FMI records 68% profit surge, fuelled by financial, healthcare services

HALF-YEAR profit of the First Myanmar Investment Public Co Ltd (FMI Group) up to September 2023
increased more than 68 per cent, and the revenue rose 43.9 per cent compared with the corresponding period last year, the group said on 16 December. FMI earned K229.4 billion and K159.4 billion in this and the previous half of the financial year, respectively, up 43.9 per cent, mainly thanks to financial services (Yoma Bank) and healthcare services (Pun Hlaing Hospital Group). Yoma Bank earned K190.7 billion and K130.4 billion in this and last year’s half-financial year, respectively, a 46.2 per cent increase, mainly due to various bank loans and banking services. Pun Hlaing Hospital Group earned K 38 billion and K 29 billion in this half financial year and last year, respectively, increasing 31.4 per cent, mainly due to medical checkups, emergency treatment, and inpatient and outpatient medical services.

As a result, FMI Group made a gross profit of K90.9 billion, up 68.6 per cent compared with K53.9
billion last year. Memories Group, a travel agency of FMI Group, that has signed management contracts with famous buildings in Yangon, such as Boutique Hotel, Governor Residence and British Club, is expanding its resort services market amid the challenges of declining foreign tourist arrivals and slowing domestic tourism services, it also stated.

Source: The Global New Light of Myanmar

MDY Intl Trade Fair & Investment Forum 2023 fostering regional entrepreneurial connections

THE Mandalay International Trade Fair and Investment Forum 2023, held at the Mandalay Convention
Centre, has attracted numerous visitors, according to reports. The event, organized collaboratively by the Mandalay Region Chamber of Commerce and Industry (MRCCI) and the Chamber of Commerce of Dehong Prefecture, is slated to run from 9 am to 5 pm on 20-22 December. It serves as a crucial link, connecting Mandalay entrepreneurs with countries in the region. U Win Htay, Chairman of the MRCCI, stated, “Since representatives from ASEAN businesses came and showcased their enterprises, we believe our entrepreneurs will gain foreign connections. We signed MoUs with businesses from Viet Nam and China today.”

The event aims to identify business opportunities in Mandalay and encourage local micro, small, and
medium enterprises through business matching with foreign companies. Dr Tun Tun Aung, Managing Director of the Mandalay Myotha Industrial Park Development Company, said, “We exhibited the investment potential of our industrial park at this event. Positioned at the heart of Myanmar, it is accessible by land, sea, and air routes.” He invited everyone to the forum to witness the innovative ventures awaiting Mandalay’s future.

The forum features three discussions on investment potential in Myanmar: the agriculture and livestock
sector on 20 December, the hotel and tourism sector on 21 December, and the green energy MSME sector on 22 December. Visitors can explore over 240 exhibitions at the event, showcasing items ranging from household goods and medicine to solar and electric vehicles. Entertainment programmes, lucky draws, and game activities are also available to keep visitors engaged. Participating countries include Myanmar, China, India, Bangladesh, and Viet Nam.

Source: The Global New Light of Myanmar