Alliance Finance Company records Rs 917 Mn PAT IN 2023/24
Alliance Finance Company PLC (AFC) recorded a solid financial performance for the fiscal year 2023/24 with Profit After Tax climbing by an overwhelming 81.59% to RS 917 Mn.
Profit Before Tax saw a growth of 78.59% to Rs 1,698 Mn, Interest Income increased by 10.36% to LKR 13,185 Mn and Net Interest Income rose by 29.80% to RS 5,887 Mn.
Additionally, AFC’s financial position has significantly strengthened, with Total Assets up by 15.17% to RS 60,175 Mn, the Lending Portfolio increasing by 18.21% to RS 46,104 Mn, Shareholder’s Equity rising by 16.83% to Rs 8,129 Mn, Earnings per Share improving by 81.59% to RS 27.21, and Gross NPL decreasing by 3.74% to 9.38%.
Tamara Dharmakirti-Herath, Chairperson of AFC, highlighted the company’s achievements, stating, “Throughout the year under review, AFC made good headway in further strengthening its position as the leader in sustainable financing in our core markets. Anchored to our purpose, we remained firm in our endeavor to empower MSME sector expansion.”
Romani de Silva, Deputy Chairman/Managing Director of AFC, further emphasized, “AFC continued to solidify its position in the local NBFI with an impressive financial performance for FY 2023/24, which I believe points to the deployment of timely and well-planned strategic interventions to ensure sustained earnings regardless of economic vagaries.”
EDB collaborates with UoM, launches programme in construction power and energy sectors
Sri Lanka Export Development Board (EDB) in collaboration with the Engineering Faculty of the University of Moratuwa (UoM), launched a new programme to integrate the construction related and power and Energy industry with the University Research Projects to address challenging research questions with real-world applications.
This programme is planned for two years commencing from 2024 till end of 2025 with the participation of selected companies.
The innovative solutions developed through this programme will enable the companies to compete in the international markets. This programme will also enhance the quality of construction related and power and energy services of Sri Lanka and will lead to generate more foreign exchange earnings to the country.
The main objective of this initiative is to establish a connection between the industry and University Research Projects in order to tackle complex research queries that have practical applications.
PayMedia celebrates 10th Anniversary with a week-long fiesta
PayMedia a leading fintech company in Sri Lanka celebrates its 10th anniversary, we reflect on a path driven by innovation, passion, and an unshakable commitment to changing financial technology. PayMedia, founded in 2014, has developed from a visionary startup to a worldwide FinTech leader, transforming payment processes and improving digital experiences for millions of people. PayMedia marked its 10th anniversary with a grand week-long celebration from June 12th to June 18th, 2024. The anniversary fiesta was packed with a variety of events, aimed at making the milestone memorable for all the staff while giving back to the community. The festivities kicked off with a green initiative as employees gathered for a planting program. This event underscored PayMedia's commitment to set a positive tone for the celebrations.