First Capital Holdings PLC, reported significant growth in the first half of 2016/17 recording a consolidated turnover of Rs. 1.78 bn. The investment bank’s consolidated profit after tax increased to Rs. 406 mn compared to Rs. 4 mn in the corresponding period of the previous year.
The group’s primary dealer arm, First Capital Treasuries PLC, was the leading contributor towards the financial results for the period under review. The company reported a profit after tax of Rs. 371 mn for the first half of 2016/17 (2015/16 – loss after tax of Rs. 97 mn).
First Capital Treasuries is the pioneer non-bank Primary Dealer appointed by Central Bank and is listed on the Colombo Stock Exchange. Further, the company’s credit rating was reaffirmed by ICRA Lanka at ‘A-’ with a stable outlook in September 2016.
The Capital Markets Advisory of the Group, First Capital Limited, which specialises in structuring and placement of corporate debt securities, successfully mobilised Rs. 6.8bn through listed debentures, asset backed securitisations and other corporate debt securities.
Research driven investment recommendations published by First Capital Equities (Private) Limited the Group’s stockbroker business have collectively outperformed the broad market index ASPI and the liquid counter index S&P SL20 in the past 2 years.
“We are pleased with our performance to date and expect to navigate the unsettled market conditions with caution during the second half of the financial year.
The Group will continue to build on the current growth momentum across all its subsidiary businesses while expanding on research and equity advisory services,” said CEO of First Capital Holdings PLC, Dilshan Wirasekara.