Mauritius’ Cim Group sees healthy growth with profits up 15% in 9 months to June
Revenue for the nine-month period grew 9% to Rs 2.69 billion while group profit after tax (PAT), excluding exceptional items, grew 15% over last years’ to reach Rs 346.1 million for the nine months to June 2014. (Image: Company)
Mauritius’ financial services major Cim Group has seen both profits after tax and revenues deepen for the nine months to June 30, 2014.
Revenue for the nine-month period grew 9% to Rs 2.69 billion, compared to last year’s revenue for the same period which stood at Rs 2.46 billion.
Additionally, group profit after tax (PAT), excluding exceptional items, grew 15% over last years’ to reach Rs 346.1 million for the nine months to June 2014, compared to the corresponding period last year when it stood at Rs 301.1 million.
“Cim Group revenue grew by 9% and group PAT before exceptional items rose by 15% to reach Rs 346.1 million. We believe that these results give our shareholders confidence that the group’s growth plans are viable and delivering value,” said Paul Leech, CEO, Cim Group.
On a segmental analysis, the finance, global business and investments clusters did well while property pulled in a weak performance.
The finance segment, which provides a range of financial services covering consumer finance, credit card, forex, leasing and factoring, contributed the maximum profit after tax of Rs 182.5 million, a rise of 10.5% over last year when profits stood at Rs 165.1 million.
The global business – which provides overseas corporate and institutional clients with a full range of fund, corporate and fiduciary administration services – also saw a slight increase of 0.09% in PAT, despite a tough global economy, to hit Rs 115.8 million.
The investments segment has pulled in the highest increase on the profitability front with a whopping rise of 52.7% in profit after tax to Rs 50.7 million compared to the corresponding period of last year, which amounted to Rs 33.2 million.
On the other hand, the property segment saw its profitability dip 31.5% to Rs 20.9 million compared to the corresponding period of last year, when PAT amounted to Rs 30.5 million.
The abridged financial statements noted that prospects for the full financial year remain positive and that the board is confident that the group will deliver satisfactory results.
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.