C &I Leasing Plc has reiterated plans to embark on a business expansion drive in the near future to increase market share and ensure enhanced returns to shareholders.
The group managing director/chief executive officer of C&I Leasing, Mr Lenin Ugoji, who stated this at the company’s 31st annual general meeting for the year ended December 31, 2021 at the weekend in Lagos, noted that, the business expansion would come in the form of fleet management business due to the inherent opportunities in the fleet management space and in the marine business.
He said, the company would likely acquire vessels for dry product movement in the near future, saying, “we are looking primarily at operational efficiency because even before you grow a business, you must be operationally fit.
“Part of what the new management wants to do is to bring about a lot more efficiency to the current operations, while we look at business expansion in a near future.
“Business expansion will come in the form of fleet management business because we feel that there are many opportunities in that space and in the marine business too but more in the non-oil sector so that we can diversify the risk of oil and gas. Therefore, we may look at acquiring vessels in this area for dry product movement.”
Ugoji remarked that the company would continue to support the nation’s infrastructure development, adding that, “Nigeria is moving more and more towards infrastructure development and for a company like C & I Leasing, we believe that we can play a role in that sphere by facilitating such operations.”
The chairman of the company, Dr Samuel Maduka Onyishi, said the profit before tax for the group increased by 9.5 per cent to N542 million during the period under review from N490 million in 2020.
Onyishi said, the company’s core business lines: fleet management, outsourcing and marine services, remained sustainable in the review period. He said the company would continue to demonstrate a high degree of resilience rising incredibly to the challenging clime by seeking innovative novel technology solutions to propagate its business and revenue against the odds powered by the recent launch of e-business drive and initiative.
On the way forward, Onyishi said, in 2022, the company is focused on the all-round improvement of the business and the delivery of a sterling and sustainable performance that enhances optimal returns to shareholders.
