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CFSL-Abridged Audited Financial Statements-Year ended 30 September 2019

The Group’s Net Operating Income from continuing operations increased by 28% to reach MUR1.8billion whilst its Profit After Tax (PAT) rose to MUR382.7million overall for the year under review.

The Group’s local Consumer Finance and Leasing businesses have experienced satisfactory growth over the year, translating into an encouraging 2019 bottom line result from continuing operations. Similarly, the Group’s Fintech Consumer Finance business in Kenya has shown positive progress in sales for 2019.

Highlights of the year under review

At the start of 2019, the Property cluster of the Group (trading now as Lavastone Ltd) was carved out and listed separately on the Development and Enterprise Market (DEM). The Statement of Financial Position of the Group as at end of September 2019 reflects this event.

During the year, the Group, through its subsidiaries Cim Finance Ltd (CFL) and Mauritian Eagle Leasing Co Ltd (MELCO), decided to surrender their Non-Bank Deposit Taking (NBDT) licences. All deposits holders of CFL and MELCO were subsequently refunded their deposits. The surrender of the NBDT licences is near completion.

With the objective of streamlining the structure of the group and improving efficiency, the Board of CIM Financial Services Ltd (CFSL) also approved the in principle’ amalgamation of five of its subsidiaries into CFSL in August 2019 (subject to regulatory approval). The amalgamation is expected to be completed in first quarter of 2020.

In line with its strategic goals, the Group raised MUR 2billion by way of senior unsecured fixed rate notes through a private placement in October 2019, which was well received by investors.

Final Dividend

The Board has declared a final dividend of MUR0.16 per share payable in respect of all the ordinary shares of the Company which will be payable to the shareholders of the Company registered at close of business on 3 January 2020.

The payment of this dividend will take place on or about 20 January 2020.

The shares of the Company will be traded cum-dividend on the Stock Exchange up to the market date of 27 December 2019 and ex-dividend as from 30 December 2019.


With the planned amalgamation and the surrender of the NBDT licences on track for completion, the Group is looking to build up on the good momentum achieved in 2019 to continue to generate value for its stakeholders in 2020.

By Order of the Board
Cim Administrators Ltd
Company Secretary
12 December 2019

The abridged audited financial statements of the Group for the year ended 30 September 2019 have been prepared using the same accounting policies as set out in the audited financial statements for the year ended 30 September 2018, except for the adoption of published standards that are now effective. These abridged audited financial statements are issued pursuant to Listing Rule 12.14 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.