Local company First Myanmar Investment has released its financial results for the 2016-17 fiscal year, announcing that its focus on a “three pillar” strategy has been key to the firm’s growth.
In 2014, the company announced that it would diversify its investments and focus on the three sectors of financial services, real estate and healthcare.
In a press release published on June 30, the company announced it has seen strong growth from Yoma Bank and Pun Hlaing Siloam Hospitals, which saw revenue growths of 53.6 percent and 23.1 percent. The release said that Yoma Bank remains the company’s largest revenue contributor.
The release added that Thanlyin Estate Development, which is responsible for developing the StarCity project in Thanlyin Township, had seen profits of 48 percent. The group saw net profits increase from K8.9 billion to 14.9 billion, an increase of 67.1 percent.
“Our strong financial performance this year is a testament to our “three pillar” strategy. We will continue to pursue this strategy in the coming years, while also placing greater emphasis on the tourism and infrastructure sectors,” said U Tun Tun, executive director of FMI, adding that the company will continue to look at potential joint ventures with international and local partners.