In a landmark achievement, First Myanmar Investment Co., Ltd. (FMI) announced its total revenues have exceeded Ks. 110 billion (USD93,630,900) this fiscal year, a 230% increase over the previous year.
According to an FMI statement, the company saw strong revenue growth from Yoma Bank and Pun Hlaing Siloam Hospital, which are part of FMI's ‘Three Pillar' strategy of investing in the financial services, real estate and healthcare sectors.
Despite a generally quiet real estate market this year, FMI's associate Thanlyin Estate Development, the developer of the Star City project, remained resilient. FMI's portion of profits from Star City amounted to Ks. 3.3 billion (USD 2,808,927).
Continuing its unbroken track record of dividend payments spanning more than two decades, FMI declared a cash dividend to shareholders of Ks. 135 per share this year. Shareholders will need to purchase shares by 4 July 2016 to be eligible for the dividend.
Moving forward, FMI will continue to set the benchmark for corporate governance in Myanmar. Managing the company in a fair and transparent manner in order to create long-term sustainable value for shareholders and the wider community is one of its core principles the statement said.
The company also looks forward to the continued expansion of Yoma Bank, which is focusing on corporate governance and technology in order to create sustainable growth. Wave Money, a joint venture between the company, Yoma Bank and Telenor is set to launch soon and is poised to become a force in Myanmar's nascent mobile payments sector.
Given the improved sentiment in the real estate market, the company also expects Star City and KrisPLAZA developments to record higher sales next year and intends to explore additional real estate projects.
Meanwhile, Pun Hlaing Siloam Hospitals will continue to move forward with plans for a nationwide hospital network working towards improving efficiency and quality at its existing facilities.
Commenting on today's results, FMI's Executive Chairman, U Theim Wai (Serge Pun) said, “FMI is in an excellent position to capitalise on the economic development of the coming years, and these results underscore our future potential. We have a clear business strategy focused on our ‘Three Pillars', and we continue to be the partner of choice for international companies looking to expand in Myanmar. With our focus on good corporate governance and transparency, we have created a solid foundation for growth. The future looks very bright for FMI.”