MMBL-Pathfinder joint venture foreign exchange earnings to hit $ 200 m in 2020

Monday, 26 October 2020 01:13 - - {{hitsCtrl.values.hits}}

Despite serious setbacks to its leisure and tourism investments, the MMBL-Pathfinder Group joint venture portfolio is expected to reach foreign exchange earnings of over $200 million in the 2020 calendar year. As of the end of September, this figure stood at $145 million.

The comparative figure for the calendar year 2018 was $142 million. This increase, in spite of lower margins than before, is primarily due to improvements in inward remittances business investments and portfolio investments in joint ventures active in ancillary services connected to the export sector. Innovations in the international foreign remittance sector and new technology developments provided MMBL-Pathfinder with opportunities to increase foreign exchange inflows into the country through its portfolio investments in these segments despite the disruptive COVID period.

As part of its post-COVID portfolio realignment, MMBL-Pathfinder is also looking at entering new sectors, including niche projects connected to agriculture and modern technologies, and especially ICT-related activities.

The group plans to expand its presence in the aviation sector by including investments in drone technology for the logistics service sector. The year 2020 will also see the group establishing joint-venture capabilities with internationally reputed companies that will provide the strategic support necessary to attract new foreign investment into the country. MMBL-Pathfinder will continue to support its non-profit associates, such as the Pathfinder and Urumayaka Ulpatha Foundations, and develop the Pathfinder Collection.

MMBL-Pathfinder Group Equity Development Committee (EDC) comprises of Founder/Chairman Milinda Moragoda, Director/CEO K. Balasunderam, Director Bernard Goonetilleke, Director M.D.D. Pieris, and Director R.N. Asiriwatham