Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) continued to demonstrate resilience amidst prevailing macro-economic conditions after reporting an impressive top-line growth of 54% YoY.
The Group recorded consolidated revenue of Rs. 7.3 billion during the first quarter of the current financial year (1QFY22) and Profit after tax (PAT) grew 88% to Rs. 1 billion. The revenue increase was mainly due to impressive performances in key sectors and acquisitions in both Healthcare and Consumer over the last financial year.
The Group’s Healthcare sector emerged as the largest contributor to Sunshine’s top-line performance, accounting for 54% of total revenue, with Consumer at 25%, and Agribusiness 19% of the total revenue.
Sunshine Group Managing Director Vish Govindasamy said, “The ongoing pandemic continues to impact every sector in the economy. However, as a Group, we are pleased to note that we displayed a resilient and entrepreneurial spirit in such difficulties. However, we will continue to face challenges in the short to medium term due to the negative economic impact caused by the pandemic and uncertainties in the macro-environment.”
During the period in review, Group’s Healthcare sector posted revenue of Rs 4 billion during the first quarter, a significant increase of 54% YoY backed by improved performance of Sunshine Pharmaceuticals, Sunshine Medical Devices and Healthguard Pharmacy. These business divisions result together with the contribution from the Akbar Pharmaceutical companies and Lina, the local pharmaceutical manufacturing division, resulting in the Group’s Healthcare sector PAT increasing by 58% YoY.
Spearheaded by brands like ‘Zesta’, ‘Watawala Tea’, ‘Ran Kahata’ and ‘Daintee’, the Consumer Goods sector reported a 68% YoY increase in revenue to close at Rs.1.8 billion. The revenue increase is mainly due to the contribution from the confectionary business.
The Agribusiness sector of the Group, represented by Watawala Plantations PLC (WATA), saw a revenue increase of 44% during the first quarter compared to the same period last year
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