Mauritius’ Cim maintains healthy growth of income and profits as global business up
Mauritian financial services major Cim grew profits by 31.5% to Rs 455.0 million, together with a 14.7% growth in revenue to Rs 3.1 billion for the half year to June 2015, with the USD appreciation proving favourable for Cim’s global business cluster. (Image: Company)
For the nine months ending June 2015, Mauritian financial services major Cim Group posted an increase of 14.7% in revenues to Rs 3.1 billion, and its profit after tax edged up to Rs 455.0 million, representing a 31.5% increase over the corresponding period in 2014.
The operating profit of the group stood at Rs 743.8 million, where the major revenue generating cluster remains the investment cluster which accounted for 65.8% of the group turnover which recorded a 23.6% increase in turnover to reach Rs 2.1 billion.
On the other hand, the global business sector reported rise of 20.6% in revenue and derived profits of Rs 76.8 million, of which Rs 34.3 million can be attributed to the strength of the US dollar. Thus, an appreciating dollar has favoured the fortunes of the Cim global business sector. The global business sector was also the major profit generating cluster.
According to Paul Leech, Cim Group CEO: “We believe that to benefit from diverse income stemming from a combination of transactions in rupees and in foreign currencies gives the group an undeniable strength in this time of exchange rate fluctuation. To manage our risks better, there are initiatives in place currently, that are mainly aimed at diversifying products within Cim Finance. These initiatives target to spread the geographical imprint of the group while offering more outsourcing solutions to the customers of our Global Business segment.”
The profit after tax for this period demonstrates a 31% growth to Rs 455.0 million.
A big part of the profitability performance is contributed by the Global Business segment which has seen an increase in USD transactions and has derived positive effects from an appreciation in the currency.
It is to be noted that the investment segment purchased a 49% shareholding within iVeriPayment Technologies, a Pan-African supplier ofelectronic payment solutions that is based in Johannesburg, South Africa.
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 segment.
The Finance cluster supplies a range of financial services: consumer credit, credit card, leasing and factoring.
The Global Business segment offers the following services to international corporate and institutional customers: fund management, administration and fiduciary services.
The Cim Group has a strength of over 730 employees across its operations in Mauritius and Singapore.