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Orient Finance PLC Chairman Anil Tittawella[/caption]
Orient Finance PLC reported a profit before tax (PBT) of Rs. 193 million for the financial year 2020-21, reflecting a year-over-year (YoY) growth of 144%. The company’s net operating income also increased 148% from Rs. 0.47 billion to Rs. 1.17 billion during the year under review.
This performance was despite the company foregoing Rs. 243 million in interest income for FY 2020-21 as a result of concessions granted by the Central Bank of Sri Lanka (CBSL) due to Covid-19.
“The Covid-19 pandemic continues to pose complex and interconnected challenges to all industries across the country. In today’s challenging economic times, focusing on customers and understanding their needs has become the cornerstone of success for Orient Finance. Our timely response to challenges, leadership of our CEO and management team, the dedication of our staff, and digitalisation initiatives largely contributed to our consistent performance even during such trying times. We hope to sustain our strategic efforts and provide the best returns for our customers, employees, and most importantly our shareholders,” said Orient Finance PLC Chairman Anil Tittawella.
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Orient Finance PLC Director/CEO K.M.M. Jabir[/caption]
Orient Finance’s net assets per share increased from Rs. 12.84 to Rs. 13.67 while its share price increased from Rs. 6.10 to Rs. 13.90 when compared to last year. In February 2020, in order to meet the capital adequacy requirements, the company issued 35,183,526 ordinary voting shares in the proportion of one new ordinary voting shares for every five ordinary voting shares in the capital of the company, raising Rs. 506,642,774.
“Due to the prevailing situation and the decline in economic activity, we will continue to realign our business strategies to move forward as we navigate the new normal ushered in by the pandemic. We must remain true to our customers and support them in difficult times. We have guided our frontline staff to have regular communication with our customers to identify their actual requirements, share knowledge, and overall make customers feel valued and important. Our performance this year reflects our focus on providing win-win solutions to our customers for a long-term mutual gain. Furthermore, we firmly believe that as a member of Janashakthi Group, our growth strategies will be further strengthened, enabling us to maintain this growth momentum,” said Orient Finance PLC Director and Chief Executive Officer (CEO) K.M.M. Jabir.
Orient Finance PLC Chairman Anil Tittawella[/caption]
Orient Finance PLC reported a profit before tax (PBT) of Rs. 193 million for the financial year 2020-21, reflecting a year-over-year (YoY) growth of 144%. The company’s net operating income also increased 148% from Rs. 0.47 billion to Rs. 1.17 billion during the year under review.
This performance was despite the company foregoing Rs. 243 million in interest income for FY 2020-21 as a result of concessions granted by the Central Bank of Sri Lanka (CBSL) due to Covid-19.
“The Covid-19 pandemic continues to pose complex and interconnected challenges to all industries across the country. In today’s challenging economic times, focusing on customers and understanding their needs has become the cornerstone of success for Orient Finance. Our timely response to challenges, leadership of our CEO and management team, the dedication of our staff, and digitalisation initiatives largely contributed to our consistent performance even during such trying times. We hope to sustain our strategic efforts and provide the best returns for our customers, employees, and most importantly our shareholders,” said Orient Finance PLC Chairman Anil Tittawella.
[caption id="attachment_142090" align="alignright" width="285"] Orient Finance PLC Director/CEO K.M.M. Jabir[/caption]
Orient Finance’s net assets per share increased from Rs. 12.84 to Rs. 13.67 while its share price increased from Rs. 6.10 to Rs. 13.90 when compared to last year. In February 2020, in order to meet the capital adequacy requirements, the company issued 35,183,526 ordinary voting shares in the proportion of one new ordinary voting shares for every five ordinary voting shares in the capital of the company, raising Rs. 506,642,774.
“Due to the prevailing situation and the decline in economic activity, we will continue to realign our business strategies to move forward as we navigate the new normal ushered in by the pandemic. We must remain true to our customers and support them in difficult times. We have guided our frontline staff to have regular communication with our customers to identify their actual requirements, share knowledge, and overall make customers feel valued and important. Our performance this year reflects our focus on providing win-win solutions to our customers for a long-term mutual gain. Furthermore, we firmly believe that as a member of Janashakthi Group, our growth strategies will be further strengthened, enabling us to maintain this growth momentum,” said Orient Finance PLC Director and Chief Executive Officer (CEO) K.M.M. Jabir.