Dunamis records strong growth

Dunamis Capital PLC has recorded a profit (after tax) of Rs 992.4 million for the nine months ended December 31, 2014, a more than eight-fold improvement over the corresponding period of last year.

The Group, comprising First Capital Holdings PLC, Kelsey Developments PLC and Premier Synthetic Leather Manufacturers (Pvt) Ltd, attributed this noteworthy growth principally to the contribution of its financial services unit, First Capital Holdings PLC.

Revenue for the nine months, at Rs 2.46 billion was up 88 percent. Gross profit more than quadrupled to Rs 1.4 billion and was supplemented by other income of Rs 471 million, Dunamis said in its provisional financial statements.

Profit before tax recorded a seven-fold increase to Rs 1,084 million. The Group's Executive Chairperson Manjula Mathews said after-tax profits of First Capital Holdings PLC were Rs 1.09 billion compared with Rs 263 million in the previous year.

"The unit's primary dealer arm remained the key contributor to profits. The continued decline in secondary market interest rates coupled with favourable macro-economic factors created trading opportunities which yielded exceptional returns," she said.