Mercantile Investments wins three prestigious International accolades at ARC Awards
As an organization renowned for winning awards in the corporate world for producing exceptional annual reports, Mercantile Investments and Finance PLC (MI) excelled in financial reporting this year once again. The company won three international awards at the prestigious ARC Awards 2016 held in New York USA, affirming the global excellence for its 2016 Annual Report, “A Model for Financing Life”. MI bagged the Silver Award, for the best Non Traditional Annual Report (Financial services : General), Bronze Award for the best report under “Printing and Production”( Financial services : General), and Honors for the Financial Data in the same segment. This follows MI’s recent feat at the Integrated Reporting Awards 2016, organized by the Institute Certified Management Accountants of Sri Lanka (CMA), where the same report won the All Island Integrated reporting Bronze Award, surpassing cream of corporates in the process.
As a premier Finance Company in the industry, MI has stood committed in enhancing financial reporting standards over the years, and made tremendous strides every year in upgrading reporting parameters in line with the local and international standards and best practices. Moreover, the company upholds integrated thinking and for better decision making has incorporated its ideologies to its corporate planning process. This has already guided the company towards a sustainable business journey, promoting also greater cohesion and efficiency in corporate reporting and most of all supporting long term value creation for its stakeholders.
Based on latest published financial results, the company continued to show business solidity, recording commendable business growth, whilst posting robust profitability levels for the for the six months ended 30th September 2016. MI’s Pre-Tax Profit and Post- Tax Profits stood robustly at Rs 372 Million and Rs 273 Million respectively. The company maintained a sound 15 % growth in its lending portfolio during the first half of the financial year, optimizing on its attractive diverse lending product mix and by leveraging on its internal strengths.
Having being in Finance business for over fifty years, MI’s financial strength and stability remained solid, reflective from its strong capital base which exceeded Rs 8 Billion. MI’s Core capital adequacy ratio and total risk weighted capital adequacy ratio stood well above the prudential requirements of 5% and 10% at 18.32% and 14.81% respectively.
Mercantile Investments and Finance PLC is a Licensed Finance Company under the Finance Business Act No. 42 of 2011, listed on the Diri Savi Board of the Colombo Stock Exchange.