Customers queuing to obtain Bank Verification Number (BVN) at a bank in Garki, Area 3 in Abuja on Monday.
The management of C and I Leasing Plc has approved an 8 kobo dividend for every ordinary share of 50 kobo.
The amount which was approved during the 2014 Annual general meeting (AGM) of the company in Port Harcourt represents a hundred per cent increase in dividend pay out compared to last year 4 kobo.
The Chairman of the company AVM (rtd) Abdul D. Bello described the 2014 Financial year as a remarkable one for the group despite the challenging economic environment.
According to him, “Despite the challenging Macro-economic and tough business environment strong competition and heightened political uncertainties, in the country, C and I Leasing Plc posted gross earnings of N13.9 billion for the group and N12.3 billion for the company, in 2014.
“This represents a growth of 13 percent for the group and 22 percent for the company when compared to the corresponding figure of N12.5 billion and N10.2 billion achieved by the group and company respectively in 2013”, he said.
The Chairman also said that the strong improvement in the company’s revenue and profitability was driven by its Marine business and efficiency gains, while increase in profit after tax was a reflection of tax benefits arising from gains on discontinued operation of the company’s business segments Citrans Global.
It also said that, the company has deployed appropriate strategies to boost efficiency and profitability by leveraging on the company’s vast improved processes, enhanced capacities, group synergies, cost reduction measures and continuous innovations to maximize opportunities and ensure sustainable growth.
AVM Bello (rtd) also said that, the Board has decided to strengthen the company’s capital base and improve the health of its statement of financial position.
“I would like to reassure our esteemed shareholders that the group’s prospects are promising and bright. Indeed, the future is robust.
“We are confident that the company will continue to leverage on brand reputation scale of operations and innovations to grow market share and volume, steps up investments in our core business, drive down cost and increase our productivity and efficiency to enable us deliver top line and bottom delight of all shareholder’s he said.