The Hindu Business Line : Manappuram Finance to give 12 pc dividend

THE Manappuram General Finance and Leasing Ltd (MAGFIL), the flagship company of the Thrissur-based Manappuram group, has recommended a dividend of 12 per cent on its paid up capital of Rs 4.5 crore for the year 2004-05 as against 11 per cent last year.

The company has made a record profit after tax of Rs 2.8 crore during the year, inclusive of a net profit of Rs10.76 lakh reported by Manappuram Insurance Agents and Brokers (Pvt) Ltd, a wholly owned subsidiary of the company.

Mr V.P. Nandakumar, Chairman and Managing Director of the group, pointed out that the net profit for the year registered an increase of 58.63 per cent over the previous year's Rs 1.75 crore. The total business of the company rose to Rs142.46 crore as on March 31 against Rs115 crore the previous fiscal.

At present the company has a network of 93 branches spread across eight States.

The geographical spread and functional reach of the group is consistent with its vision to become a strong national player and full-fledged financial super market in three years time, Mr Nandakumar said.

The public deposit programme of the company has been rated `MA' by ICRA, indicating adequate safety to depositors, he added.

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