Cim Group reports a healthy growth of 22% in Profit After Tax (PAT), excluding exceptional items and discontinued activities for its first quarter
Group revenue on an adjusted basis after disposal of The Brandhouse Limited (TBH) in October 2015, has increased by 19%. This growth is encouraging with improvement across all our businesses as the Group is now focused on its activities as a financial service provider in line with its strategic intent. Similarly, PAT from continuing activities and before exceptional items has grown by a healthy 22%. Group PAT, including the exceptional gain from the TBH disposal of Rs 47.0m, grew by 39% over history.
Revenue generated by the Finance segment grew by 12% to Rs 323.2m. This has helped to contain the impact of the margin compression in that sector. PAT for this cluster fell marginally by 2% to Rs 61.2m.
The Global Business segment continued to perform well with revenue up 22% to Rs 180.7m and PAT reaching Rs 53.9m for the quarter, a 69% improvement over last year. The improved performance is due to an increase in billings and to sustained US dollar strength.
Revenue from the Property businesses increased by 9% to Rs 30.3m. However, PAT for the quarter was 15% lower than last year at Rs 9.5m, the adverse variance being due to a tax credit received in December 2014 which did not recur this year.
The Investments segment posted revenue of Rs 133.6m, significantly below last year following the disposal of TBH as highlighted above. This segment now comprises of the Group Corporate Office and our investments in non-core subsidiaries and associated companies. PAT for the Investments segment was Rs 9.4m.
The Board is also pleased to announce that Ms Teresa Hilary Clarke has been appointed as independent director of Cim Financial Services Ltd. Ms Clarke is the Chairman and Chief Executive Officer of Africa.com, the largest Africarelated website with over one million visitors per month. Ms Clarke also sits on President Obama’s Advisory Council on Doing Business in Africa.
The positive results of this first quarter of the new financial year and the healthy balance sheet of our businesses provide renewed impetus to the Group in the pursuit of its long term objective of sustained growth.
By order of the Board
Cim Administrators Ltd
11 February 2016
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 2015, 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
Cim Financial Services Ltd
33, Edith Cavell Street, Port Louis 11324, Mauritius
Tel: (230) 213 7676
Fax: (230) 213 7677