Fincorp Investment Ltd Reports 10.2% Increase in Profit After Tax for FY 2023, Driven by 44.6% Rise in Dividend Income
- What was the significant change that influenced the company's profit after tax increase compared to the previous financial year?
- The company's profit after tax increased significantly due to an increase in dividend income by 44.6% to Rs 152.7 million.
Summary of Fincorp Investment Ltd 2023 Abridged Report
- Fincorp Investment Limited recorded a consolidated profit after tax of Rs 360.0 million for the financial year ended 30 June 2023, an increase of 10.2% compared to the previous year (‘FY 2021/22: Rs 326.7 million).
- MCB Leasing Limited, Fincorp’s only subsidiary, contributed Rs 90.5 million to the group’s profits, a 46.4% increase from last year (‘FY 2021/22: Rs 61.8 million).
- Their share of profits from associates resulted in a nearly unchanged amount of Rs 299.8 million (‘FY 2021/22: Rs 300.9 million).
- At the company level, profit after tax rose by 26.7% to Rs 85.0 million (‘FY 2021/22: Rs 67.0 million). The increase is attributed to a higher dividend income of 44.6% to Rs 152.7 million but was offset by a rise in net interest expenses and net fair value loss on financial instruments by Rs 11.0 million and Rs 17.5 million respectively.
- The global economic outlook continues to be volatile and uncertain, with inflation still exceeding set targets in multiple countries, despite showing a declining trend. This is caused by tightening monetary policy.
- The tourism and investment sector’s positive momentum, combined with the Mauritius financial sector’s resilience, should support the economic recovery in Mauritius despite these challenges.
- In these uncertain times, Fincorp will continue to maintain market vigilance and work towards preserving the Company’s resilience through careful execution of its business development strategy and strengthening operational efficiencies.
Useful links
- Fincorp Investment Ltd (FINCORP.mu) 2023 Abridged Report
- Fincorp Investment Ltd on AfricanFinancials
- Corporate Website
About Fincorp Investment Ltd (FINCORP.mu)
Fincorp Investment Limited operates solely as an investment company that is fully owned by the Mauritius Commercial Bank. The company offers services in funds management, property investment, and specialised services in mortgaging, property investment products and property development. Fincorp Investment Limited is listed on the Stock Exchange of Mauritius.
Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.
