C & I Leasing Plc has reported a strong financial performance for the year ended December 31, 2024, with gross earnings rising to N36.7 billion, marking a significant 64% increase from N22.4 billion in 2023. The company disclosed these figures in its audited financial statements filed with the Nigerian Exchange Limited on Monday.
According to the report, profit after tax for the group soared to N1.6 billion in 2024, compared to N273.3 million in the previous year—an impressive 487% jump. The growth was driven largely by a solid increase in lease income, which climbed to N31.1 billion from N18.7 billion year-on-year. Net lease income also grew to N20.2 billion, up from N11.2 billion in 2023.
In addition, the company reported a share of profit from joint ventures of N3.2 billion, up from N1.5 billion, demonstrating successful collaborations and expanding business interests.
Despite a finance cost of N10.6 billion, the group achieved an operating profit of N10.2 billion, showcasing effective cost management and revenue efficiency. Profit before tax rose to N2.7 billion, compared to N1.5 billion in 2023, while total comprehensive income reached N21.6 billion, a leap from N9.6 billion, largely driven by a N20 billion foreign currency translation gain.
At the standalone company level, profit after tax increased to N4.1 billion, supported by a N2.3 billion tax credit, despite a previous profit of N6.7 billion. Earnings per share rose to 115.02 kobo for the group and 416.89 kobo for the company, indicating stronger returns to shareholders.
Meanwhile, C & I Leasing Plc successfully concluded an oversubscribed Series 5 Commercial Paper issuance in March 2025, underlining strong investor confidence in the company’s financial strength and growth potential.
