By Jithendra Antonio
With healthy profits and cash surpluses, the Richard Pieris Group is looking forward to expand its core businesses, in order to exploit emerging new opportunities.
Accordingly the latest financials of Richard Pieris (RICH) outlines that company had made an investment of Rs. 1.19 billion in property, plant & machinery and replanting during the year.
The company states that its retail sector aggressively expanded the supermarket chain, investing approximately Rs.500 million on Wattala and Kadawatha Super Centers.
“Further, the Group has subscribed for the rights issue of Asian Alliance Insurance PLC, making an additional investment of Rs.203 million” RICH notes in its annual report adding that it enabled the Group to maintain its associate status of its insurance arm.
“Asian Alliance Insurance is a comprehensive insurer that is rapidly gaining reputation for its superior products and excellent service,” the company states in its review adding that Asian Alliance Insurance Company (AAIC) completed yet another successful year with a 28% growth in turnover over the previous year.
In addition, the plantation sector has also incurred Rs.644 million on replanting during the year.
The Group made an investment of Rs.100 million in Richard Pieris Securities (Pvt) Limited and Richard Pieris Financial Services (Pvt) Limited to carry out stock broking and margin trading operations.
The financials highlight that the Group re-entered the financial services industry with the
formation of its fully-owned subsidiary RP Securities (Pvt) Ltd.
“The Group intends to be a dominant player in the financial services market domain by taking full advantage of its brand equity and infrastructure.”
source - www.dailymirror.lk
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