Orient Finance earns Rs. 147 m in Q2 2021/22
In FY 2021/22, Orient Finance PLC posted profit before tax (PBT) of Rs. 147.8 million for the second quarter (Q2) ending 30 September 2021, reflecting a growth of 386% when compared to the corresponding period in the previous financial year and a PBT of Rs. 207.69 million for the first half (Q1) of the 2021/22 financial year, reflecting a growth compared to the corresponding period in the previous first half 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.”
The company’s net operating income for the same period increased by 92% from Rs. 405.58 million to Rs. 777.44 million in 2021/22. This performance was secured as a result of 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 billion in comparison to Rs. 14.8 billion recorded during the corresponding period in the previous financial year.
The finance company is listed on the Colombo Stock Exchange (CSE) and the Board of Directors comprises of Chairman Anil Tittawella PC, Chief Executive Officer K.M.M. Jabir, Prakash Schaffter, Minette Perera, Indrani Goonesekera, Sriyan Cooray, and Darshana Ratnayake.
Orient Finance PLC is a member of the Janashakthi Group that operates in the insurance, finance, investment, and real estate sectors.