Mauritius’ Cim group profits up 94% in 2013
The financial services major saw revenue grow 11% to Rs 3.2 billion while profit after tax increased by as much as 94% to Rs 495.1 million for the year ended September 2013. (Image: Rediff)
Mauritius’ leading financial services firm, Cim group, has seen both profits after tax and revenues soar for the year ended September 30, 2013.
Revenue for the year grew 11% to Rs 3.2 billion, compared to last year’s revenue for the same period which stood at Rs 2.9 billion.
Profit after tax increased by as much as 94% to Rs 495.1 million for the year ended September 2013, compared to the corresponding period last year when it stood at Rs 255.3 million.
The increase of 94% in profit after tax arises mainly from normal profits from continuing operations (Rs 399.2 million) while a small but significant proportion is due to exceptional profit on disposal of financial assets, estimated at Rs 95.9 million.
The finance cluster, which consists mainly of the retail credit businesses of Cim Finance, has pulled in the best performance across segments – finance, global business, property and investment. Profit after tax was up 8% to Rs 281.8 million compared to last year when it stood at Rs 202.8 million.
The global businesses segment also notched up a profit after tax of Rs 160.8 million against last year when profits stood at Rs 138.5 million, an increase of 16%.
The two remaining segments, property and investment, also pulled in stellar performances. Property, starting from a low base of Rs 2.6 million in 2012, notched up as much as Rs 38 million of profit after tax in 2013 while the investment segment generated a profit after tax of Rs 26.5 million this year compared to last year’s loss of Rs 45.2 million.
The audited financial statement went on to state that investments which did not fit with the core functions and strategic rationale were trimmed. This included a 49% stake in the Mediterranean Shipping Company Ltd, 29% shareholding in Lafarge Cement Ltd and 34.5% share in Savignac (Pty) Ltd, a specialised building materials company based in South Africa.
The sale of these non-core assets gave rise to an exceptional profit of Rs 95.9 million.
In November 2013, a new head of global management business joined the Cim Group and a new Group CEO will start working from January 2014 onwards, the board noted. It added that, with this dynamic leadership, 2014 is expected to spell greater success for the company.
Listed on the Stock Exchange of Mauritius since October 2012, the Cim Group employs around 1,100 people and is a leading financial services group of companies in Mauritius.
Headquartered in Port-Louis, the Cim brings together 14 subsidiaries offering both local and international financial services and capabilities.
Cim Finance is a leading provider of consumer credit in Mauritius. Started in 1987 it has since developed into the largest financial institution to offer hire purchase facilities in Mauritius covering more than 550 dealers throughout the island.
Cim Global Management has offices in Mauritius and Singapore and representation in UK and South Africa. It acts as a one stop shop for multinationals, investment managers and high net worth individuals for the formation and administration of corporate entities, trust and funds operating worldwide.
Source: Company Website