Vidullanka PLC reports PAT of Rs. 850 mln for 9-mths to 31/12/2021

Vidullanka PLC has reported a profit after tax of Rs. 850 million and a comprehensive income of Rs. 871 million for the nine months ended 31^st December 2021, as per the interim financial statements published in the Colombo Stock Exchange.

The profit was a 69 per cent increase compared to the corresponding period of the previous year while the comprehensive income rose by around 85 per cent for the same period previously, the company said in a media release.

Vidullanka PLC’s overseas segment, comprising both Muvumbe SHPP and Bukinda SHPP in Uganda, continues to be the best performing segment of the group as it contributed around Rs. 520 million in profits for the period. This contribution was a 76 per cent increase as opposed to the comparative period of the previous year. Accordingly, the group reported an overseas turnover of Rs. 1 billion, an 84 per cent increase from the Rs. 574 million turnover of the previous period. As such, the local hydropower segment also reported an increase in profitability by 90 per cent to Rs. 377 million in profits from a revenue of Rs. 826mn.

The addition of ground-mounted solar power to the group’s plant portfolio also contributed a profit of Rs. 2 million for this nine-month period. The supply and operations disruptions arising as consequences of the pandemic has resulted in Vidullanka’s Dendro power segment recording a loss of Rs. 39 million.

Vidullanka PLC, a major player in the Sri Lankan renewable energy space, continues in line with its future growth endeavours, locally and overseas. The company stands best positioned to capitalise on the opportunities arising from the Sri Lankan government’s initiatives to achieve the goal of generating 70 per cent of energy via renewable sources.