C & I Leasing Plc (CILeasing) proposed a Final Dividend of 20 kobo per ordinary share of 50 kobo each, for the year ended 31 December 2019.
The proposed dividend is subject to appropriate withholding tax and approval. The qualification and payment date of the 20 kobo dividend is 13 July and 31 July respectively.
Dividends will be paid electronically to Shareholders whose names appear in the Register of Members as at close of business on Monday, 13th July, 2020.
The company’s registrar is Centurion Registrars Limited located at, No 33C, Cameron Road, Ikoyi, Lagos State.
The share price of CILeasing flat-lined since 18 June at N4.60 per share. Thus dividend yield will be 4.35%.
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Below is the one month CILeasing share price movement.
Source: NSE
In 2019 audited financial statements released to the Nigerian Stock Exchange and the investing public on 30 June 2020, the company reported an increase in gross earnings to N32.55 billion from N28.18 billion recorded in 2018.
Despite the increase in revenue, C & I Leasing profit after tax dropped to N939.42 million from N1.20 billion in 2018.
The decline in profit is largely due to over N1 billion increase in finance cost to N5.74 billion from N4.67 billion in 2018.
The major contributor to the company’s gross earnings was the lease income, with over 68% contribution. The lease income increased to N22.33 billion in 2019 from N19.38 billion in 2018.
However, the lease expense increased to N10.62 billion from N8.87 billion in 2018. Thus, the net leases income rose to N11.71 billion from N10.71 billion.
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C & I Leasing also released its first quarter 2020 reports for the period ended 31 March 2020. Gross earnings increased to N8.66 billion in the quarter in review from N7.81 billion recorded in the same period in 2019.
However, the Profit after tax declined by more than 56% to N172.93 million from N398.46 million.
The leasing income contributed N5.35 billion out of the total gross earnings. Though it is slightly down compared to the N5.51 billion recorded in Q1 2019.
Finance cost increased by 42.25% to N1.73 billion from N1.22 billion spent in Q1 2019.
C & I Leasing is in the business of equipment leasing/rentals and providing ancillary logistics support services to companies.
Written by;
Ikueze Ifunanya
