Sri Lanka’s leading medium sized conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments, Ambeon Holdings PLC recorded a revenue of 15.9 bn at group level compared to the 13.4 bn achieved during the corresponding period of 2018/19, resulting in a growth of 18%.
The Group further posted a Profit Before Tax (PBT) of 608 mn compared to the 140 mn which was a 333% increase compared to the corresponding period during the last financial year. This impressive achievement was reported from the unaudited interim financials achieved for the nine months period ending December 31, 2019.
The diversified Group which posted impressive financial results during 2018/2019, continued its winning streak by reporting 3.2 bn Gross Profit for the nine months reported compared to the 2.9 bn in 2018/19 and a Net Profit achievement of 319 mn for the said period. The Groups’ total asset increased by 3.2% from 22.6 bn to 23.3 bn for the period reported while its net asset value per share is currently at 22.51 as opposed to 21.70 as at March 2019.
The manufacturing sectors which comprise of Porcelain and Textile contributed 60% towards the final revenue, while the Technology, Real Estate and Financial Services sectors contributed the balance 40%,
with the technology cluster specifically posting impressive results. Out of all subsidiaries, Millennium IT ESP and South Asia Textiles Limited stood out as the key contributors towards the reported results.
“It was a challenging first nine months due to the impact of 4/21 compounded macro issues, which led to negative impact in investments and related decisions, both in the short and long terms. In addition to this, the rise in the cost of doing business in general posed further challenges for organizations,” Stated Murali Prakash, Group Managing Director/Chief Executive Officer – Ambeon Capital PLC and Ambeon Holdings PLC. “However, the Ambeon Group has always been building efficiencies across the operational value chain of all businesses with a special focus on cost and efficiency centred operational restructuring. In addition to this, the Group is implementing value based collaborative measures to retain key skills and engage people for growth.
The Technology cluster has made great strides by not only bringing better balance to the Group but also creating better opportunities and assisting to build sustainable, future proof business models. These have been the key ingredients which strengthened the group’s resilience and yielded positive results.”
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