First Capital Holdings PLC (FCH), a member of the Janashakthi Group, has performed strongly in the year ended March 31, 2017, posting what its new chairman, Mr. Nishan Fernando, called a phenomenal increase in net profit which grew to Rs. 232 million from the previous year’s Rs. 47 million.
He said the improved performance was mainly attributable to the substantial improved performance by First Capital Treasuries PLC, the primary dealer arm of the group.
FCH is a full service investment bank specializing in capital market advisory services, wealth management, fixed income and equities which serve "an array of companies, institutions, government agencies, high net worth individuals and retail clients seeking truly objective advice, innovative solutions and execution expertise," the company said in its recently released annual report.
The year under review saw income growing 131.34% to Rs. 3.59 billion with net trading income up 13.46% to Rs. 572.2 million while the operating profit grew 368.05% to Rs. 245.5 million. Earnings per share were up to Rs. 2.09 from Rs. 0.46 the previous year and the company paid a dividend of two rupees per share. There was no dividend the previous year.
FCH suffered a sharp downturn in the previous financial year with the after tax profit slumping to Rs. 47.5 million from Rs. 984.9 million a year earlier.
Dunamis Capital PLC, a Janashakthi company, is the dominant shareholder holding over 78% of the company which has been quoted on the Colombo Stock Exchange since 1994.
"With out financials on track, our main thrust for the year was to increase market leverage and position the FCH Group for long-term growth," Fernando said. "Key initiatives in this regard saw renewed efforts to improve our external positioning and strengthen core brand architecture."
He also said that they had strengthened their senior leadership team bringing in experts in corporate finance and strategy.
Looking at future outlook, he said that at present the market appears stable but "in our business nothing is certain." However, thanks to strong fundamentals, he was confident that the FCH group is well equipped to navigate the challenging industry and market environment to reach their growth targets in the years ahead.
CEO Dilshan Wirasekera said the year ended on a high note as a result of proactive action to seize market opportunities. "However, as most often the case in our business, the operating environment did not culminate as we expected."
Mrs. Manjula Mathews, chairperson of the company till April 30, has retired. Her successor described her as an exemplary leader whose dynamic approach and often bold decisions has brought the company to where it is today.
The directors of the company are: Messrs. Nishan Fernando (chairman), Dinesh Schaffter, Dilshan Wirasekera, Eardley Perea, Ms. Minette Perera and Chandrana de Silva.
He said the improved performance was mainly attributable to the substantial improved performance by First Capital Treasuries PLC, the primary dealer arm of the group.
FCH is a full service investment bank specializing in capital market advisory services, wealth management, fixed income and equities which serve "an array of companies, institutions, government agencies, high net worth individuals and retail clients seeking truly objective advice, innovative solutions and execution expertise," the company said in its recently released annual report.
The year under review saw income growing 131.34% to Rs. 3.59 billion with net trading income up 13.46% to Rs. 572.2 million while the operating profit grew 368.05% to Rs. 245.5 million. Earnings per share were up to Rs. 2.09 from Rs. 0.46 the previous year and the company paid a dividend of two rupees per share. There was no dividend the previous year.
FCH suffered a sharp downturn in the previous financial year with the after tax profit slumping to Rs. 47.5 million from Rs. 984.9 million a year earlier.
Dunamis Capital PLC, a Janashakthi company, is the dominant shareholder holding over 78% of the company which has been quoted on the Colombo Stock Exchange since 1994.
"With out financials on track, our main thrust for the year was to increase market leverage and position the FCH Group for long-term growth," Fernando said. "Key initiatives in this regard saw renewed efforts to improve our external positioning and strengthen core brand architecture."
He also said that they had strengthened their senior leadership team bringing in experts in corporate finance and strategy.
Looking at future outlook, he said that at present the market appears stable but "in our business nothing is certain." However, thanks to strong fundamentals, he was confident that the FCH group is well equipped to navigate the challenging industry and market environment to reach their growth targets in the years ahead.
CEO Dilshan Wirasekera said the year ended on a high note as a result of proactive action to seize market opportunities. "However, as most often the case in our business, the operating environment did not culminate as we expected."
Mrs. Manjula Mathews, chairperson of the company till April 30, has retired. Her successor described her as an exemplary leader whose dynamic approach and often bold decisions has brought the company to where it is today.
The directors of the company are: Messrs. Nishan Fernando (chairman), Dinesh Schaffter, Dilshan Wirasekera, Eardley Perea, Ms. Minette Perera and Chandrana de Silva.
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