Dunamis Capital to invest Rs. 200 m in synthetic leather venture

Tuesday, 26 November 2013 01:12 - - {{hitsCtrl.values.hits}}

Dunamis Capital Plc yesterday announced it plans to invest Rs. 200 million on a synthetic leather and related products manufacturing venture. The new activity will be undertaken by a fully-owned subsidiary, Premier Synthetic Leather Manufacturers Ltd., with Board of Investment (BOI) approval under Section 10 of the BOI Law. It will supply the local market. Dunamis, which initially aspired to be a conglomerate, has in the short term confined its operations to financial services (First Capital Plc) and property development (Kelsey Developments Plc). In March 2013, the company disposed of its investment in The Montessori Workshop for Rs. 26 million after writing down Rs. 3.2 million in investment in this venture and the sale resulted in a loss of Rs. 3 million. The company continues to seek sound long-term investment opportunities and is expected to make another significant investment in the 2013/14 financial year. Total assets of the Group were Rs. 14.7 billion by end March 2013. The Group’s results for FY13 were encouraging with profit after tax of Rs. 340 million compared to losses of Rs. 501 million in the previous year. Profit attributable to equity holders of the parent company was Rs. 236 million compared to Losses of Rs. 380 million reported the previous year. Strong trading profits from the company’s financial services subsidiary First Capital continued to drive results. The Group recorded revenue of Rs. 1.9 billion for FY13 as against Rs. 1.1 billion in the previous year. This was primarily due to increased activity in the market for Treasury bills and bonds which provided opportunity for both trading and capital gains. Group equity attributable to shareholders of the company stands at Rs. 1.47 billion (2012 – Rs. 1.06 billion) and reflects a considerable improvement over the previous year. At company level profit for the year was Rs. 807 million compared to losses of Rs. 172 million in the previous year.

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