Arpico Finance records year-on-year growth

Sanjeevi JAYASURIYA

Arpico Finance Company PLC, has completed another successful year recording commendable year- on-year growth. The customer service aspect also improved by the addition of three new heritage delivery channels to the existing network.

Addressing the 61st Annual General Meeting Arpico Finance Chairman Bri Ponnambalam said that during the year under review, pre and post profits were Rs 51.8 million and Rs 32 million respectively recording growth rates of 58 percent and 48 percent. The disbursements grew by 33 percent to record Rs 1,743 million. The credit assets which were an important driver of revenue stood at Rs 2,149 million from Rs 1,413 million an year earlier which translated to a 52 percent growth. The credit assets as a proportion of total asset were 75 percent.

The deposit base and total assets too grew respectively to Rs 1,700 million and Rs 2,872 million, with the corresponding growth rates being 36 percent and 42 percent. These results were a reflection of the efforts and hard work of the staff at all levels which remain the main strength of the company. These achievements have been attributed to the cohesive integration of personnel at all levels and the management who provided strategic leadership, Ponnambalam said.

“We at Arpico Finance consider our pivotal role being in the economic advancement of those with the least accessibility to credit and assuring protection to those providing funds to the company. Our specially designed three/two wheeler and DIMO Batta financing schemes helped economic empowerment of the target segment to reap the benefits of the growing macro economy.Our investments are mainly to feeder industries and individuals who provide primary support to the growing service economy such as transport and tourism.

Our success has been the adaptation to the macro economy through various strategies for steady and sustainable growth. Given the current positive economic environment, our strategic option at present is to accelerate growth and the company has been adding to its existing network of distribution channels to reach the depth and breadth of the target segment. We added heritage channels in Minuwangoda, Godagama and Mullaitivu together with other business partners during the year under consideration.

The development of IT infrastructure with wider accessibility will be another initiative for the forthcoming year. This focus is important if we are to realise cost efficiencies with geographical expansion, he said.