As of the first nine months of 2024, the company's investment in Fidelity Bank rose to N27.7 million, up from N12 million during the same timeframe in 2023.
Breaking it down further, C&I Leasing Plc's total listed and unlisted equities at fair value reached N59.8 million in the first nine months of 2024. Their stakes included N27.7 million in Fidelity Bank, N16.5 million in First Bank of Nigeria, N9.88 million in Access Bank Plc, and N5.73 million in Dimunition.
In comparison, during the same period in 2023, their total listed and unlisted equities at fair value were N19.4 million, with First Bank of Nigeria at N16.5 million, Fidelity Bank at N12 million, and Dimunition showing a negative N9.1 million.
Equity refers to the portion of a company's assets that it owns outright, without any debt obligations like loans or mortgages. It’s calculated by taking the total value of a company's assets and subtracting its liabilities.
C&I Leasing Plc's holdings in listed and unlisted equities at fair value break down to 46 percent in Fidelity Bank, 27.6 percent in First Bank of Nigeria, 16.5 percent in Access Bank Plc, and 9.6 percent in Dimunition.
The company's after-tax profit jumped to N1.59 billion in the first nine months of 2024, a significant rise from N414.1 million in the same period of 2023. Gross earnings also surged to N28.9 billion, up from N16.3 billion.
In September 2024, the company announced plans to explore alternative energy projects to boost revenue and profitability.
This announcement came as Samuel Onyishi, the chairman, along with other board members and the management team, rang the closing bell after trading on the Nigerian Exchange Limited (NGX).
C&I Leasing Plc expressed its aim to seize opportunities in compressed natural gas (CNG) vehicle initiatives, aligning with the Federal Government's gas policy.
Ugoji Lenin, the Group Managing Director and CEO of C & I Leasing Plc, announced that their subsidiary has initiated trials with electric vehicles in Ghana. He emphasized that in Nigeria, the company is actively researching compressed natural gas (CNG) vehicles and is obtaining encouraging results.
“We think that we are going to continue in that line in terms of not just to speak to CNG vehicle investment, but actually to do it. We think we can provide some support in that sector,” he said.
He emphasized the necessity of comprehending the effects of CNG on vehicles that use manufactured fuels, highlighting the significance of research focused on converting fuel to CNG.
“We will research as long as we think it is necessary. A typical vehicle is amortised over four or five years. So, that means that you need to know what’s going to be the impact of CNG on vehicles.
“By the end of the first year, we should be able to provide some credible results. We are also using the test for clients as well to see how it also services them and brings down their cost,” Lenin said.
In discussing the marine sector, he revealed that extending the duration of contracts in the oil and gas industry would enhance vessel utilization and lead to increased investment.
“Policy of the new administration is clearly towards increasing oil production because the country is in dire need of more revenue.”
Net lease rental income rose to N13.7 billion in the first nine months of 2024, up from N6.6 billion during the same timeframe in 2023.
Net tracking income increased significantly to N53.1 million, compared to N40.7 million in the reviewed period.
C&I Leasing Group PLC is a publicly traded maritime company based in Nigeria. Established in 1990 as a private entity, it transitioned to a public company listed on the Nigerian stock exchange in 1997. The company operates through three main divisions: fleet management, outsourcing, and marine vessel operations.
C&I Fleet Management, which operates alongside the Hertz car rental franchise in Nigeria, is well-supported by C&I Leasing’s dedicated service center and their Citracks Telematics solutions, positioning the Fleet Management division as a comprehensive provider of fleet management services.