Ambeon Group announces strong performance in 2018/19 FY 2018/19
View(s):Ambeon Holdings PLC, one of Sri Lanka’s leading medium sized conglomerates, has reported impressive growth throughout the 2018/2019 financial year as per the financial results released to the Colombo Stock Exchange recently.
The group is reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments, Ambeon said in a media release.
The diversified group posted financial results during 2018/2019, starting with the holding group showing a profit before tax (PBT) of Rs. 1.25 billion for 2018/19, almost 118 per cent growth when compared to its 2017/18 PBT of Rs. 571 million.
The Operating Cashflow before Working Capital changes surpassing Rs. 1.39 billion was achieved during the reporting year when compared to Rs. 918 million, a growth of 52 per cent. The group further recorded revenue surpassing Rs. 17.73 billion compared to that of Rs. 12.27 billion in 2017/2018, which was a growth of 45 per cent. Group Profit After Tax (PAT) was Rs. 864.5 million, a growth of 27 per cent when compared to the Rs. 681 million recorded last year.
“Ambeon Holdings is now well poised and financially stable to compete amongst the elite conglomerates in the country,” said A. G. Weerasinghe, Chairman – Ambeon Holdings PLC.
“As a dynamic and diversified group of companies, Ambeon Holdings has reaped the benefits of positive transformation through its financial results as reported, which act as testimony to its achievement,” he added.
These results in 2018/2019 came at the end of a financial year marked by renewal, as well as a number of future centric positive changes, that spanned the group.
“In FY 2018/19, Ambeon Group embraced change and experienced extensive restructuring initiatives including efficiency building measures and market development initiatives along with collective focus on optimized investments thereby increasing shareholder value,” added Murali Prakash, Group Managing Director/Chief Executive Officer – Ambeon Capital PLC and Ambeon Holdings PLC.
“We are pleased to state that our new positioning along with acquisitions in technology and financial sectors paved the way for greater growth and financial results during the year,” Mr. Prakash stressed.
The acquisition of Millennium IT ESP has steered the group positively with greater penetration through the tech business.
Acquired in December 2017, this financial year marks the company’s first full year of operations under the parent.
The 2018/2019 financial year also witnessed the revitalization of the Porcelain Sector comprising of Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Limited contributing 12.3 per cent towards the overall group’s revenue.
In addition to local market expansion, the group’s Porcelain companies also welcomed back old global partners from the US, thus taking pride in exporting Sri Lankan porcelainware to over 50 countries across the globe.