Posts PBT of Rs. 207 mn in Q2 | Daily News
Orient Finance on strong growth trajectory:

Posts PBT of Rs. 207 mn in Q2

Anil Tittawella-K.M.M. Jabir
Anil Tittawella-K.M.M. Jabir

Sustaining growth momentum in FY2021/22, Orient Finance PLC posted a profit before tax of Rs 207.69 million for the first half of the 2021/22 financial year, reflecting an exponential growth momentum compared to the corresponding period in the previous first half financial year.

The Company’s net operating income for the same period increased by 92% from Rs 405.58 million to Rs 777.44 million in 2021/22. While profit before tax of Rs 147.8 million for the second quarter ending September 30, 2021, reflecting a growth of 386% when compared to the corresponding period in the previous financial year. This performance was secured as a result of the expanding the new Gold loan business and reducing the cost of funds. Notwithstanding the challenging economic conditions, the company’s total assets for the period increased to Rs 15.9 billion in comparison to Rs 14.8 billon recorded during the corresponding period in the previous financial year.

Anil Tittawella, Chairman of Orient Finance PLC opined, “Orient Finance has upheld its commitment to its stakeholders to maintain a steady course while driving a sustainable performance. The Company demonstrated resilience in face of adversity and I am confident that we will continue building upwards from where the Company is positioned presently with a legacy of four decades.”

This impressive performance is a testimonial to the visionary management team and the exceptional hard work contributed by staff through the year under review. Sharing the future plans of the Company, K. M. M. Jabir, Director and Chief Executive Officer of Orient Finance PLC said, “The Company has set out on a dynamic course to sustain and grow the profitability in the new normal by leveraging on opportunities, managing costs, launching new products and reinforcing customer relationships.

Recording nearly a tenfold growth with the increase in PAT loss of Rs 20.77 million in the corresponding period in the previous financial year to profit of Rs 200.60 million in the first half of the financial year 2021/22 amid economic challenges faced by the country and the industry gives us confidence that we will end 2021/22 on an even stronger note as compared to the previous year.”


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