Richard Pieris Finance achieves 80% PAT growth

Richard Pieris Finance has achieved a tremendous improvement in profit within just four years, with a profit after tax (PAT) of Rs.388 million, which is higher than the expected. It’s a huge escalation compared to last year, with an 80 percent growth of PAT. 

“Despite the sluggish situation in the market and the downturn in the economy, Richard Pieris Finance has achieved a remarkable surge, which has really kept the momentum,” said Richard Pieris Finance Ltd Executive Director/CEO K.M.M. Jabir.

Regardless of the many hurdles being experienced in the country and a gloom in the business climate, Richard Pieris Finance has risen very strongly. As a very young and rapidly growing company with its four years of existence, it is a historical record that such a young company has achieved a remarkable achievement in Sri Lanka, noted Jabir. 

“In the asset base, Richard Pieris Finance has achieved a 28 percent growth to the value of Rs.12.3 billion. The year 2017 has been very eventful because our subsidiary company, Chilaw Finance has been merged with Richard Pieris Finance and we have become a much bigger and a potent company,” said Jabir.

He added, “We must thank the Central Bank for all the support extended. Our branch network has now increased to seven and applications for another new six branches have been submitted for the approval from the Central Bank.”

The merger with Chilaw Finance has made Richard Pieris Finance to retain all the staff of Chilaw Finance, preventing any redundancy. Those staff members are highly potential having contacts and good relationship with clients in their locality. Richard Pieris Finance plans to provide excellent services to all those clients in Chilaw, Kurunegala, Kuliyapitiya and Dankotuwa. They also plan to set up a branch in Wennauppuwa. 

The established braches are in Kelaniya, Matara, Chilaw, Kurunegala, Kuliyapitiya and Dankotuwa. The new branches are to be established in Kohuwala, Panadura, Gampaha, Kandy and Kalmunai.
Richard Pieris Finance today stands tall and stable with its continuous growth momentum in terms of asset base and profit. The unity, quality of staff members and the continuous trust its clients have placed on Richard Pieris Finance has brought the company to this level.

The company now enters into the fifth year of operations and according to Jabir, Richard Pieris Finance is taking further steps to make the establishment more stable, by bringing in good governance and internal controls as required by the Central Bank to take the company to its next level of growth. 

Jabir also highlighted that Richard Pieris Finance continues to recruit more staff, providing opportunities to experienced and dedicated employees. The company’s other strength is keeping its staff in line with the current developments and enhancing their knowledge by providing on-the-job and off-the-job training on a very structured basis. 

“We have almost completely resolved the issues which we faced when we began nearly four and half years ago. Today, it’s a big operation and we have addressed almost all the issues which we faced when we began as a small company. Now we are ready for a bigger takeoff,” Jabir pointed out. 
This year, Richard Pieris Finance has ventured into a cutting-edge technology to provide a faster service to its customers with quick processes. The company has also entered into an agreement with LankaPay for ATM operations islandwide. 

Further, it has opened a savings account for all its prospective customers with ATM machines and automated online payment schemes. Richard Pieris Finance Limited is also utilizing the group synergy to assist manufacturers and suppliers of Arpico Supercenters in financing their working capital requirements to ensure their continuous supply 
to supercentres.  

Jabir also referred to another loan scheme, which is to be introduced in the supplier financing 
for manufacturers. 

“When they produce, they have to search for markets. Here, with the group synergy, the Arpico Supercentre will purchase their products, so that the manufacturers need not search for markets. We make the market readily available for such clients,” Jabir pointed out. 

He also added that Richard Pieris Finance is providing Islamic finance facilities to its customers, the performance of the dedicated Islamic finance Unit - ARIJ, has been exceeding all expectations, with an asset base growth at about 57 percent, compared to the previous year.

Expressing his views on plans to establish overseas branches, Jabir said that it’s a long-term plan and Richard Pieris Finance will have the branch network in the other parts of 
the world. 

“This is really the vision and dream of our Group Chairman Dr. Sena Yaddehige,” said Jabir.
Commenting on the corporate social responsibility (CSR) projects, Jabir said that during this period, Richard Pieris Finance has undertaken a number of projects such as flood-relief to schools in Horana, where it provided books, school bags and other items for affected children. In addition, donations were made for the flood-affected homes for the aged and hospitals in that locality.

“We highly appreciate the continuous advice and support provided by our Chairman Felix Fernandopulle and the board of directors in bringing Richard Pieris Finance to where it is today,” 
said Jabir.

He added that the Richard Pieris group has diversified into the finance sector by establishing Arpico Insurance, Arpico Stock Brokering Company and Richard Pieris 
Finance Ltd.

The Richard Pieris group is one of the largest and most successful diversified business conglomerates in the country. It is one of the renowned companies with an 84-year-old history and it is also one of the largest employment providers in the 
private sector.

The group enjoys its local market leadership in traditional sectors of rubber, tea, tyres, plastics, supermarket chain and oil palm plantations. Today it has developed a more global perspective through an intense campaign, designed to promote its products worldwide.

The vision of the Richard Pieris group is to be a market-driven and technologically-oriented diverse group. The group will organise and operate to continuously focus on exceeding the expectations of its customers, whilst excelling in 
its profitability.