Sarvodaya Development Finance record profit growth of 147% | Daily News


 

Sarvodaya Development Finance record profit growth of 147%

Chairman SDF, Channa de Silva
Chairman SDF, Channa de Silva

Sarvodaya Development Finance (SDF), the financial services arm of the Sarvodaya Movement, recorded one of its best years of financial performance against one of the most difficult years ever experienced by the Sri Lankan economy.

SDF has recorded a year-on-year revenue growth of 14.4%, an operating profit growth of 48% and an after-tax profit growth of 147%.

“As you know, SDF profits do not go into private pockets. Our profits are principally given to our parent, the Sarvodaya Movement, which redistributes the money through various social development and poverty alleviation programmes. That is why the SDF team and I, are very proud of our performance. While we have directly helped people financially, we have also indirectly, through Sarvodaya, helped so many children, youth, men, women and elders, in need of help. I take this opportunity to also thank our customers for their trust and confidence in us,” said SDF Chairman, Channa de Silva.

For the financial year 2019-20, SDF recorded a total revenue of Rs 1.80 billion from its financial services which is a Rs 227.1 million increase from the revenue of Rs 1.57 billion in the 2018-19 financial year and the operating profits increased to Rs 232.1 million from Rs 156.7 million. Despite the higher taxes and growth in other operating costs, the company’s profit after tax grew by an impressive Rs 147.8 million, to reach Rs 101.7 million, against the after tax profit of Rs 41.2 million in the previous year.

SDF attributes the significant improvements in its financial performance to the extensive reorganisations executed within the last few years that have made the company more efficient and market driven. The company has invested heavily in training for its employees, introducing modern digital technologies in to its busines processes, and strengthening its risk management and recovery mechanisms.


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