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Ma Foi Registers 56% Growth |
For Immediate Release
January, 2005 |
- Retains Leadership in Temp-Staffing
- Temp employee count scaled up from 5571 (Jan 2004) to 10054 (Dec 2004) across 490 locations
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Chennai, January 2005 : Ma Foi Management Consultants Ltd, India's largest staffing and HR Service Provider has closed the financial year 2004 - 2005 with global gross revenue of Rs. 122 Crores registering a growth of 56% over last year. Ma Foi continues its leadership in temp staffing with 10054 temp staff currently on its rolls.
Financial Highlights - FY Jan - Dec 2004:
- Gross revenue up from Rs.78.5 Crores (Jan 03 -Dec 03) to Rs. 122 Crores (Jan 04 - Dec 04)
 56%
- Net revenue up from Rs. 24.6 Crores (Jan 03 -Dec 03) to Rs. 40 Crores (Jan 04 - Dec 04) 63 %
- PBT up from Rs. 2.6 Crores (Jan 03 -Dec 03) to Rs. 3.9 Crores (Jan 04 - Dec 04 50%)
Staffing Solutions Group and the Executive Search Business were the key contributors for this year's growth.
Performance Highlights:
Temp Staff Count scaled up from 5571 at Jan 2004 to 10054 by December 2004 and the total placements increased from 27997 at the start of the year to 47860 by the end of 2004 with 1800 as the average number of hiring per month across locations.
The Executive Search Business successfully completed 62 assignments of which 12 where at the CEO / COO Level. This has scaled up the number of Search placements till date to 577. Maximum placements where made in the IT / ITES Segment, followed by Consumer/Retail and others.
Ma Foi Dubai initiated the first cross-border flexi staffing assignment for the National Airline of the UAE by deputing candidates in Mumbai, India.
The Company also facilitated leading MNCs, especially in the Financial Services Sector to establish presence in India and Sri Lanka.
FY 2004 - 2005 was a period of aggressive expansion in the domestic and international markets. Ma Foi opened business partner operations in 10 locations in India and also expanded its presence to Sri Lanka and Malaysia. Ma Foi presently has 42 offices in the country and 5 overseas subsidiaries in London, Dubai, Singapore, Colombo and Malaysia.
Ma Foi's HR Consulting business won the National Award for Best Consulting Project in 2003 by the Consultancy Development Centre (CDC) for the execution of the World Bank aided Maharashtra Health System Development Project (MHSDP). Based on the success of the pilot project, the division has now been awarded the mandate for the entire state of Maharashtra.
Ma Foi Signed an MOU with the Government of Orissa for imparting career training to the ITES aspirants in the State to enhance employability of graduates in the State. This is a part of the Orissa Government's initiative to invite investment in the ITES Sector in order to create employment opportunities.
New Initiatives
- Ma Foi Academy, the Career Training Division was formally launched to cater to Software and Call Center / BPO training needs.
- Vendor Management Services was launched as specialized service offering to meet the niche requirements of clients
- Ma Foi Employment Survey (MEtS), India's First Employment Survey was launched in November 2004. MEtS, a Quarterly study on Indian employment trends and opportunities, is the largest and comprehensive study undertaken to understand the employment trends in the organized sector for the first time in the Indian subcontinent.
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Management Outlook:
Keeping in mind the emerging trend in the HR Industry, the Consulting and Outsourcing businesses of Ma Foi have been merged to form the new entity - Ma Foi Consulting Solutions Ltd. offering services at the higher end of the HR Value Chain viz. Consulting, BPO and Technology.
Note to Editors :
Ma Foi is a 12-year-old public limited company. Having started in 1992 at Chennai with focus on recruitment services, Ma Foi has grown to be the largest HR services provider in India. Ma Foi is committed to offer people and people related services, enhancing the net worth of human capital. Ma Foi presently has 42 offices in the country and 5 overseas subsidiaries in London, Dubai, Singapore, Colombo and Malaysia, and over 880 clients including 124 Fortune 500 Companies. Ma Foi has posted revenue of Rs.84.56 Crores (Approx US$18.79 million) for the year ended March 2004.
For further details on Ma Foi visit www.mafoi.com.
Vedior is one of the world's largest recruitment companies and is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. Annual sales for 2004 were €6,467 million. From its global network of offices spanning Europe, North America, Australasia, Asia, South America and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training. Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. In order to meet client requirements for all categories of personnel, we also have a significant global network providing administrative/secretarial and light industrial recruitment.
For further details on Vedior, visit : www.vedior.com.
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Post Vedior's Investment Ma Foi has aligned with Vedior's FY of January to December.
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