Senkadagala annual performance up by 100%

PROFIT: Senkadagala Finance has just posted after-tax profits of Rs. 208 million, the highest ever achieved in its 38-year history. The figure represents an increase of 117.6 percent over the previous year's. The company's income, too, nearly doubled, growing by 96 percent to Rs. 604 million. This is the third consecutive year of record results at Senkadagala Finance.

Total assets increased by 99 percent, ending the year at Rs. 4.2 billion or Rs. 21.40 net per share. The share capital of the company rose from Rs. 53.3 million to Rs. 213.4 million, due mainly to capitalization of retained profits. Per-share net earnings were Rs. 9.75 and a dividend of Rs. 4.00 per share was declared.

Senkadagala offers a wide range of financial products, largely financed through asset securitization. However, the bulk of the year's increase has come from expansion in the company's core business of leasing and hire purchase, explains the spokesman.

This expansion is geographical as well as financial, with regional markets for both businesses opening up rapidly.

To meet this rising demand, Senkadagala added six more branches to the company's network during the past year.

A further six will be opened during the course of 2006-2007, bringing the total number of Senkadagala branches islandwide to 20.