Orient Finance recorded the highest ever profit after tax since its inception in 2003. The company posted a profit after tax of Rs 136.5 million for the year ending March 31, 2012, as against the previous year’s profit after tax of Rs 71 million.
Commenting on the Company’s financial performance, Dr Dayanath Jayasuriya PC, Chairman – Orient Finance stated; “Orient has had an exceptional year, characterised by robust growth in its Leasing and Hire Purchase portfolio and recorded an impressive after tax profit of Rs 136.5 million.”
The total assets of the company recorded a remarkable growth of 97 percent. The main contributory factor to the expansion in the asset base is the growth in the Leasing Hire Purchase and Factoring portfolio which grew by 108.4 percent from the previous year.
The stated capital of the company was increased to Rs 500 million at the end of March 31, 2012 through a rights issue amounting to Rs 222.5 million. Both Core Capital and Total Capital were at 25 percent and 26 percent respectively, being well above the stipulated statutory requirements.
During the year the company opened three window offices in Vavuniya, Galle and Kegalle further increasing the reach to its customers.
The conducive business environment which prevailed throughout the year, with the economy recording the highest post independence growth, complemented by the opening of geographical boundaries of North and East, single digit inflation, and the increase in per capita income, had a positive impact on the outstanding performance of Orient Finance.
Orient Finance also obtained a listing on the Colombo Stock Exchange and a license to carry out finance business under the Finance Business act No 42 of 2011. The company is to embark on a re-branding initiative shortly in keeping with the proposed business strategy.
