Mercantile Investment and Finance PLC (MI) has posted a solid performance for the financial year ended March 31, 2015 with Gross Income reaching Rs. 4.29 billion.The profit after tax has come down marginally from Rs. 675.4 from previous year to Rs. 631.3 this year.
Founded by George Ondaatjie and is still largely owned by his family, Mercantile Investment and Finance said its success over the years is attributable to its unique business model that exemplifies strategic thinking and precise execution.
The group with three quoted hotel companies - Grand Hotel Nuwara Eliya, Tangerine Beach Hotel and Royal Palm Beach Hotel - along with the unquoted Nilaveli Beach Hotel, has recently launched a new 3 star hotel in Wellawatte.
Chairman Saro Weerasuriya said the national economy growth forecast looks very positive with GDP growth levels expecting to be hovering around 7% even in the medium term. This should pave the way for the corporates to exploit emerging opportunities to their advantage and thrive”
MI’s Managing Director Gerard Ondaatjie says in the annual report “We have kept our promise of generating stakeholder value and therefore celebrate this fiftieth anniversary with a real sense of achievement” He elaborated further saying that “The year had seen growth in the licensed finance company sector fuelled by the resurgence of the economy in key sectors and improved spending power of the people.
This indeed sustained the steady demand to provide finance support to purchase brand new as well as registered motor vehicles, while demand for non-traditional lending such as personal loans, property mortgage loans and microfinance showed potential as lucrative areas of focus for the sector” MI’s dividends payment to its investors was Rs. 89 million, up from Rs. 30 million of the previous year.
Sound financial results and retaining profits provided the strength for the company to ensure consistent increase in shareholder funds which exceeds Rs. 7.5 billion as at March 31,2015.
- See more at: http://www.dailynews.lk/?q=business/mercantile-investments-posts-rs-631-m-profit#sthash.46L3BGWD.dpuf
Founded by George Ondaatjie and is still largely owned by his family, Mercantile Investment and Finance said its success over the years is attributable to its unique business model that exemplifies strategic thinking and precise execution.
The group with three quoted hotel companies - Grand Hotel Nuwara Eliya, Tangerine Beach Hotel and Royal Palm Beach Hotel - along with the unquoted Nilaveli Beach Hotel, has recently launched a new 3 star hotel in Wellawatte.
Chairman Saro Weerasuriya said the national economy growth forecast looks very positive with GDP growth levels expecting to be hovering around 7% even in the medium term. This should pave the way for the corporates to exploit emerging opportunities to their advantage and thrive”
MI’s Managing Director Gerard Ondaatjie says in the annual report “We have kept our promise of generating stakeholder value and therefore celebrate this fiftieth anniversary with a real sense of achievement” He elaborated further saying that “The year had seen growth in the licensed finance company sector fuelled by the resurgence of the economy in key sectors and improved spending power of the people.
This indeed sustained the steady demand to provide finance support to purchase brand new as well as registered motor vehicles, while demand for non-traditional lending such as personal loans, property mortgage loans and microfinance showed potential as lucrative areas of focus for the sector” MI’s dividends payment to its investors was Rs. 89 million, up from Rs. 30 million of the previous year.
Sound financial results and retaining profits provided the strength for the company to ensure consistent increase in shareholder funds which exceeds Rs. 7.5 billion as at March 31,2015.
- See more at: http://www.dailynews.lk/?q=business/mercantile-investments-posts-rs-631-m-profit#sthash.46L3BGWD.dpuf
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