 Ma Foi deepens presence in Mid-East
Ma Foi Management Consultants Ltd, India's largest staffing and HR service provider, has announced a joint venture partnership with IBD Oman. Christened ‘Ma Foi Management Consultants & Partners (MMC&P) LLC’, this is a 70:30 partnership with Ma Foi being the majority stakeholder.
Ma Foi has
entered into a joint venture partnership with IBD
Oman.The new organization is named 'Ma Foi Management
Consultants & Partners LLC'. seen in the picture on
the occassion of the signin up are: (L-R) His
Highness Mohammed Ali Al Said, MD of IBD Oman and CMD,
of the newly formed Company, Mr. Pandia Rajan CEO and
MD, Ma Foi Management Consultants LTD. and Mr. Amer Al
Suleimani, founder IBD Oman |
MMC&P will
focus at acquiring large businesses from oil and gas and
infrastructure industry. The company would also partner with the
Government of Oman to improve and enhance employability of the
Omani youth through career skills training programmes. T Raj
Kumar will head the Oman Operations as the CEO.
Financial highlights - Q1 Jan - March 2006
(Unaudited):
Gross revenue up from Rs 40.61 crore (Jan 05 - March 05) to Rs 68.62 crore (Jan 06 - March 06) 69 % growth
Net revenue up from Rs 12.39 crore (Jan 05 - March 05) to Rs 19.93 crore (Jan 06 - March 06) 61% growth
PBT up from Rs 0.62 crore (Jan 05 - March 05) to Rs 1.62 crore (Jan 06 - March 06) 161% growth
India entry businesses boost staffing business
With India being a preferred destination for global corporates, international assignments boosted the bottomline. Ma Foi emerged preferred vendor for a number of US and Europe-based MNCs setting up their base in India from sectors spanning BFSI, telecom, BPO and manufacturing segments. Ma Foi currently services over 163 Fortune 500 clients of which 30 are Fortune 50.
This can be attributed to Ma Foi’s presence through subsidiaries in critical markets in the Far East, Gulf, US and Europe.
Performance highlights - Q1 2006
Ma Foi continues to retain its leadership position in specialist staffing sector with over 19,250 deputees currently on its rolls. During the first quarter, 2,641 permanent placements were executed increasing the total personnel placements to over 86,969 across 31 countries.
Services sector continued to rule as the largest contributor with over 238 assignments of the total 799 new signups this quarter. The key highlight of the quarter was the flexi staffing mandate that was clinched, despite stiff competition, from one of the leading MNC mobile phone manufacturer who is in the process of setting up a plant in India. During the quarter, the staffing business capitalised on the opportunities from emerging sectors like KPO, aviation, stock broking and chip designing.
Ma Foi Academy, post integration with the Staffing Solutions Group, has registered significant growth with consolidation by business associates and increased exposure in corporate training programmes for IT and ITES companies.
Ma Foi Global Search Services Ltd (MGSSL), the search subsidiary of Ma Foi, made 20 successful closures during the quarter, thereby taking the total placements till date to 681. During the quarter, Search witnessed its highest ever billing through the successful completion of a CEO mandate for the world's largest health and beauty retailer, and a wholly-owned subsidiary of Hong Kong-based multinational conglomerate for their Indian operations.
MEtS, a comprehensive study on employment outlook carried out every quarter by MGSSL, has been linked to macro economic parameters with research inputs by ISB Hyderabad. Converted into a half yearly exercise, the next edition for the period July to December will be released by June 2006.
The HR Outsourcing business of Ma Foi Consulting Solutions Ltd (MCSL) witnessed business coming in from overseas payroll assignments primarily from the Middle-East based trading houses. Over 80,000 records were processed by the payroll unit as in March 2006. The RPO unit continued to received fresh mandates from the US, Europe and Australia.
MinVesta, the IT arm of Ma Foi, bagged a large HR software development mandate from one of the leading staffing majors in Australia and the project commenced in the month of March 2006.
Operating performance by geography and industry sector
The overseas operation’s contribution to the top line increased by 66% in Q1 of 2006. The quarter witnessed some of the largest international assignments come through from the Asia-Pacific, Middle-East, Europe and US.
Ma Foi Middle-East won a prestigious mandate to recruit cabin crew for a leading national carrier of Qatar. While talent will be sourced across India, Dubai, Sri Lanka, Malaysia, the UK and Singapore, the ramp up is to be executed over a period of three-and-a-half months.
Ma Foi London signed up with leading auto manufacturer in Germany for an exclusive turnkey project covering executive search, staffing, assessment, consulting and outsourcing.
Ma Foi is a 13-year-old public limited company. Having started in 1992 in Chennai with a focus on recruitment services, it has grown to become the largest HR services provider in India. It is committed to offer people and people-related services, enhancing the net worth of human capital. Currently, Ma Foi has a presence in eight countries through 65 offices - India, UAE, UK, Singapore, Sri Lanka, Malaysia, Oman and the US, and over 1,334 clients including 163 Fortune 500 Companies. Ma Foi had posted revenue of Rs 213 crore for the year ended December 2005.
For further details on Ma Foi, visit
www.mafoi.com
R Rangaraj
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