CFSL - Abridged Unaudited Financial Statements - 31Dec18
CIM GROUP REPORTS A 9.8% INCREASE IN PROFIT BEFORE TAX FROM CONTINUING OPERATIONS FOR THE QUARTER ENDED 31 DECEMBER 2018
For the quarter ended 31 December 2018, the Group achieved a Net Operating Income of MUR 386.1m, equivalent to an increase of 14% as compared to same period last year. Profit Before Tax reached MUR 74.7m, a 9.8% increase on prior year figures.
The Finance cluster showed a 16% increase in its Net Operating Income for the period under review on the back of a solid quarter in the Consumer Finance business and the consolidation of its leasing activities following the acquisition of the Mauritian Eagle Leasing Company Limited. Profit after taxation (PAT) for the cluster showed a progress of 15% year on year to close at MUR 101.7m in December.
The Group’s investment in Kenya shows promising growth in sales albeit at modest levels. Furthermore, performance of the investment cluster was impacted by the Group’s USD denominated assets which registered a decrease on a ‘mark-to-market’ basis.
The Property cluster (Lavastone Ltd) showed satisfactory progress with a PAT of MUR 15.8m, up 68% on 2017 figures.
Overall the Group achieved a PAT of MUR 69.8M for the quarter.
Distribution of shares of Lavastone Ltd
On 14 January 2019, all shareholders of CIM Financial Services Ltd (CFSL) were allotted one share of Lavastone Ltd for every share they held in CFSL. Since then, the shareholders of Lavastone Ltd have been able to freely trade their shares on the Development and Enterprise Market (DEM). As from January 2019, the figures for Lavastone Ltd will not be consolidated under the CIM Group.
Outlook
On the back of the strong performance of Cim Finance for the last quarter, the Group will continue to develop and strengthen its consumer finance offering in Mauritius and in Kenya.
Disclaimer after Comments on results
By Order of the Board
Cim Administrators Ltd
Company Secretary
13 February 2019
The abridged financial statements of the Group are unaudited and have been prepared using the same accounting policies as the audited statements for the year ended 30 September 2018, except for the adoption of published Standards that are now effective.
These abridged financial statements are issued pursuant to Listing Rule 12.20 and the Securities Act 2005.
Copies of the statement of direct and indirect interests of Officers pursuant to rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 and the financial statements are available free of charge upon request made to the Company Secretary at the registered office of CIM Financial Services Ltd.
The Board of Directors of CIM Financial Services Ltd accepts full responsibility for the accuracy of the information contained therein.