First Capital records post-tax profit of Rs.1.07 billion in 19/20 amidst challenging market conditions

First Capital Holdings PLC (the Group), the only listed investment bank in Sri Lanka, recorded a Consolidated Profit after Tax of Rs.1.07 billion for the year 2019/20, amidst negative headwinds that saw Sri Lanka, reporting subpar economic growth for the third consecutive year. 
The results show a significant growth compared to Rs. 8 million in the previous year.  First Capital, with a history of over 35 years, has total assets of Rs.45.6 billion and equity in excess of Rs.4 billion, the group said in a media release.
The group recorded a Total Comprehensive Income of Rs.1.04 billion for the year, a significant increase from a Comprehensive Loss of Rs. 20 million recorded in 2018/19.
“Our ability to deliver impressive results even in tough times is a testament to the group’s robust operating model.  I am convinced that the ongoing emphasis placed on strengthening each of our core businesses and firming up their positions within their immediate operating domain, has been a critical success factor for the group,” said Chairman, First Capital Holdings PLC, Nishan Fernando. 
The group’s Primary Dealer contributed Rs.1.2 billion (2018/19 – Rs. 96 million) Profit after Tax for the year, claiming a substantial volume-based market share in both the primary auctions as well as in the secondary market during the financial year.
 “While the last 12 months have been challenging for many local businesses, several aspects of our immediate operating environment worked in our favour; we are looking ahead and focusing our efforts on improving efficiency across all businesses to deliver enhanced results to our valued stakeholders,” added Director/Chief Executive Officer, First Capital Holdings PLC, Dilshan Wirasekara.