Cim posts encouraging results at Rs 330.4 mn profits for half year 2015
Despite challenging economic conditions, Mauritian financial services major Cim posted profits of Rs 300.4 million together with a 14.7% growth in revenue to Rs 2.02 billion for the half year 2015, with the USD appreciation proving favourable for Cim’s global business cluster. (Image: Company)
For the six months ending March 2015, Mauritian financial services major Cim Group posted an increase of 14.7% in revenues, which stood at Rs 2.02 billion, and its profit after tax edged up by Rs 88 million to reach Rs 300.4 million, representing a 41% increase over the corresponding period in 2014.
In the analyst meeting held by the company on 13 May 2015, the group declared that its financial results are satisfactory.
The operating profit of the group stood at Rs 491.7 million, where the major revenue generating cluster remains the investment cluster which accounted for 66.1% of the group turnover. However, it recorded a slight drop in turnover to reach Rs 1.33 billion.
On the other hand, the global business sector reported a significant rise of 17.8% in revenue and derived profits of Rs 120.7 million, of which Rs 34.3 million can be attributed to the strength of the US dollar. Thus, an appreciating dollar favours the Cim global business sector.
The major profit generating cluster was the finance segment with a profit level of Rs 127.7 million.
According to Paul Leech, Group CEO,”Our first six months’ results are encouraging. In spite of a difficult economic environment, the group did not stop growing and benefited from its diversified activities and global receipts. We are confident that the current initiatives will strengthen and maintain the viability of the Group in the long term.”
The Group also benefited from the increase in the contributions of the property and investment portfolios.
The CEO also thanked the staff during his speech, noting “We would not have reached these goals without the dedication of our staff and I thank them for their commitment.”
Finally, the Board stated that, “We have been following the developments on the reported disposal of the business of Courts Mauritius. It is, however, too early for the Board to comment any further on this matter at this stage. Our shareholders and the investing public will be kept informed of any relevant developments on this matter in due course.”
About the Cim Group:
The Cim Group, a financial services major based in Mauritius, is listed on the stock exchange.
The group has two major commercial units: the Financial cluster and the Global Business segments.
The Finance segment supplies a range of financial services: consumer credit, credit card, leasing and factoring.
The Global Business segment offers international corporate and institutional customes the following services: fund management, administration and fiduciary services.
The Cim Group has a strength of over 730 employees across its operations in Mauritius and Singapore.