People’s Merchant Finance profits after 08 years

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People’s Merchant Finance PLC (PMF) achieves its most significant milestone and a financial triumph by earning a profit before taxation of Rs. 100 million in the financial year 2020/21.

Historically, PMF’s financial performance has been average, and the company has been in a loss-making slump for the past eight years. However, the financial year ended 31 March 2021 has proved to be a focal point showcasing the potential of PMF and the success achieved by the company’s newly implemented five-year transformational strategies. 

Board of Directors | People's Merchant Finance PLC
Chairman Chandula Abeywickrema

Chairman Chandula Abeywickrema attributes PMF’s success to the strong backing from Sterling Capital Investments (Pvt.) Ltd., the progressive approach of the Board of Directors in implementing transformational stratagems, and the determination to succeed by the CEO and his management team. 

According to PMF CEO Nalin Wijekoon: “The numbers speak for themselves. The turnaround to profitability after eight years amidst the pandemic-related challenges, which caused a massive setback to the rural economy of Sri Lanka and the SME sector, is remarkable. We were able to provide innovative financial solutions and diversify our product portfolio by utilising our branch network efficiently to meet the evolving consumer demands. The rapid growth story and consistent profitability over the past three quarters reflect only the start of a long journey of value creation to all our key stakeholders driven by focused leadership.” 

The five-year strategic plan has seen many successful achievements and will enable the company to meet and achieve its goals in the coming years on a sustainable footing while becoming an industry-acknowledged symbol of perseverance. 

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