First Capital Holdings PLC (the Group), a leading investment institution, and a member of the Janashakthi Group, announces its strong financial results for the nine months ended December 31, 2023.
The Group reported a Profit after Tax of Rs. 9.4Bn, marking a significant increase compared to Rs. 1.7Bn recorded in the corresponding period of the previous year. Despite a loss of Rs. 237Mn in the 3rd quarter of 2023/24, primarily attributed to withholding tax on inter-company dividends totalling Rs. 825Mn, the Group’s overall performance demonstrates resilience and strategic growth. The dividend payout is the highest in the company’s recorded history for its shareholders.
The Primary Dealer division emerged as a key contributor to the Group’s success, reporting a Profit after Tax of Rs. 10.1Bn for the nine months ended December 31, 2023, compared to Rs. 1.9Bn in the previous year. This remarkable performance was driven by substantial trading gains on the government securities portfolio amounting to Rs. 14.3Bn and net interest income of Rs. 2.6Bn.
Additionally, the Corporate Dealing Securities division recorded a Profit after Tax of Rs. 77Mn for the same period, marking a significant turnaround from the previous year’s loss after Tax of Rs. 364Mn. The Wealth Management division reported a Profit after Tax of Rs. 20Mn, with assets under management reaching Rs. 75Bn as of December 31, 2023, demonstrating robust growth. Furthermore, the Stock Brokering division posted a Profit after Tax of Rs. 27Mn for the nine months ended December 31, 2023.
Commenting on the financial results, Dilshan Wirasekara, MD/CEO of First Capital stated, “We are pleased with the strong financial performance achieved during the nine months ended December 31, 2023. Our Primary Dealer division’s outstanding results reflect our ability to capitalize on market opportunities, while our diverse portfolio of services continues to drive growth across all segments. We remain committed to delivering value to our stakeholders and maintaining our position as a leading player in the investment sector.”
First Capital Holdings PLC is focused on delivering “Performance First” through its operations and a vision to improve the lives of all Sri Lankans through financial solutions. With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka. First Capital Holdings PLC is rated [SL] A with Stable outlook by LRA.
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About First Capital Holdings PLC:
First Capital Holdings PLC is a member of the Janashakthi Group, focused on delivering ‘Performance First’ through its operations as a primary dealer, corporate finance advisor, wealth manager and stockbroker.
With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka. First Capital Holdings PLC is rated [SL] A with Stable outlook by LRA.
The Board of Directors of First Capital Holdings PLC comprises of Nishan Fernando (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, and Chandana de Silva.
Image caption: Dilshan Wirasekara, MD/CEO of First Capital