Dear Shareholders

I indeed feel very much privileged for having this opportunity to write a few words about the Company and our vision for its future on the occasion of the 13th Annual General Meeting of the Company for the year 2007. You are aware that Phoenix Finance & Investments Limited (PFIL) by this time completed a decade of success as one of the leading and reliable multi-product financial institutions since it began its journey in May, 1995 with the name "Phoenix Leasing Co. Ltd." It may be mentioned that the members from the general investors became the shareholders of the Company in September, 2007 after the Initial Public Offering of its shares. 

The country went through a changed political scenario in 2007 leading its economy to an unanticipated situation. However, you would be happy to note that the financial results of the Company for the year under review are quite acceptable and appreciable. During the said period PFIL attained its disbursement of Tk. 255.40 crore exceeding the target as against Tk. 212.00 crore of the previous year. The operational profit posted by the Company at the end of 2007 was Tk. 20.50 crore as against Tk. 14.80 crore of the year before. The outstanding investment (Lease/Loan) stood at Tk. 532.50 crore as on 31 December, 2007 as against Tk. 447.30 crore at the end of the previous year.

We feel encouraged to report that we are currently implementing a plan to restructure the organization of PFIL by horizontally broadening the structure with introduction of several new Divisions and Departments to ensure more smooth functioning of the organization, establish accountability for the continued congenial development of the organization. Besides, it aims to increase the organizational efficiency for responding to the ever-changing business needs in the financial sector for diversified financial products and services as well as ensuring good governance. We are very hopeful that with the implementation of the new organogram, the Company will be better equipped to achieve higher business targets for the current year and also more importantly in the years to come. The management is also pursuing a policy of opening new Branch offices of the PFIL in new locations at Dhaka and other places of the country at the soonest to further expand the business of the Company for catering to a much wider business needs and thereby create new business avenues.

I am really charmed for the support extended to me by all concerned since my joining the organization on the 1st of January, 2008, specially from all the members of the Board of Directors, the Chairman of the Company, and my colleagues in the management team. I humbly expect that the honorable shareholders of the Company will also extend their fullest supports to the management of the Company with their valuable suggestions to improve the performance  of the Company in the days ahead.

I assure the valued shareholders and the Board of Directors that my colleagues and myself will keep ourselves quite vigilant to provide more lucrative financial position and performance indicators for the Company.

Allah Hafez

S. M. Intekhab Alam
Managing Director