Vidullanka reports a Profit After Tax of Rs.601 mln for FY 2020/21

Vidullanka PLC has announced its highest recorded Profit After taxes of Rs.601 million for the financial year ending March 2021 and an income of Rs.687.5 million. The figures are higher by 66 percent and 53 percent respectively in comparison to the previous financial year, the company said in a media release.

Following the addition of Bukinda (Uganda) SHPP to the company’s portfolio overseas, hydro power generation revenue has increased from Rs. 593 million to Rs.798 million for this financial year with the overseas segment contributing Rs. 379 million to the group bottom-line, an increase of 27 percent over the previous period.

Vidullanka PLC recently formed a joint venture with Windforce Limited and HiEnergy Services (Pvt) Limited in April 2021 to jointly develop a 10MW Solar power plant in Vavunathivu at a total capital investment of Rs. 1.4 billion. Further the company acquired Orik Corporation (Pvt) Limited, a company with approvals to develop a 1MW ground mounted solar power plant in Monaragala.

“Whilst the acquisition allowed Vidullanka PLC to secure majority shareholding in the company, Vidullanka is set to hold 87 percent ownership in the company in return for the investment in development of the said solar power plant and the balance 13 percent to be held by the initial shareholder. The company also has several rooftop solar power plants operational as well as under construction. Further, the company recently secured the rights to develop a 2MW ground mounted Solar power plant in Horana, through a competitive bidding process,” it said.

Vidullanka PLC, with a total installed capacity of 36.7MW has been strategically diversifying its investments in an array of renewable energy assets to optimise its returns to the shareholders. The company is successful in diversifying both technology-wise as well as geographically and is well positioned to take up the emerging opportunities amidst the turbulent business environment prevalent due to the pandemic, the release said.