Mercantile Investments wins top recognition at CA Sri Lanka Competition

Friday, 14 December 2018 00:00 - - {{hitsCtrl.values.hits}}

From left: Mercantile Investments & Finance Head of Compliance and Risk Ramidu Costa and General Manager Finance Deva Anthony, Annual Report Awards Committee Chairman Heshana Kuruppu, CSE CEO Rajeev Bandaranaike, Annual Report Awards Committee Alternate Chairman Sanjaya Bandara and Mercantile Investments & Finance Senior Manager Finance Chandana Nanayakkara

Mercantile Investments & Finance General Manager Finance Deva Anthony receiving the All Island Integrated Reporting Bronze award at CA Sri Lanka Annual Report Awards – 2018

Mercantile Investments and Finance PLC (MI) was recognised yet again for financial reporting excellence, winning two prestigious awards at the recently held CA Sri Lanka annual report awards ceremony. The company secured the Finance Company sector Silver award and went on to win the all island Bronze award in Integrated reporting, for the ‘Best disclosure on business model’ for its financial year 2017/18 annual report published under the theme ‘What have we been doing’.

This recognition comes consequent to the same report being recognised in June of this year as one of the top ten best integrated reports of Sri Lanka, at the CMA Sri Lanka Integrated Reporting awards.

Upholding international best practices in combination with local reporting requirements, the report is uniquely structured to provide concise information to the company key stakeholders and follows the Global Reporting Initiatives (GRI) sustainability reporting standards and the Integrated Reporting Council’s (IIRC’s) integrated reporting framework principles.

Consequent to the robust profitability posted of Rs. 514 million for FY 2017/18, the published half year results again reflected a 20% NPAT growth year-on-year, with a half year NPAT of Rs. 258.2 million despite the volatile business conditions that persisted in 2018. Under the leadership of Managing Director Gerard Ondaatjie, the company has continued successfully in consolidating its business presence across key regions, serving people with varying financial solutions and providing investment opportunities with attractive returns from more than 35 operative locations.

Having an over fifty year rich heritage, Mercantile Investments and Finance PLC was founded by Deshabandu George Ondaatjie in 1964, and is a Licensed Finance Company under the Finance Business Act No. 42 of 2011, listed on the Diri Savi Board of the Colombo Stock Exchange.