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People’s Merchant Finance achieves a profit of Rs.100 mn after an eight-year loss

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Historically, PMF’s financial performance has been average, and the Company has been in a loss-making slump for the past eight years. However, the financial year ended March 31, 2021, has proved to be a focal point showcasing the potential of PMF and the success achieved by the company’s newly implemented five-year transformational strategies.

The Company’s leadership is elated to have broken an 8-year loss-making streak in a financial year inundated with challenges that abounded across countries, economies, and people triggered by the outbreak of the COVID-19 pandemic.

Chairman Chandula Abeywickrema said, “the journey we began in mid-2019 has progressed according to plan with the intended turnaround in performance aligned to the five-year strategy roadmap. The results we have achieved in this financial year, the first full year of operations, showcases the inherent potential which has infused into the company’s processes and systems.”

PMF’s CEO Nalin Wijekoon said, “The turnaround to profitability after eight years, amidst the pandemic-related challenges which caused a massive setback to the rural economy of Sri Lanka and the SME sector is remarkable. We were able to provide innovative financial solutions and diversify our product portfolio by utilising our branch network efficiently to meet the evolving consumer demands.”

“The rapid growth story and consistent profitability over the past three quarters reflect only the start of a long journey of value creation to all our key stakeholders driven by focused leadership”.

“The five-year strategic plan has seen many achievements and will enable the company to meet and achieve its goals in the coming years on a sustainable footing while becoming an industry-acknowledged symbol of perseverance. The focus on improving governance structures and customer services together with increasing digitalisation and an enhanced product portfolio will enable the company to continue its long-term growth plans on a sure footing.”

Source DailyNews
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