Softlogic Capital posts Rs. 782 m profit; turnover tops Rs. 10 b

Friday, 29 May 2015 00:00 - - {{hitsCtrl.values.hits}}

Softlogic Capital PLC, which is the financial services holding company of the Softlogic Group, has reported profit after tax for the sector of Rs. 782 million for the financial year ended March 2015.

The result was more than double previous year’s PAT of Rs. 309 million. The numbers are unaudited and were released to the Colombo Stock Exchange on 25 May. Turnover for the sector after consolidation was Rs. 9.95 billion, an increase of 20% compared with the previous year, whilst pre-consolidation turnover was Rs. 10.4 billion.

The Financial Services Sector of the Group offers a comprehensive range of products and services to all of their client segments comprising retail, SME, corporate, institutional and high net worth clients, that covers Life and General insurance, leasing and finance, equity broking and asset management. Softlogic Capital PLC has as its subsidiaries; Asian Alliance Insurance PLC, Asian Alliance General Insurance Ltd., Softlogic Finance PLC and Softlogic Stockbrokers Ltd.

The sector performance for the year were driven by contributions from Asian Alliance Insurance that posted PAT of Rs. 705 million, Softlogic Finance PLC PAT of Rs. 216 million, Softlogic Stockbrokers PAT of Rs. 63 million. Softlogic Capital PLC returned a PAT of Rs. 213 million compared to a loss of Rs. 108 million in the previous period.

The Softlogic Group which entered the financial services arena in the latter part of 2010, within a short period of just four years has quickly moved to streamline and significantly enhance its acquisitions whilst securing the necessary resources for the aggressive business plans that have been laid out. The sector has focused on developing the teams in each business, upgrading talent, enabling breakthrough product development and enhancing the brand awareness of the respective companies to fast track business acquisition.

This has delivered impressive results for the year with Asian Alliance performance at PAT level improving by 22%, Softlogic Finance by 31% and Softlogic Stockbrokers improving their performance five-fold. Total assets of the sector were Rs. 32.9 billion as at 31 March 2015 and recorded an increase of 12% for the year compared with Rs. 29.6 billion as at 31 March 2014.

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. The Board of the Company comprises Chairman Ashok Pathirage, Managing Director Iftikar Ahamed, Lucille Wijewardena, Ajitha Pasquel, Harris Premaratne and Erandi Wickremarchchi.