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.
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