First Capital Holdings PLC (the Group), a member of the Janashakthi Group, announces its impressive financial results, and a remarkable turnaround from the previous year, marking the year ended 31st March 2023 its most successful in its 40-year history. The Group’s financial results exhibit an impressive feat, with a Total Comprehensive Income of Rs. 2.71Bn, showcasing a significant improvement from the previous year’s Total Comprehensive Loss of Rs. 640Mn. This extraordinary performance demonstrates the Group’s resilience, strategic initiatives, and effective risk management which have turned the tide in their favour.
The Primary Dealer division reported a Profit after Tax of Rs. 2.88Bn for the year ended 31st March 2023. This is a substantial improvement from the Loss after Tax of Rs. 652Mn recorded in the previous financial year (2021/22). The impressive results were driven by robust net interest income of Rs. 3.6Bn and a gain on trading government securities portfolio amounting to Rs. 2.41Bn, as against the 2021/22 Net Interest Income of Rs. 484Mn and the loss on trading government securities portfolio of Rs. 979Mn. The division disposed its entire Held to Maturity portfolio of government securities and reported a loss of Rs. 1.26Bn.
Furthermore, the Corporate Dealing Securities division reported a Profit after Tax of Rs. 34Mn, indicating a significant turnaround from the Loss after Tax of Rs. 248Mn in the previous year.
The Wealth Management division’s financial results for the year 2022/23 were at break-even level, compared to the Profit After Tax of Rs. 87Mn reported in the previous year. The division’s assets under management stood at Rs. 40.5Bn as of 31st March 2023, which is slightly lower than the Rs. 41.2Bn reported at the beginning of the financial year.
The Stock Brokering division achieved a Profit after Tax of Rs. 110Mn, further solidifying the Group’s strong financial performance.
Managing Director/ Chief Executive Officer of First Capital, Dilshan Wirasekara expressed his thoughts on the Group’s remarkable achievements stating, “We are thrilled with the outstanding financial results achieved by First Capital Holdings PLC. These results demonstrate our commitment to driving growth, innovation, and delivering exceptional value to our clients. We are proud to see our efforts recognised in the Brand Finance Ranking, where we were named as one of the Top 100 Corporates in Sri Lanka and Top Investment Banks.” Additionally, he added that the Group had also received the distinguished Great Place to Work® Certification™ for the 2nd consecutive year in recognition of their continued efforts to cultivate a supportive and inclusive workplace that promotes employee growth and well-being.
In conclusion, he expressed, “We have also taken significant strides in strengthening our leadership within our organisation. As part of these efforts, we have appointed Sachith Perera as the new CEO of our subsidiary, First Capital Treasuries PLC subject to regulatory approval. With his expertise and extensive experience, we are confident that Sachith will play a pivotal role in driving the growth of our government securities business.”
The Board of Directors of the Company declared an interim dividend of Rs. 2.25 per share, amounting to Rs. 911Mn for the year 2022/23 in April 2023, highlighting the Group’s dedication to creating value for its shareholders.
First Capital Holdings PLC is a member of the Janashakthi Group, focused on delivering ‘Performance First’ through its operations as primary dealer, corporate finance advisory, wealth management and stock brokering.
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, Minette Perera, Chandana de Silva and Nishan de Mel.