First Capital Holdings delivers strong 9-month performance

First Capital Holdings PLC (the Group), a leading investment institution, and a member of the Janashakthi Group, has announced its strong financial results for the nine months ended 31 December 2023. The Group reported a Profit after Tax of Rs. 9.4 billion, marking a significant increase compared to Rs. 1.7 billion recorded in the corresponding period of the previous year. Despite a loss of Rs. 237 million in the 3rd quarter of 2023/24, primarily attributed to withholding tax on intercompany dividends totalling Rs. 825 million, the Group’s overall performance demonstrates resilience and strategic growth. The dividend payout is the highest in the company’s recorded history for its shareholders.

The Primary Dealer division emerged as a key contributor to the Group’s success, reporting a Profit after Tax of Rs. 10.1 billion for the nine months ended 31 December 2023, compared to Rs. 1.9 billion in the previous year. This remarkable performance was driven by substantial trading gains on the government securities portfolio amounting to Rs. 14.3 billion and net interest income of Rs. 2.6 billion. Additionally, the Corporate Dealing Securities division recorded a Profit after Tax of Rs. 77 million for the same period, marking a significant turnaround from the previous year’s loss after Tax of Rs. 364 million. The Wealth Management division reported a Profit after Tax of Rs. 20 million, with assets under management reaching Rs. 75 billion as of 31 December 2023, demonstrating robust growth. Furthermore, the Stock Brokering division posted a Profit after Tax of Rs. 27 million for the nine months ended 31 December 2023. First Capital MD/CEO Dilshan Wirasekara said: “We are pleased with the strong financial performance achieved during the nine months ended 31 December 2023. Our Primary Dealer division’s outstanding results reflect our ability to capitalise on market opportunities, while our diverse portfolio of services continues to drive growth across all segments. We remain committed to delivering value to our stakeholders and maintaining our position as a leading player in the investment sector.”