C&I Leasing Plc records 31.27% decline in 2020 Q3 gross earnings

C&I Leasing Plc reported revenues of N7.07 billion in 2020 Q3 compared to N10.29 billion in the corresponding period of 2019 – 31.27% decline.  

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Key highlights for 2020 Q3  

• Gross earnings declined to N7.07 billion, -31.27% YoY.  
• Lease rental income declined to N4.16 billion, -43.97% YoY. 
• Outsourcing income increased to N2.56 billion, +22.86% YoY.  
• Tracking income declined to N43.79 million, -23.21% YoY. 
• Other operating income declined to N200.80 million, -55.67% YoY. 
• Outsourcing expense increased to N2.45 billion, +29.94 YoY.  
• Other operating expenses increased to N325.10 million, +74.39% YoY. 
• Depreciation expense increased to N1.73 billion +81.00% YoY. 
• Pre-tax profits declined to N81.44 million, -72.45% YoY.  
• Earnings Per Share declined to 10 kobo, -84.06% YoY. 

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Bottom Line: C&I Leasing Plc recorded declined income in three income-generating units. Profits declined in the third quarter due to declined Other operating income, as well as, rising outsourcing and other operating expenses.