VB Holdings Ltd has completed its 76 years in business and the company has grown from $2.5 million in 2002 to $21.1m of total assets by financial year 2022.
In the company’s 2022 annual report VB Holdings Ltd managing director and chief executive officer Nitish (Bob) Niranjan said in the backdrop of strong recovery across all key segments, the company recorded a slight jump across performance parameters.
“Our standalone revenue increased to $3.1m from $2.9m in FY 2021, even after write-downs. Assets under fleet management reduced however revenue grew by 6.7 per cent, while property management assets remained unchanged, however revenue grew by 45 per cent.
“Meanwhile, total assets grew by 2.95 per cent during 2022,” said Mr Niranjan.
According to the annual report fleet management remains the largest segment of the business with the department generating 85 per cent of the total revenue.
The total revenue for the fleet division for the year 2022 was $2.2m compared with $2.1m in 2021 with this slight increase in lease revenue being a result of incoming and expiring corporate customers of operating lease agreements.
The property management division has been consistent and stable.
Mr Niranjan said the division which was the company’s core business over the past 76 years had contributed to 15 per cent of the total revenue.
According to the annual report the company recorded total revenue of $3.1m for the 2022 financial year.
The operating profit was recorded at $1.1m (2021: $0.60mn) which is a 97 per cent increase compared with the previous year.
Mr Niranjan shared that expenditure decreased from $2.3m to $1.9m in 2022 with the improvement mainly because of the impairment recovery.
Other highlights:
- Profit stood at $0.90m compared with $0.70m in 2021.
- The company’s total assets increased by $0.60m with total assets of $21.1m recorded in 2022.
- The net assets of the company increased by $0.50m and was recorded at a value of $19.3m at the end of 2022.
- Market capitalisation has also grown from $0.80m in 2002 to $16.03m at the end of 2022.
