By Dipo Olowookere
Leading Nigerian conglomerate, C&I Leasing Plc, has disclosed that in the first half of this year, it improved its gross earnings by 27.3 percent.
In the financial statements released to the Nigerian Stock Exchange (NSE) and analysed by Business Post, the firm, which has presence in different sectors of the economy, said its gross earnings as at June 30, 2019 stood at N16.3 billion compared with N12.8 billion as at June 30, 2018.
However, in the period under review, the interest income went down to N9.6 million from N17.9 million amid rise in lease interest expenses of N2.5 billion in H1 2019 versus N2.2 billion in H1 2018.
The company further stated that it made N11.5 billion from lease rental income against N8.8 billion in the first half of last year, with direct leasing expenses swallowing N5.5 billion, lower than N4.0 billion in the same period of 2018.
This left the company with a net lease rental income of N6.0 billion in H1 2019 against N4.7 billion in H1 2018.
For its outsourcing income, the firm recorded N4.0 billion in contrast to N3.2 billion, while the outsourcing expenses gulped N3.6 billion versus N2.9 billion in June 2018, leaving C&I Leasing with a net outsourcing income of N397.9 million compared with N382.1 million in the first half of last year.
According to the firm, its net tracking income was N72.0 million in H1 2019 versus N65.5 million. This was after raking N115.8 million from tracking income in H1 2019 against N99.3 million in H1 2018 and spending N43.8 million on tracking costs in the first six months of this year in contrast to N33.8 million used in the first six months of last year.
In addition, personnel expenses took N760.0 million from the coffers of the company in HY 2019 against N508.3 million in HY 2018, while other operating expenses cost the company N1.0 billion in the period under review compared with N794.7 million in the same period of 2018.
The deductions of the expenses incurred by the firm from the whole money generated by C&I Leasing left the profit before tax at N909.2 million in H1 2019 versus N723.0 million in H1 2018, while the profit after tax stood at N866.9 million as at June 30, 2019 against N682.2 million as at June 30, 2018.
