Cim Group sees strong growth with profit up 22% for year ended 30 Sept 2014
For the full year ended September 30, 2014, not only did group profits rise 22% to Rs 598 million, but group revenue also grew by 8% to Rs 3.50 billion, compared to last year’s revenue for the same period which stood at Rs 3.25 billion. (Image: Company)
Mauritius’ financial services major Cim Group achieved great results, both in its group profit after tax (PAT) and group revenue, for the full year ended September 30, 2014.
Group revenue for the full year ended September 30, 2014, grew by 8% to Rs 3.50 billion, compared to last year’s revenue for the same period which stood at Rs 3.25 billion.
Additionally, group PAT grew by 22% over last years’ to reach Rs 598 million for the full year ended September 30, 2014, compared to the corresponding period last year when it stood at Rs 490 million.
“By most measures, the group had a good year. Turnover grew by almost 8% to Rs 3,501.7m and Profit After Tax (PAT) increased by 22% to Rs 598.5m. We have had a very active year on a range of initiatives that we believe will deliver shareholder value in future,” said Paul Leech, CEO of the Cim Group.
On a segmental analysis, the property cluster was the best performer with a significant increase in PAT of 305.26% from Rs 38 million to Rs 154 million. The biggest contribution to the bottom line was a fair value gain on investment properties of Rs 111 million.
In addition, the investment portfolio of the Group pulled in an impressive performance with PAT growing by 103.85% to Rs 53 million from Rs 26 million in 2013.
The finance cluster reported positive results with PAT of Rs 250 million against Rs 216 million in 2013, representing an increase of 15%.
Finally, the global business cluster produced a 7% increase in PAT, from Rs 159 million in 2013 to attain Rs 170 million.
“With a stronger balance sheet, we expect to continue growing our existing businesses and are actively looking for new opportunities to expand our service offerings and client base,” the board concluded.
Listed on the Stock Exchange of Mauritius and headquartered in the island economy, Cim Group is a financial services major with over 700 employees across its Mauritius and Singapore-based operations.
Cim Group provides services in finance, global business and investments.
The finance services consist of consumer finance, credit card, forex, leasing and factoring. The Global Business services consist of fund, corporate and fiduciary administration services while investments services consist of property and investment assets.