The Wayamba Salterns PLC has recorded a revenue of Rs. 723.4 million in 2017.
Commenting on the unprecedented financial growth achieved during this financial year, Raigam Wayamba Salterns, Chairman, Executive Director Dr. Ravi Liyanage said in comparision to the revenue of Rs. 414.6 million recorded in 2016, this was the highest ever financial performances recorded by the Group.
This feat was due to the consumers attraction and loyalty towards Raigam products and the uninterrupted distribution of the products to all retail and wholesale outlets throughout the country, he said.
Dr Liyanage said the company was established in 2005 as the subsidiary of the Raigam Group of companies with the objective of developing the salt market in Sri Lanka and at that time the country’s salt market was dominated by Indian salt suppliers and this situation prompted them to start salt manufacturing in Sri Lanka.
He said since the company showed remarkable progress within a short period, in 2010 the company was listed at the Colombo Stock Exchange as Raigam Wayamba Salterns PLC .“We wanted to give the opportunity even to the general public to become owners of this venture,” Liyanage said.
He said the company issued 80 million shares at an affordable price of Rs 2.50 per share for anyone like school teachers or university students to become shareholders of the company by investing Rs. 2,500 the minimum subscription. “The share issue following the boom in the capital market in Sri Lanka was very successful and oversubscribed by 20 times.”
Dr Liyanage further said that there were bad experiences in the share market due to unethical attempts by some companies who entered the market to grab opportunities during the post war season.
“But the Raigam Wayamba Salters is proud to mention that the company could establish its market value and maintain the confidence of investors,” he said. Dr. Liyanage also mention about the severe slat shortage in the country in 2016 and said although many salt businesses came to a standstill, Raigam managed to service the market due to prudent stock management practices of the company.
He said the salt refinery and the Pure Vacuum Dried (PVD) salt plant which is located in Palavi, Puttalam is used to harvest raw salt and directly distributed from Western Region to Northern Region enjoying the comparative advantage of low distribution cost.
CEO/Executive Director Ganaka Amarasinghe refering to the state of the art Raigam Salt refinery in Hambantota District said that the raw salt harvest of this saltern is well enough to provide services to Southern and Uva Regions with a low operational cost.
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