AMF delivers strong 9-month performance

• Sustains growth momentum and financial resilience for nine months ended December 2024

Associated Motor Finance Company PLC (AMF) has delivered a strong performance for the nine months ended December 31, 2024.

The company recorded significant profitability growth, reinforced balance sheet strength and a strong liquidity position, demonstrating strategic agility and prudent risk management.

Profit before tax increased by an impressive 133 percent, reaching Rs.781 million and profit after tax recorded a substantial growth of 135 percent, rising to Rs.393 million. 

Return on assets and return on equity stood at 5.25 percent and 15.25 percent, respectively and the capital base to the risk-weighted assets (Tier II) ratio reached 15.49 percent, exceeding the regulatory minimum requirement of 12.5 percent and demonstrating the company’s profitability and further improvement. 

Total assets expanded to Rs.20.39 billion and loans and receivables grew to Rs.12 billion, boasting a healthy credit portfolio and increased lending activity. Customer deposits reflected a significant growth, reaching Rs.15.46 billion, a testament to sustained customer confidence and trust in the company’s financial strength.

Furthermore, total equity increased by 12 percent, reaching Rs.3.63 billion and the net asset value per share stood at Rs.32.07, reflecting consistent value creation for shareholders. These financial achievements underscore the company’s strong foundation, prudent risk management and commitment to delivering long-term value to stakeholders. 

AMF maintained strong liquidity well above the industry standards, with liquid assets accounting for 31.54 percent of total assets and a short-term liquidity ratio of 198 percent, demonstrating its ability to meet immediate obligations with ease.

Recognising AMF’s financial stability and governance, Lanka Rating upgraded its credit rating from BB- (Stable) to BB (Stable).

“I am excited to lead AMF towards sustainable growth, customer satisfaction and market adaptability,” said Chairman Suren Goonewardene.

Director/CEO T.M.A. Sallay said, “Our performance reflects our team’s dedication and commitment to ethical practices.”

The board comprises Chairman Suren Goonewardene, Deputy Chairman Nalatha Dayawansa, CEO Mervyn Sallay, Shammalka Dayawansa, Shanil Dayawansa, Nilanka Pieris, Ranil Wijegunawardane and Tauchira Kandamby.