Abans Finance, a member of the Abans Group, has registered a pre-tax profit of Rs. 197.4 million for the period ended 31st March 2017, compared to Rs. 130.5 million recorded in the corresponding year of 2016, achieving a YoY growth of 51.29%. The post-tax profit of the company for the period under review has also improved by 48.2%, from Rs. 90.1 million in 2016 to Rs. 133.6 million in 2017.
The Abans Group consists of a large diversified set of companies and divisions overlooking the sales and financing of consumer durables/household appliances, motor vehicles, environmental services, logistics, hospitality and finance.Abans Finance has also enhanced its stated capital from Rs. 382.3 mn to Rs. 844 mn during 2016/17 and further to Rs. 1,121.4 mn during the current financial year of 2018.
Ironwood Investment Holding (Pvt) Limited has invested in Abans Finance and currently holds 41.89% Equity of the Company with the conclusion of the Mandatory Offer closed in July 2017. Ironwood is a private equity firm that successfully raised a Sri Lanka-focused Private Equity fund of up to USD 30 mn. in long term (8 year) capital commitments.
The company has continued to increase its profitability amidst external challenges such as increasing interest rates and slowdown in consumption. The increase in profitability was mainly due to favourable growth in net interest income.
www.sundayobserver.lk
The Abans Group consists of a large diversified set of companies and divisions overlooking the sales and financing of consumer durables/household appliances, motor vehicles, environmental services, logistics, hospitality and finance.Abans Finance has also enhanced its stated capital from Rs. 382.3 mn to Rs. 844 mn during 2016/17 and further to Rs. 1,121.4 mn during the current financial year of 2018.
Ironwood Investment Holding (Pvt) Limited has invested in Abans Finance and currently holds 41.89% Equity of the Company with the conclusion of the Mandatory Offer closed in July 2017. Ironwood is a private equity firm that successfully raised a Sri Lanka-focused Private Equity fund of up to USD 30 mn. in long term (8 year) capital commitments.
The company has continued to increase its profitability amidst external challenges such as increasing interest rates and slowdown in consumption. The increase in profitability was mainly due to favourable growth in net interest income.
www.sundayobserver.lk
No comments:
Post a Comment