First Capital Holdings PLC. Current Financial performance and future outlook

First Capital Holdings PLC has demonstrated a strong financial performance in the nine months ending 31 December 2023. Here are the key points regarding their current financial performance and future outlook based on the provided context:

Current Financial Performance:

  • Profit After Tax (PAT): The Group recorded a Profit after Tax of Rs. 9.4 billion for the nine months ended 31 December 2023, which is a significant increase from Rs. 1.7 billion in the corresponding period of the previous year.
  • Profit Before Tax (PBT): For the 3rd quarter of 2023/24, the Group reported a Profit before Tax of Rs. 873 million.
  • Loss After Tax for the Quarter: Due to accounting for withholding tax on inter-company dividend of Rs. 825 million, the Group reported a Loss after Tax of Rs. 237 million for the 3rd quarter.
  • Trading Income: The Group’s Primary Dealer division contributed to a significant increase in the Group’s trading income for the nine months ended 31 December 2023 compared to the previous year.
  • Net Assets per Share: As of 31 December 2023, the Group’s net assets per share were Rs. 20.98, up from Rs. 15.05 on 31 March 2023.

Future Outlook:

  • Regulatory Assessments: The Department of Inland Revenue assessed VAT on financial services amounting to Rs. 250 million for the company for the year of assessment 2020/21. Additionally, First Capital Limited, a subsidiary, received an income tax assessment of Rs. 118 million for the year of assessment 2019/20.
  • Share Transaction: There was an intended transaction involving the sale of shares held by Janashakthi Limited in First Capital Holdings PLC, but it did not complete due to the lapse of stipulated timelines and the non-receipt of necessary regulatory approvals by the deadline of 23rd July 2023.
  • Market Performance: The stock price performance of First Capital Holdings PLC (CFVF.N0000) has shown positive trends with a 5-day increase of 14.48%, a 1-month increase of 25.46%, a 3-month increase of 21.00%, and a year-to-date increase of 21.00%. The 1-year performance was at 7.26%.
  • Global Outlook: The company’s reports caution about uncertainties related to the global outlook and advise stakeholders to use the latest available information when making assessments.

It is important to note that while the current financial performance is strong, the future outlook is subject to various uncertainties, including regulatory assessments and global economic conditions. Stakeholders should consider the latest information and adjust their evaluations accordingly.

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