Softlogic Capital records Rs. 192 m profits for 9 months

Monday, 10 February 2014 00:00 - - {{hitsCtrl.values.hits}}

Softlogic Capital PLC reported Rs. 192 million group profit before tax for the sector for the nine months ended 31 December 2013, reflecting a substantial growth versus the loss of Rs. 160 million recorded for the previous period. Softlogic Capital PLC is the financial services sector holding company of the Softlogic Group that has now established an impressive presence in the market with a portfolio comprising of Softlogic Finance PLC, a Licensed Finance Company licensed by the Central Bank of Sri Lanka; Asian Alliance Insurance PLC, a composite insurer licensed for both Life and General insurance by the Insurance Board of Sri Lanka; and Softlogic Stockbrokers Ltd., a stock brokering company licensed and operating on the Colombo Stock Exchange. Together with the asset management initiative set up at Softlogic Capital that is licensed by the SEC, this comprehensive financial service portfolio has primed the sector for strident growth, leveraging on its fast increasing customer base acquired from diverse sectors of the overall group. Total assets of the sector were Rs. 27.4 billion as at 31 December 2013 and recorded an increase of 15% for the nine-month period compared with Rs. 23.8 billion as at 31 March 2013. Group revenue surged to Rs. 5.8 billion for the period, rising by 32% compared to the nine-month period 31 December 2012. The sector has gained strong momentum and has completed a number of impressive transactions with international Development Financial Institutions (DFIs) that include:

FMO and DEG Equity investment of US$ 15 m in Asian Alliance Insurance
FMO loan of US$ 10 m to Softlogic Finance
GuarantCo guarantee of Rs. 1.4 b to Softlogic Finance
TCX first Sri Lankan cross currency swap with Softlogic Finance US$ 4.8 m

Softlogic Capital PLC is part of the Softlogic Group that is one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services.

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