Multi Finance records 334 percent PAT

Multi Finance PLC (MFL) recorded a 334 percent increase in its Profit After Tax (PAT) for the financial year ending March 31 2011.

Multi Finance got listed on the CSE, by way of an Introductory Offer. A favourite pick among the stock market investors, the share price recorded a high of Rs 77.50 and lowest price being Rs 25.00 per share.

Multi Finance, which is a subsidiary of Entrust Limited was incorporated in 1974 and was acquired by the Entrust Group in March 2008. Headquartered in Kandy, the company has spread its business activities in key towns such as Colombo, Gampaha, Kurunegala and Matara while they plan to open more branches in the months to come.

The company weathered a year full of challenges and posted financial results which exceeded the budgeted figures. The total gross income moved up from Rs 80.6m to Rs 159.5m in 2011, recording a growth of 98 percent.

It was an exceptional year for the company that was underscored by an increased emphasis on portfolio quality as opposed to a focus on volume growth. The Group Executive Director/CEO, A H M Riyaz said we are proud that the company's NPL ratio remained at below 2 percent, which is the lowest in the market for the year under review.