Multi Finance PLC (MFL), under the umbrella of Entrust group of companies, has reported a phenomenal 334% rise in post-tax profirts during the financial year 2010/11.
In a statement, the company said it weathered a year full of challenges and posted financial results which exceeded the budgeted figures. Total gross income moved up from Rs 80.6 milliom to Rs 159.5 million in 2011, recording a massive growth of 98%.
MFL achieved operational excellence in the period under review, leveraging its wealth of financial expertise and extended it presence in business segments namely, Leasing, Hire Purchases, Loans, Fixed Deposits, Savings Accounts and Pawning. Group Executive Director/ CEO A H M Riyaz said, “ we are happy that our exceptional performance was achieved despite a modest branch network of four outlets and a head office in Kandy which makes the company’s financial performance that much more commendable”.
Multi Finance PLC, though a small player in the financial sector has maintained a healthy deposit renewal ratio during its last financial year, amidst the financial crisis that prevailed few years ago. The company’s financial performance is substantiated by the strong 72% growth in its lending portfolio which recorded a value of Rs 569.98 million during the financial year 2010/11 compared to Rs 329.76 million in the previous year, according to the statement.
The company says it plans to implement a progressive expansion strategy with regard to its branch network in strategically viable geographical regions island wide and enter into more mass scale products such as micro-finance and pawning.
“Spearheaded by the newly appointed Chairman, Kuvera de Zoysa and Deputy Chairman, Mohan Ratnayake, the Board of Directors are confident that Multi Finance is progressively fast tracking its profitability through sustainable growth strategies and progressive business goals,” it said.