Senkadagala Finance PLC, among the stronger finance companies in business in Sri Lanka, has closed the year ended Mar. 31, 2017, posting its highest ever profit before tax of Rs. 1.1 billion and profit after tax of Rs. 861 million described as "a noteworthy growth" of 40.41% from the previous year’s Rs. 613 million by its Managing Director Lakshman Balasuriya.
The company which hopes to celebrate its 50th anniversary next year by opening its hundredth branch has also grown its asset base to Rs. 30.9 billion, a commendable achievement Balasuriya said, given that it topped the Rs. 20 billion benchmark only in 2015/16.
Similarly, loans and advances were up 40.5% to Rs. 23.75 billion and the company had been able to break even in the majority of the branches it has opened in the recent past.
Senkadagala, a finance company founded by well known Kandy businessmanm the late E.W. Balasuriya and is now controlled by his children, had done well in the pawning business during the year under review in the face of uncertainties on the price of gold.
"Despite the initial skepticism linked to the falling price of gold, the management decided to strengthen the pawning business of the company," Balasuriya said. "As a result pawning advances grew by 204% to reach Rs. 548 million, an unparalleled growth compared to Rs. 180.2 million the previous year. The success is attributed to the stabilization of the prices of gold towards the latter part of the year."
Senkadagala Chairman Ravi Dias said that in the annual report that the year had been a good one for the company which had posted a sound performance and strengthened its balance sheet.
"With the ongoing investments in technology, the dedicated team of employees and a strong management team, your company is well positioned to deliver increased and sustainable returns to the shareholders," he said.
Dias said the year had seen the continuation of the remarkable progress made over the past several years with the company doing "exceedingly well" during the year under review. As part of its growth strategy, the company was expanding its reach within the island while concentrating on risk factors.
He noted that 10 new branches had been added during the year with the branch network doubling from 45 to 90 within five years. They will continue to expand their footprint to areas where there is potential, he said.
Senkadagala Finance has a stated capital of Rs. 1 billion, total assets of Rs. 30.9 billion and total liabilities of Rs. 27.25 billion. Net assets per share were Rs. 56.14, up from Rs. 45.89 a year earlier, dividend per share Rs. 2.85 against the previous year’s Rs. 2.55 and deposits from customers Rs. 7.2 billion, up from the previous year’s Rs. 6.5 billion.
E.W. Balasuriya and Co. Ltd. with 56.26% of the company is the controlling shareholder. The heirs of the late Mr. EW Balasuriya are among the 20 largest shareholdes with sizable individual stakes.
The directors of the company are Messrs. Ravi Dias Chairman, Lakshman Balasuriya (MD), Dr. P. Ramanujam, Dr. A. Balasuriya, Dr. M. Balasuriya, Ms. L. Fernando, WAT Fernando, S. Kulatunga, SD Bandaranayake, T. Collure and SR Pushpakumara.
The company which hopes to celebrate its 50th anniversary next year by opening its hundredth branch has also grown its asset base to Rs. 30.9 billion, a commendable achievement Balasuriya said, given that it topped the Rs. 20 billion benchmark only in 2015/16.
Similarly, loans and advances were up 40.5% to Rs. 23.75 billion and the company had been able to break even in the majority of the branches it has opened in the recent past.
Senkadagala, a finance company founded by well known Kandy businessmanm the late E.W. Balasuriya and is now controlled by his children, had done well in the pawning business during the year under review in the face of uncertainties on the price of gold.
"Despite the initial skepticism linked to the falling price of gold, the management decided to strengthen the pawning business of the company," Balasuriya said. "As a result pawning advances grew by 204% to reach Rs. 548 million, an unparalleled growth compared to Rs. 180.2 million the previous year. The success is attributed to the stabilization of the prices of gold towards the latter part of the year."
Senkadagala Chairman Ravi Dias said that in the annual report that the year had been a good one for the company which had posted a sound performance and strengthened its balance sheet.
"With the ongoing investments in technology, the dedicated team of employees and a strong management team, your company is well positioned to deliver increased and sustainable returns to the shareholders," he said.
Dias said the year had seen the continuation of the remarkable progress made over the past several years with the company doing "exceedingly well" during the year under review. As part of its growth strategy, the company was expanding its reach within the island while concentrating on risk factors.
He noted that 10 new branches had been added during the year with the branch network doubling from 45 to 90 within five years. They will continue to expand their footprint to areas where there is potential, he said.
Senkadagala Finance has a stated capital of Rs. 1 billion, total assets of Rs. 30.9 billion and total liabilities of Rs. 27.25 billion. Net assets per share were Rs. 56.14, up from Rs. 45.89 a year earlier, dividend per share Rs. 2.85 against the previous year’s Rs. 2.55 and deposits from customers Rs. 7.2 billion, up from the previous year’s Rs. 6.5 billion.
E.W. Balasuriya and Co. Ltd. with 56.26% of the company is the controlling shareholder. The heirs of the late Mr. EW Balasuriya are among the 20 largest shareholdes with sizable individual stakes.
The directors of the company are Messrs. Ravi Dias Chairman, Lakshman Balasuriya (MD), Dr. P. Ramanujam, Dr. A. Balasuriya, Dr. M. Balasuriya, Ms. L. Fernando, WAT Fernando, S. Kulatunga, SD Bandaranayake, T. Collure and SR Pushpakumara.
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