Richard Pieris Finance reports resilient performance for fiscal year 2021/22 – The Island
Richard Pieris Finance Limited, a 100% subsidiary of the Richard Pieris group and the only finance arm under the famous Arpico brand, delivered solid financial performance for the 2021/22 financial year, in a difficult economic environment. Supported by the company’s committed workforce and prudent management strategies, Richard Pieris Finance’s pre-tax profit (PBT) increased by 283% to Rs. 444 Mn, compared to the previous year. The company also saw its revenue increase by 16% to Rs 2,441 million during the period. The deposit base and asset base of the company also increased during the year to Rs 9,910 million and Rs 17,927 million respectively.
Discussing the achievements and milestones of the year, Lohika Fonseka, CEO of Richard Pieris Finance Limited said, “We are pleased to inform all of our stakeholders that the management of Richard Pieris Finance Limited has successfully guided the company to through some of the toughest times our nation has ever faced. We intend to continue on this trajectory, building on our achievements. Backed by our digital drive, the company gained CEFTS and JustPay membership during the year for added convenience to customers. Additionally, we launched several new products, including pawning, to expand our portfolio. In addition, to carry out our plans, we have transformed three outlets into full-fledged branches in 2021/22 to provide better service to our valued customers. During the year, Richard Pieris Group infused Rs. 280 million of equity capital to strengthen the company’s Tier 1 capital base and the company successfully completed a debt capital injection of Rs. 1 billion to improve the Tier-2 capital base, which has positioned the company well above its peers in terms of capital adequacy. While maintaining stability and resilience, we look forward to continued expansion of our business as we pivot and position ourselves to meet the challenges ahead, while always focusing on customer convenience.
Underscoring the stability and strength of Richard Pieris Finance Limited, the company has been rated with the coveted AA-(RWN) by Fitch Ratings Lanka Limited, one of Sri Lanka’s leading credit rating agencies. The company has appointed Kithsiri Wanigasekara as Chairman, who is a seasoned financial services industry professional, alongside Shantha Wijeweera, Kithsiri Wijeyaratne, Asoka Keppetipola and Kelum Senanayake to guide and support the company’s management team. , in order to navigate skillfully and efficiently in today’s turbulent economic environment. . Richard Pieris Finance Limited’s corporate management team comprises financial industry professionals from multiple disciplines, including seasoned bankers and legal professionals. Operating within a resilient corporate governance structure while maintaining strong internal controls related to risk management, compliance and supported by digital transformation, Richard Pieris Finance Limited is confident in maintaining its momentum of growth in the future.
Richard Pieris Finance Limited offers Sri Lankans a full range of financial products and services including Fixed Deposits, Savings, Leasing, Islamic Finance, Business Loans, Personal Loans, Pledge, furniture financing and digital financing solutions. The Richard Pieris Group is a diversified business conglomerate with a rich history spanning over 90 years, having its arms spread across multiple sectors including manufacturing, plantations, financial services, exports, FMCG, logistics and retail. Its flagship brand, “Arpico Supercentres”, has been one of the strongest local brands in Sri Lanka for over 50 years, serving the community with a diverse range of products. A melting pot of talent, home to a workforce of over 27,000, Richard Pieris and Company PLC is one of Sri Lanka’s largest private sector employers.