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Sunday Dec 15, 2024
Thursday, 11 August 2016 00:00 - - {{hitsCtrl.values.hits}}
Mercantile Investments & Finance Managing Director Gerard Ondaatjie accepting the award from Minister of Finance Ravi Karunanayake at the CMA Excellence in Integrated Reporting Awards 2016
As an organisation renowned for winning awards, for producing exceptional annual reports, Mercantile Investments and Finance PLC excelled in financial reporting this year once again, becoming the joint winner of the Bronze Award (Second Runner up) at the CMA Excellence in Integrated Reporting Awards 2016, surpassing cream of corporates in the process.
As a premier finance company in the industry, MI has stood committed in enhancing financial reporting standards over the years, and made tremendous strides every year in upgrading reporting parameters in line with the local and international standards and best practices. The company has also embedded integrated thinking towards a sustainable business journey which promotes greater cohesion and efficiency in corporate reporting and supports long term value creation for its stakeholders.
Based on latest published financial results, the company continued to show business solidity in terms of recording commendable core business growth, whilst posting robust profitability levels for the concluded financial year 2015/16. MI’s pre-tax profit and post-tax profits stood robustly at Rs. 803 million and Rs. 505 million respectively. The company was able to maintain acceptable core margins by optimising its attractive diverse lending product mix, moreover focusing its strategy on building its core business of lending, which grew by 29% YOY.
Having being in the finance business for over 50 years, MI’s financial strength and stability remained solid, reflective from its strong capital base which exceeded Rs. 7.5 billion. MI’s core capital adequacy ratio and total risk weighted capital adequacy ratio stood well above the prudential requirements of 5% and 10% at 19.35% and 15.75% respectively.
Mercantile Investments and Finance PLC 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. Fitch Ratings Lanka Limited reaffirmed Mercantile Investments and Finance PLC’s National Long Term rating at BBB- (lka)/ Outlook Stable, based on the recent rating review conducted.
