FY September 2019 Financial Highlights
MMK 168.4 b
Record Revenue
Record revenue primarily driven by Financial Services business
MMK 7.1 b
Total Comprehensive Income for the six-month period
Increase in fair values adjustment of available-for-sale investment
MMK 253.2 m
Net Profit Attributable to Equity Holders
Driven by strong gross profit
41.1%
Gross Profit Margin
Improved gross profit margins in Financial Services
| FY Sep 19* | HY Sep 18** | % Change | |
|---|---|---|---|
| For the financial year (MMK '000) | |||
| Revenue | 168,432,139 | 130,534,069 | 29.0% |
| Gross Profit | 69,146,585 | 51,108,104 | 35.3% |
| Net Profit | 7,100,601 | 9,813,753 | (27.6%) |
| Net Profit attributable to Equity Holders | 253,177 | 6,553,802 | (96.1%) |
| Cash and Cash Equivalents | 384,154,922 | 222,155,112 | 72.9 |
| Earnings per share (MMK per share) | 9 | 246 | (96.3%) |
| As at 30 September 2019 (MMK '000) | FY Sep 19 | FY Mar 19 | |
| Non-Controlling Interests | 108,971,986 | 92,904,252 | 17.3% |
| Net Debt1 | 130,010,131 | 119,051,822 | 9.2% |
| Total Capital2 | 305,206,764 | 306,197,602 | (0.3)% |
* Audited financial report | ** Interim financial report
1 Net Debt is calculated as borrowings (excluding loans from non-controlling interests) plus trade and other payables less cash and cash equivalents
2 Total Capital is calculated as net assets attributable to equity holders of the company plus net debt
Revenue
Sources of Revenue
Gross Profit & Net Profit Margin
Core Operating EBITDA
Earnings Per Share
Net Asset Value Per Share
FMI Group Overview
The Group’s revenue for six-month report shows a 29.0% growth rate from MMK. 130.5 billion in HY Sep 2018 to MMK 168.4 billion in FY Sep 2019. The main reason for the growth is 25.5% increase in Financial Services from MMK 120 billion in HY Sep 2018 to MMK 150.6 billion in FY Sep 2019. The primary contributor for the increase in the Financial Services revenue is growing interest income from portfolio such as digital credit, home loan, microfinance and loan overdraft. Moreover, Healthcare Services has a significant increase in revenue from MMK 10.3 billion in HY Sep 2018 to MMK 17.6 billion in FY Sep 2019. The increase in Healthcare Services revenue is due to direct hospital service, ancillary service and equipment rental.
In FY Sep 2019, gross profit margin increases to 41.1%. The increase in margin is due to Yoma Bank lower interest expenses compared to revenue growth. Meanwhile, the gross profit margin from the Healthcare Services remain the same.
The Group administrative expenses increase by 18.7% from MMK 43.6 billion in HY Sep 2018 to MMK 51.7 billion in FY Sep 2019. The increase in expenses can be contributed to spending in information technology (“IT”) & communication, which reflects with one of the core values of the Group. In addition, the Group has also increased its employee benefits and compensation to recruit and retain the best talents. Finance expenses increase by 88.3% from MMK 2.6 billion in HY Sep 2018 to MMK 5.0 billion in FY Sep 2019.
For FY Sep 2019, the Group shows losses of MMK 1.8 billion because of fair value loss on investment property, losses on write off of property, plant and equipment, write-off of unsuccessful business and foreign currency exchange loss. In addition, there is a sharp decline in its share of profit from associates and joint ventures by 86.5% from MMK 14.5 billion in HY Sep 2018 to MMK 1.9 billion in FY Sep 2019. This is mainly due to decline in earning from real estate sector.
In FY Sep 2019, net profit declines by 27.6% to MMK 7.1 billion mainly due to Yoma Bank higher income tax expense. In addition, earnings per share for FY Sep 2019 declines to 9 Kyats because of lower net profit for the short six-month period and increase in average number of shares. In addition, the decrease is driven by decline in profit from the real estate sector.
The Group’s total current assets increase by 11.1% in FY Sep 2019 as compared to FY Mar 2019. The key generator for this growth is caused by increase in loan portfolio at Yoma Bank. Meanwhile, the total liabilities of the Group increase by 12.0% as compared to FY Mar 2019. The increase in liability is due to additional loan taken by the Company and Yoma Siloam Hospital Pun Hlaing Limited for new business development as well as retranslation of the Company’s US dollars denominated loan.