The Company recorded an attractive profit of Rs. 261 million for 2014Q3 up from Rs. 125 million a year ago, a 108 percent YOY growth.
The consolidated quarterly profit for the Group was equally impressive with a growth of 84 percent, from Rs. 158 million in 2013Q3 to Rs. 292 million in 2014Q3. The first 9 months’ performance of the Group also recorded a similar growth trend as the revenue increased by 25 percent from Rs. 879 million (adjusted) to Rs. 1,102 million, whereas a 40 percent growth was recorded in profits to Rs. 746 million in 2014 compared to the adjusted profit of Rs. 532 million in 2013. The reason for the adjustment is due to NCAP Group recording an extraordinary profit during the 2013Q1 owing to income from investing approximately Rs. 6.7 billion in cash it received via the divestment of both direct and indirect stakes held in Aviva NDB Insurance PLC. However, this cash was returned to the shareholders towards the end of 2013Q1 and was not available for the Company for investments beyond that period. The outstanding performance in the first 9 months of 2014 was mainly fueled by efficient asset allocation and successful investment strategies.

The Group annualized ROE also increased to 15.21 percent in the first 9 months of 2014 from 10.76 percent in 2013. The Chairman, Ashok Pathirage while commending the impressive performance of the NCAP Group said that “Our Group has been able to support the capital market development of Sri Lanka by being a platinum sponsor for the CSE organized, Invest Sri Lanka – Investor Forum, held in October this year. Such events play a critical role in attracting foreign investments to the development of the market as well as the overall economy. NCAP Group will continue to contribute positively towards the development of the country’s capital markets”.

Vajira Kulatilaka, CEO said, “NCAP together with ACL and Trydan partners, entered into an agreement with Hemas Holdings PLC to buy its 75 percent stake of Hemas Power PLC. This latest addition to our medium term investment portfolio will provide diversification benefits to the Group”. He further commented “With our private equity initiative receiving all required approvals and commitments from the investors for their capital infusions to the Fund, NCAP Group is soon expected to launch the largest private equity fund in the history of Sri Lanka. The first closing of the fund will take place during the last quarter of 2014”. NCAP is a subsidiary of National Development Bank PLC.