current upward trajectory and double our earnings over the two to three years. This will be achieved by the effective execution of our long-term contracts in the marine sub-sector of the oil and gas industry and other industries we support. We also plan to explore potential growth sectors for viable investment opportunities”