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JRG Securities net up 33.3%

KOCHI: Financial services provider JRG Securities Ltd. has registered an increase in net profit by 33.3 per cent to Rs.5.27 crore for the financial year 2008, up from Rs. 3.95 crore last year.

JRG Securities has recommended a dividend of 7.5 per cent.

Announcing the results for the fourth quarter and for the financial year 2007-08, the company said the gross income of JRG Securities grew by 87.8 per cent to Rs.51.14 crore.

Net profit of the company increased by 33.3 per cent to Rs. 5.27 crore in spite of providing Rs.5.57 crore against one-time expenses and debtor write-off.

The company incurred a loss of Rs.75 lakh in the fourth quarter even though the gross income increased by 68 per cent to Rs.12.24 crore mainly due to aggressive branch expansion and diversification into insurance and mutual funds sectors.

During the last financial year, Baring India had taken a 44.8 per cent equity stake in JRG Securities Ltd. by investing $35 million.

During the period, the equity capital of the company increased from Rs.12.79 crore to Rs.23.17 crore.

The company’s reserve increased by 320.8 per cent from 13.3 to Rs 55.99 crore. The book value of shares also rose to Rs. 30.14. JRG recently set up a NBFC with a capital of Rs.50 crore.

JRG Fincorp, a joint-venture company formed by JRG Securities Ltd. and Baring India, plans to fund the company’s business in securities and commodities.

JRG Securities Managing Director Regi Jacob said the company is on an aggressive growth mode and expanding into diversified financial sectors in India and West Asia.

He said in the last financial year, the number of branches of the company more than doubled from 52 to 119.

Mr. Jacob said during the current financial year, JRG plans to add another 100 branches. JRG currently has 1.75 lakh customers.

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