Orient Finance records threefold increase in net operating income

Friday, 11 June 2021 00:05 - - {{hitsCtrl.values.hits}}

Chairman Anil Tittawela

Director/CEO K.M.M. Jabir

Orient Finance PLC has reported a profit before tax of Rs. 193 m for the 2020-21 financial year, reflecting a year-over-year growth of 144%. The company’s net operating income also increased 148% from Rs. 0.47 b to Rs. 1.17 b during the year under review.

This performance was despite the company foregoing Rs. 243 m in interest income for the 2020-’21 financial year as a result of concessions granted by the CBSL due to COVID.

“The COVID-19 pandemic continues to pose complex and interconnected challenges to all industries across the country. In today’s challenging economic times, focusing on customers and understanding their needs has become the cornerstone of success for Orient Finance. Our timely response to challenges, leadership of our CEO and management team, the dedication of our staff and digitalisation initiatives largely contributed to our consistent performance even during such trying times. We hope to sustain our strategic efforts and provide the best returns for our customers, employees and most importantly our shareholders,” said Orient Finance PLC Chairman Anil Tittawella.

Orient Finance’s net assets per share increased from Rs. 12.84 to LKR 13.67 while its share price increased from Rs. 6.10 to Rs. 13.90 when compared to last year. In February 2020, in order to meet the capital adequacy requirements, the company issued 35,183,526 ordinary voting shares in the proportion of 01 new ordinary voting shares for every five ordinary voting shares in the capital of the company raising Rs. 506,642,774.

“Due to the prevailing situation and the decline in economic activity we will continue to realign our business strategies to move forward as we navigate the new normal ushered in by the pandemic. We must remain true to our customers and support them in difficult times. We have guided our front-line staff to have regular communication with our customers to identify their actual requirements, share knowledge and overall, make customers feel valued and important. Our performance this year reflects our focus on providing win-win solutions to our customers for a long-term mutual gain. Furthermore, we firmly believe that as a member of Janashakthi Group our growth strategies will be further strengthened enabling us to maintain this growth momentum,” said Orient Finance PLC Director and Chief Executive Officer K.M.M. Jabir.

Incorporated in 1981, Orient Finance has carved a name for itself as an eclectic facilitator of cutting-edge financial solutions to a diverse and growing clientele. With 31 branches representing 18,000 customers across Sri Lanka, the company provides an array of tailored financial services which includes mobilisation of deposits, savings accounts, leasing, hire purchase, pledge loans, factoring, gold loan, working capital, corporate financing and more.

The finance company is listed on the Colombo Stock Exchange and the Board comprises Anil Tittawella PC (Chairman), K.M.M Jabir (Chief Executive Officer), Prakash Schaffter, Ramesh Schaffter, Minette Perera, Indrani Goonesekera, Sriyan Cooray and Darshana Ratnayake.

Orient Finance PLC is a member of the Janashakthi Group that operates in the insurance, finance, investment and real estate sectors.