Fincorp profits up by 98%, hits Rs326million

Fincorp Investment Limited (Fincorp) posted a consolidated profit after tax amounting to Rs 326.7 million for the financial year ended June 30, 2022, up 98.8% compared to last year (2021: Rs 164.3 million).

Fincorp Investment Ltd, a subsidiary of MCB Group Limited, is engaged in investing activities and is listed on the Stock Exchange of Mauritius since 1994.

Operating profit decreased from Rs 113.0 million to Rs 38.8 million, reflecting the significant drop of Rs 66.3 million in fair value gains on equity instruments.

Fincorp’s only subsidiary, MCB Leasing Limited, contributed Rs 74.7 million to the operating profit of the Group, 1.4% higher than last year (2021: Rs 73.7 million).

The contribution of the company’s associates improved significantly from Rs 64.4 million last year to Rs 300.9 million for the current year as a result of a much better performance at the level of Promotion and Development Limited.

As a result, Fincorp posted a consolidated profit before tax of Rs 339.7 million for the current financial year against Rs 177.4 million last year.

Fincorp’s profit after tax increased by 16.9% to Rs 67.0 million.