Orient Financial turns new chapter with listing on CSE

Tuesday, 22 May 2012 00:52 - - {{hitsCtrl.values.hits}}

Orient Financial Services Corporation Limited (OFSCL), a company primarily engaged in leasing, hire purchase and debt factoring will list 115,625,000 Ordinary Voting Shares on the Diri Savi Board of the Colombo Stock Exchange (CSE).

OFSCL is licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000 as a Leasing establishment. In 2011 the company posted its best performance since inception, achieving Rs. 82.8 million Profit After Tax for the nine months ended 31 December2012 compared to the previous year’s profit of Rs. 40.7 million. Return on Equity stood at 24.18% on par with the industry average and Return on Total Assets also recorded 6.2% as against the 2.71% in the previous year. Earnings per share (EPS) for the year were Rs. 3.45, which is a 102.9% increase over the previous year.

The Board of Directors comprise Dr. Dayanath Jayasuriya P.C. (Chairman), Prakash Schaffter, Ramesh Schaffter, Travis Waas, Ananda Atukorala, Lakshmi Gunetilleke, Anil Tittawela P.C. and Sarath Wickramanayake.

The company expects to expand customer reach points through window offices and fully fledged branches in order to provide convenient access for potential and existing customers. OFSCL also intends to expand the portfolio of the company to mid size corporate customers enabling the company to further increase its market share in the low risk category thus maintaining the quality of its credit portfolio. OFSCL will focus on enhancing its lending portfolio under prudential norms in the coming years, mainly through geographical penetration and catering to niche markets.

The company has proven its ability to remain steady throughout and perform well even during challenging macro conditions. As part of its expansion program OFSL opened window offices in Vavuniya, Kegalle and Anuradhapura in 2012. Taking into consideration the Company’s future plans, its business development strategies and its existing strong presence in the market backed by an experienced board to give direction and a dynamic management team with a wealth of experience, OFSCL is poised for a paradigm shift in its business and is confident of sustained growth in revenue and profits.