Cim Group reports a solid performance for FY16
The Group has had a satisfactory financial year with improvement at the level of both income from continuing operations and profit before non-recurring items.
The disposal of The BrandHouse Ltd (TBH) led to a drop in Group net operating income to MUR2,077.9m whilst net operating income from continuing operations grew by 15% year on year.
Group Profit After Taxation (PAT) grew by 17% to MUR663.1m. This year’s results include non-recurring items totalling MUR68.3m. These related to the disposal of TBH and the acquisition of the remaining 50% of the share capital of Edith Cavell Properties Ltd. Profit from continuing operations before non-recurring items was 11% higher than last year.
The Finance cluster saw a healthy growth of 20% in net operating income to MUR1,159.6m on the back of record activity in our consumer lending division. PAT also showed an increase of 11% over last year to reach MUR294.8m.
The Global Business cluster also had a satisfactory year with net operating income up 4% to MUR798.4m and PAT growth of 9% to MUR252.9m. Efficiency gains have been achieved, with the cost to income ratio being driven down to 50% from 57% last year.
Our strategy of enhancing our property portfolio continues to bear fruit with good results being achieved in 2016. Net operating income was up 11% to MUR112.9m and PAT increased by 28% to MUR45.0m.
The Investments cluster overall results showed an increased PAT of MUR70.4m which included non-recurring gains referred to above.
Our performance in 2016 gives us optimism that our strategy is progressing well. We are investing in our businesses and have a number of initiatives in the pipeline to drive further revenue growth in the Group.
By order of the Board
Cim Administrators Ltd
8 December 2016
Note: The format of the Statements of Profit or Loss and of the Statements of Financial Position has been amended to reflect the main activities of the Group - financial services.
The abridged audited financial statements have been extracted from the audited financial statements for the year ended 30 September 2016, which have been prepared in accordance with International Financial Reporting Standards.
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.
Cim Financial Services Ltd
33, Edith Cavell Street, Port Louis 11324, Mauritius
Tel: (230) 213 7676
Fax: (230) 213 7677