In its first year reporting as a consolidated Group of Companies, First Myanmar Investment Co., Ltd. (“FMI”) announced total revenues of Ks. 33.3 billion, a 199% increase over the previous year according to a press release from the company.
Profit from operations, including contributions from FMI’s associates, was Ks. 13.7 billion, driven by strong results in the financial services and real estate sectors. FMI completed a substantial restructuring of its investments during the year, which resulted in a stronger, more focused portfolio. Continuing its record of paying dividends to shareholders every year since inception, FMI has declared a cash dividend of Ks. 120 per share.
FMI’s future focus will be on the financial services, real estate, and healthcare sectorswhile also maintaining smaller investments in other attractive areas.
In the financial services sector, FMI announced the completion of its acquisition of a 51.0% stake in Yoma Bank. Yoma Bank recorded stellar results during the 2014-2015 fiscal year, with net profit before tax rising 363%. The bank continued its program of hiring well-qualified local and international bankers, and now boasts one of the strongest management teams in the country.
In real estate, FMI’s investment in Thanlyin Star City saw continued success, with 93% of the units in Zone B being sold at the end of the fiscal year. Galaxy Towers, a new phase in Star City’s development, was launched in February and has seen solid demand from buyers looking for international-standard apartments in a clean, green, riverside environment. FMI also announced progress on KrisPLAZA Naypyitaw, the company’s first development in the capital, and its new 20% stake in Meeyahta International Hotel Limited, a company involved in the Landmark Project in downtown Yangon.
In healthcare, FMI announced the finalization of its partnership with the Lippo Group, with FMI now owning 60% of the newly renamed Pun Hlaing Siloam Hospital (“PHSH”). PHSH has undergone a major revitalization over the past year, and now boasts 174 beds, up 83% from 95 beds previously. The hospital has also purchased new equipment and established an international-standard 24/7 emergency services department which includes fully-equipped ambulances. PHSH has also adopted a ‘full- time salaried’ model for its doctors, meaning the doctors working at PHSH do not rotate to other hospitals. The current PHSH facility is the first in a broader nationwide network, with up to 20 hospitals anticipated over 10 years.
FMI also maintains a portfolio of investments in aviation, tourism, retail, special economic zones and agriculture. With increased prosperity nationwide, the company expects continued results from these sectors.