Softlogic Capital shows strong growth in FY24
View(s):Softlogic Capital, the financial services sector of the Softlogic Group, has recorded strong and
resilient revenue growth, reporting notable
top-line growth during the year ended 31 March 2024 but still ended with a lesser than FY23 loss.
Softlogic Capital’s consolidated revenue reached Rs.36.7 billion for the year ended 31
March 2024, which is an increase of 13 per cent over the last financial year, the company said in a media release.
The sector also reported a profit before tax (PBT) of Rs. 431 million, with a growth of 168 per cent during the period in review.
Operating profit improved up to Rs.11 billion, which is a 36 per cent YoY growth compared to the previous year with PAT (after-tax profit) improving to a loss of Rs. 66 million, compared to the
previous year’s loss of Rs. 2.3 billion.
Furthermore, the operating profit margin for the period stood at 29 per cent, a growth of 400 basis points against the corresponding period last year. The last quarter under review ending 31st March contributed significantly to the aforesaid
performance contributing a total revenue of Rs. 9.2 billion which is a 12 per cent growth and profit before tax (PBT) of Rs. 763 million.
Softlogic Capital as an individual entity faced a challenging period last year, however, resulting from a series of restructuring initiatives undertaken to overcome these challenges, it is on a steady trajectory recording a total annual revenue of Rs, 3.1 billion and an annual PBT of Rs. 535 million as at 31st March 2024. This growth is largely a result of some key measures undertaken during the last quarter of the financial year.
Softlogic Finance has undergone a number of structural changes that has seen the operations of the company being stabilized and is now on the final steps towards resuming business based on a differentiated technology concentrated focus. Softlogic Stockbrokers is developing active plans to diversify and attract new customers to the
market and recently launched a revolutionary StockGPT application that utilises AI to help research.
Commenting on the results, Chairman of Softlogic Capital PLC Ashok Pathirage said, “Softlogic Capital’s performance over the past year stands as a testament to our resilience and grit in navigating challenging macroeconomic conditions amid the toughest of times faced by the company. Despite facing significant
headwinds, the sector has achieved growth and profitability through our various verticals with agile strategies, rigorous cost management
practices, innovative financial products tailored to evolving needs of customers and with our relentless focus on operational efficiency.”
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