The 15th Annual General Meeting of Lanka IOC PLC for the financial year 2016-17 was held on June 29 in Colombo. During the past 15 years, the company has shared its rich experience of petroleum marketing with its valued customers thereby transforming the entire retail fuel selling landscape in the country.
The company has modernized the retail outlets to international standards ensuring customer delight, whenever they fuel their vehicles at LIOC retail outlets.
The AGM was concluded with unanimous approval by shareholders of all the agenda items proposed at the AGM including declaration of a dividend of Rs 1.25 per share.
While addressing the shareholders on the occasion of AGM, B. S. Canth, Chairman LIOC, said that the Government of Sri Lanka, under the dynamic and visionary leadership of the President of Sri Lanka and Prime Minister of Sri Lanka, is implementing an ambitious agenda to transform the nation into a strategically important economic power in the region and Lanka IOC sees for itself, a key role to play in fuelling the growth of the economy and in enriching the lives of the Sri Lankan public.
The company has achieved a total turnover of Rs 81 billion with 14% impressive growth over the previous year. Despite a challenging environment with regard to fluctuating petroleum prices, the company has delivered outstanding growth in earnings and value for shareholders. The Chairman emphasized the need of pricing formulae for auto fuels so as to ensure long term sustainable operations of oil companies in Sri Lanka and for the long term benefit to the economy of the country. The Chairman specifically mentioned that while the company continues to face various business challenges, their focus and commitment to community service remained steadfast and unwavering. He mentioned that corporate social responsibility is an integral part of company and it permeates throughout the organization.
The company recognizes its responsibility to make positive difference in the communities in which it operates. Its long-standing mission of serving the society created a solid pathway to Corporate Social Responsibility. In the year under review, the Company’s CSR programmes concentrated on the themes of education, health and environmental protection. LIOC also partnered with Sri Lanka Cricket as their official lubricant partner and sponsor of the Sri Lanka ‘A’ Team for the year 2017.
Lanka IOC also invested in improving service standards offered by the franchisee owned retail outlets. Regular training programmes were conducted in the year under review for retail outlet attendants to enable them to offer higher levels of service standard to customers.
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