(Ecofin Agency) – With a turnover of 10.4 billion FCFA and a net profit of 5.4 billion FCFA in 2023, African Lease Group (ALG) continues its progress in the leasing and factoring market, in Togo and in the UEMOA region. The company recently obtained from the rating agency Bloomfield Investment, the group’s long-term issuer rating of A with a stable outlook.
In 2023, African Lease Group (ALG), a new player in leasing and factoring in French-speaking West Africa, recorded a turnover of 10.4 billion FCFA, marking an annual growth of nearly 40%. This performance is accompanied by a consolidated net income of 5.4 billion FCFA. Over the period, ALG, headquartered in Lomé, Togo, also granted credits amounting to 55.3 billion FCFA during the 2023 financial year, according to a note made public.
According to the rating agency Bloomfield Investment, which recently confirmed the group’s long-term issuer rating of A with a stable outlook, this growth is supported by governance “proactive” and practices “conform to international standards”.
ALG’s financial results over the last three years confirm a meteoric progression, on its scale, and consistent with the growth of a new player in a leasing and factoring market that is still relatively virgin in the sub-region. Between 2021 and 2023, net banking income jumped from 3.3 billion FCFA to 10.4 billion FCFA, showing an increase of 128% in 2022, then 39% in 2023.
Similarly, net income followed a similar trajectory, increasing from 796 million FCFA in 2021 to 5.4 billion FCFA in 2023, an increase of 68% over the last year.
The group’s flagship subsidiary, African Lease Togo (ALT), contributed significantly to this performance. Ranked 2nd out of 22 financial institutions in UEMOA in terms of balance sheet, ALT posted a total of 145 billion FCFA in 2023, with a net income of 4.6 billion FCFA, up 38%.
For ALG, the challenge now is to ensure expansion into new national markets within UEMOA, through its four other subsidiaries, divided between the financial and non-financial sectors.
Ayi Renaud Dossavi
