April 20, 2018 11:10 PM ET

Diversified Financial Services

Company Overview of CIM Financial Services Ltd

Company Overview

CIM Financial Services Ltd provides financial solutions to individual consumers, SMEs, and large corporates. The company operates through Finance, Property, and Investments segments. The Finance segment provides consumer credit, leasing, credit card acquiring and issuing, factoring, deposit taking, and foreign exchange dealing services. The Property segment manages and rents properties, and land assets. The Investments segment imports and distributes consumer electronics and household appliances; and offers IT related services monitoring, performance monitoring, and statutory reporting, as well as support to SBUs. The company was incorporated in 2005 and is headquartered in Port Louis, Mauri...

33, Edith Cavell Street

Port Louis,  11324

Mauritius

Founded in 2005

Phone:

230 213 7676

Fax:

230 213 7677

Key Executives for CIM Financial Services Ltd

CIM Financial Services Ltd does not have any Key Executives recorded.

CIM Financial Services Ltd Key Developments

CIM Group Reports Unaudited Group Earnings Results for the Third Quarter and Nine Months Ended June 30, 2017

CIM GROUP reported unaudited group earnings results for the third quarter and nine months ended June 30, 2017. For the nine months, the company reported net interest income of MUR 500.9 million against MUR 388.0 million a year ago. Net operating income was MUR 1,041.5 million against MUR 927.4 million a year ago. Operating profit was MUR 318.6 million compared to MUR 291.6 million a year ago. Profit before tax from continuing operations was MUR 2,786.6 million compared to MUR 368.1 million a year ago. Profit attributable to owners of the parent was MUR 2,891.6 million or MUR 4.24 per share against MUR 503.7 million or MUR 0.74 per share a year ago. Net cash flow generated from operating activities was MUR 426.7 million against MUR 743.6 million a year ago. For the quarter, the company reported net interest income of MUR 170.2 million against MUR 133.7 million a year ago. Net operating income was MUR 346.1 million against MUR 334.0 million a year ago. Operating profit was MUR 120.4 million compared to MUR 109.1 million a year ago. Profit before tax from continuing operations was MUR 2,583.0 million compared to MUR 110.3 million a year ago. Profit attributable to owners of the parent was MUR 2,600.6 million or MUR 3.82 per share against MUR 166.6 million or MUR 0.24 per share a year ago.

CIM Financial Services Ltd Announces CEO Changes

CIM Financial Services Ltd. has appointed Mark Van Beuningen as its group CEO designate. Beuningen will become group CEO with effect from Oct. 01, 2017. Beuningen will replace Paul Leech. Currently, Beuningen serves at CIM Finance Ltd. as managing director. He has also worked with The Boston Consulting Group, Macquarie Bank and KPMG.

Cim Financial Services Limited Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2017

Cim Financial Services Limited announced unaudited earnings results for the second quarter and six months ended March 31, 2017. For the quarter, the company reported net interest income of MUR 173.8 million compared to MUR 135.2 million a year ago. Net operating income was MUR 360.6 million compared to MUR 300.6 million a year ago. Operating profit before impairment was MUR 137.9 million compared to MUR 124.1 million a year ago. Operating profit was MUR 100.6 million compared to MUR 91.4 million a year ago. Profit before taxation from continuing operations was MUR 100.6 million compared to MUR 115.1 million a year ago. Profit for the period from continuing operations was MUR 78.1 million or MUR 0.11 per share compared to MUR 94.3 million or MUR 0.14 per share a year ago. Profit for the period was MUR 145.7 million compared to MUR 152.2 million a year ago. Profit attributable to owners of the parent was MUR 148.7 million or MUR 0.20 per share compared to MUR 154.1 million or MUR 0.23 per share a year ago. Net operating income from continuing operations has shown a 19.6% increase over the corresponding quarter last year with healthy increases in both the Finance and Property clusters. For the six months, the company reported net interest income of MUR 330.7 million compared to MUR 254.3 million a year ago. Net operating income was MUR 695.4 million compared to MUR 592.5 million a year ago. Operating profit before impairment was MUR 276.5 million compared to MUR 251.6 million a year ago. Operating profit was MUR 198.2 million compared to MUR 182.5 million a year ago. Profit before taxation from continuing operations was MUR 203.6 million compared to MUR 257.8 million a year ago. Profit for the period from continuing operations was MUR 158.6 million or MUR 0.23 per share compared to MUR 221.4 million or MUR 0.33 per share a year ago. Profit for the period was MUR 284.9 million compared to MUR 333.2 million a year ago. Profit attributable to owners of the parent was MUR 291.0 million or MUR 0.42 per share compared to MUR 337.1 million or MUR 0.50 per share a year ago. Net cash flow used in operating activities was MUR 920.7 million compared to MUR 892.0 million a year ago.

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