At the Galadari Hotel in Colombo in the presence of 300 shareholders, the Merchant Bank of Sri Lanka and Finance PLC (MBSL) held its 37th Annual General Meeting on 25.06.2019.
In the financial year ended 31 December 2018, the Company submitted to the shareholders the annual report and audited financial statements which were approved at the AGM.
MBSL achieved a sizeable pretax profit of Rs 447 million over the 2018 financial year compared with Rs229 million before tax as recorded in 2017. MBSL reported amazing economic outcomes. This represents a pre-tax profit increase of 95% compared to the respective economic outcomes from the preceding year, primarily due to the modifications made by the company to improve economic and operational resilience in mid-year terms.
After a tax development of 79.21 percent, the company saw a stand-alone rise of 71 million Rs to 181 million Rs.
The shareholder’s consent to re-elect K.B.S. Bandara on the Board has been requested and secured. In addition, it was approved by a shareholder that D.N.L Fernando should be elected director. MBSL has contributed to a number of public welfare causes over the financial year being reviewed, while reporting a solid economic performance, as an accountable corporate citizen.