Sunshine Holdings reports strong results for FY22
View(s):Sunshine Holdings PLC has reported strong growth in top and bottom-line performances for the year ended 31st March 2022 (FY21/22).
During this year, the group posted consolidated revenue of Rs. 32.2 billion, up by 32.2 per cent Year-on-Year (YoY). Group’s Profit After Tax (PAT) also increased by 96.9 per cent to Rs. 5 billion, compared to Rs. 2.5 billion reported during the same period last year, it said in a media release.
Contribution from Healthcare, Consumer goods, and Agribusiness sectors to Group revenue stood at 54 per cent, 25 per cent, and 20 per cent, respectively. Healthcare sector recorded YoY growth of 37.1 per cent, while the Agri sector revenue was up by 64.6 per cent.
Commenting on the results, Sunshine Holdings Chairman Amal Cabraal said, “Coupled with the execution of forward-looking business strategies and impressive performances of all our business sectors, the group has been able to withstand the challenges and deliver exceptional results in this adverse operating environment”.
He said with Sri Lanka undergoing its worst economic crisis, shortages of food, fuel, cooking gas, medicines and other essentials due to lack of foreign exchange coupled with galloping inflation and power outages will severely impact people and business. “As such, in the short to medium term, as the country navigates out of the economic, political and social crisis, we expect the operating environment to be even more challenging and volatile,” he added.
The Healthcare sector recorded a revenue of Rs. 17.5 billion during FY21/22, a significant increase of 37.1 per cent YoY backed by the improved performance in Pharmaceutical, Medical Devices and retail segments, together with the contribution from the addition of Akbar Pharmaceuticals. EBIT for the sector was Rs. 1.6 billion with PAT of the sector increased by 29.9 per cent YoY.
The Consumer Goods sector reported a 13.2 per cent YoY increase in revenue to close at Rs. 8.1 billion in FY21/22. The revenue increase is mainly driven by the addition of the confectionery business segment via the acquisition of Daintee Ltd. The PAT of the sector increased by Rs. 12.4 million (2.6 per cent YoY) in comparison to the same period last year.
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