Siyapatha Finance performs successfully despite challenges in 2019

Siyapatha Finance, regardless of the fragile performance of the finance sector, has recorded a robust asset growth of 13 per cent, coming close to the projection for the 2019 year despite the unfavourable circumstances of the time. 
The company’s profit before taxes grew by 7 per cent, whereas the topline saw an increase of 13 per cent, ending the year with equanimity. Profit after tax for the second half of the year reflected a growth of 164 per cent over the first six months of the year, the company said in a media release.
The successful performance was achieved as a result of shifting the focus on to two key market segments in which Siyapatha Finance holds high levels of competency. Consequently, Micro Leasing was added to the core business areas of Leasing and Gold Loans. Micro Leasing caters to a segment that has high potential and represents a majority of enterprises in the country, including small and medium businesses. Siyapatha Finance has recognised the importance of catering to this segment by funding and uplifting them, while ensuring that depositors are secured, it said. 
The assurance of trust that customers of Siyapatha Finance have experienced since inception was reflected by the successful mobilisation of Rs. 1.5 billion through a listed subordinated debenture issue.
 “The Siyapatha Finance Team, including the Board of Directors and the Corporate Management spearheaded by the Managing Director, took a long and hard look at the business and came up with a clear strategy that would secure the investments of our customers while ensuring that all stakeholders reap benefits for their commitments. Together we clearly identified the strengths of our operations and built sustainable measures into the system. I am personally proud of the overall performance of the whole team,” said Sumith Cumaranatunga, Chairman of Siyapatha Finance.
“The challenge for 2020 will be to manage in an economy striving to recover during the rest of the year. Despite the hurdles and unfavourable circumstances in the industry as well as the economy in general, Siyapatha Finance has distinguished itself by posting an impressive performance in the 2019 financial year and looks forward to sustain the spirit of accomplishment in the future,” the release said.