Pioneering asset management company, VB Holdings, has achieved an operating profit above $1 million, the second time since its inception 71 years ago.
This was announced at the company 68th annual general meeting yesterday.
It recorded a turnover of $7.2 million in 2015 – a 34.82 percent increase from the $5.54 million recorded in 2014, and delivered total profit of $1, 577,816, compared to $1,532,777 in 2014.
Income from its property management business rose 11.78 percent with positive occupancy rates from improved market conditions, while its fleet management business grew to achieve a 54.55 percent increase during the year.
“Shareholders equity increased and as at the balance date, stood at $11.50 million from $10.50million,”CEO, Bob Niranjan confirmed.
“During the year, the Company’s share price also increased to a new record of $3.60 as at the end of the financial year, however last traded price is now $3.70.”
The AGM also saw the appointment of Ratnesh Singh to the company Board as a Director.