Orient Finance on strong growth trajectory in Q2

Wednesday, 1 December 2021 00:00 - - {{hitsCtrl.values.hits}}

Sustaining growth momentum in FY2021/22, Orient Finance PLC posted a profit before tax of Rs. 207.69 m for the

Orient Finance Chairman Anil Tittawella

Orient Finance Director and Chief Executive Officer K.M.M. Jabir

first half of the 2021/22 financial year, reflecting an exponential growth momentum compared to the corresponding period in the previous first half of the financial year.

The company’s net operating income for the same period increased by 92% from Rs. 405.58 m to Rs. 777.44 m in 2021/22. While profit before tax of Rs. 147.8 m for the second quarter ending 30 September 2021, reflecting a growth of 386% when compared to the corresponding period in the previous financial year. This performance was secured as a result of the expanding the new gold loan business and reducing the cost of funds.

Notwithstanding the challenging economic conditions, the company’s total assets for the period increased to Rs. 15.9 b in comparison to Rs. 14.8 b recorded during the corresponding period in the previous financial year.

Orient Finance PLC Chairman Anil Tittawella commented: “I am pleased to report on the company’s strong performance in the face of the unfolding challenges due to the ongoing pandemic and the resulting changes in the economic conditions. Orient Finance has upheld its commitment to its stakeholders to maintain a steady course while driving a sustainable performance. As part of the Janashakthi Group, we are able to derive tremendous brand recognition and support which is critical in our success. The company demonstrated resilience in face of adversity and i am confident that we will continue building upwards from where the company is positioned presently with a legacy of four decades.”

This impressive performance is a testimonial to the visionary management team and the exceptional hard work contributed by staff through the year under review. Sharing the future plans of the company, Orient Finance PLC Director and Chief Executive Officer K.M.M. Jabir said: “It gives me great pleasure to note that the recalibration of systems and processes at Orient Finance PLC over the last two years is delivering positive results by way of continuous growth and robust performance across all KPIs. The Company has set out on a dynamic course to sustain and grow the profitability in the new normal by leveraging on opportunities, managing costs, launching new products and reinforcing customer relationships. Recording nearly a tenfold growth with the increase in PAT loss of Rs. 20.77 m in the corresponding period in the previous financial year to profit of Rs. 200.60 m in the first half of the financial year 2021/22 amidst economic challenges faced by the country and the industry gives us confidence that we will end 2021/22 on an even stronger note as compared to the previous year.”