C&I Leasing to sustain performance in marine sector, others
C&I Leasing Plc has announced that the firm is well positioned to consolidate current performance, and double earnings over the next two to three years.The company also revealed plans to approach the market to raise additional capital to the tune of $100 million to support its expansion programme.
The Executive Vice Chairman, C&I Leasing, Emeka Ndu, while addressing the investment community at the company’s facts behind the figures, said the double earnings will be achieved through effective execution of its long term contracts in the marine sub-sector of the oil and gas industry, and other industries it operates.
He added that the firm also plans to explore potential growth sectors for viable investment opportunities going forward.On the contribution of its subsidiaries to the group gross earnings, he said marine services had 32 per cent, fleet management 27 per cent and personnel outsourcing 41 per cent in the overall company business performance for the 2016 financial year.
He noted that the economy presents myriad of opportunities for the professionally run logistics services company, adding that these opportunities are evident in the growth of its assets and turnover within the last three years.
The Group’s Chief Finance Officer (CFO), Alex Mbakogu, while addressing investors at the company’s investors’ forum in Lagos recently, said the company plans to raise additional funds to the tune of $100million to expand its operations.
Mbakogu noted that while exploring cheaper sources of funds the company also plans redemption of $12.4 loan stock from Abraaj.He explained the company would also focus on developing human capital with a view to strengthening service delivery and improving implemented cost optimisation initiatives.
Mbakogu added that the group experienced continuous growth in pre-tax profit margin between 2013 and 2016, adding that it moved from a pre-tax profit margin of 2.48 per cent in 2013 to 6.09 per cent in 2016.
The Group Managing Director, Andrew Otike-Odibi, said the company currently manages over 4,437 professionals that are spread across several industries, including, oil & gas, telecommunications, banking, manufacturing, agriculture and fast moving consumer goods (FMCGs) to mention a few.
“Our training and manpower development is structured under our SDS training centre. Leasafric is a subsidiary of C&I Leasing Plc in Ghana. It currently has a fleet size of 100 vehicles with a wide network of clients that cut across the oil & gas industry, power sector, telecommunication, FMCG and mining industries. It is the largest leasing company in Ghana and provides professional lease options for individuals and corporate bodies,” he said
The company’s half year result for the period ended June 30, 2017 showed an increase in gross earnings from N8,729 billion in 2016 to N11,546 billion in 2017. Profit for the period stood at N580 million against N145 million a year before, with earnings per share of 35.87 kobo against 8.99 kobo in 2016.