The Hemas Group reported consolidated revenue of Rs. 64.1 billion for the year ended March 31, 2019, indicating a Year-on-Year (YoY) growth of 28.5%. Group operating profit stood at Rs.5.7Bn, a growth of 33.4% over the previous financial year.
The profit attributable to equity holders of the parent at Rs. 3.4 billion is a YoY growth of 25.4%.
The Group reported consolidated revenue of Rs.64.1 billion for the year ended March 31, 2019, indicating a Year-on-Year (YoY) growth of 28.5%. Group operating profit stood at Rs. 5.7 billion, a growth of 33.4% over the previous financial year. The profit attributable to equity holders of the parent at Rs. 3.4 billion is a YoY growth of 25.4%.
“The Easter Sunday blasts and the on-going challenging security situation in the country remains a major concern for all of us. We are trying to help those directly impacted and are also taking steps to ensure the safety of our staff and business. We applaud the hard work of the security forces in their efforts to ensure the safety and security of all,” said Steven Enderby, Chief Executive Officer, Hemas Group.
The acquisition of Atlas and additional one offs relating to the disposal gain from the sale of Hemas Southern hospital, fair value adjustments and unrealised exchange losses impacted operating profit for the year.
“If we remove these we achieved full year revenue growth of 13.3% and operating profit growth of 9.2%, the result of weak macroeconomic growth of 3.2% in 2018, significant currency devaluation of 13% for the year ending 31st March 2019 and price controls on pharmaceuticals”.
During the period under review, our consumer sector recorded a revenue of Rs. 25.6 billion, indicating a YoY growth of 55.0%. Operating profit of Rs. 2.8 billion grew by 91.1% during financial year 2018/19.
Amidst challenging economic conditions, our domestic Home and Personal Care business managed to sustain profitability, registering a robust topline performance during the year.
In Bangladesh, the business has recorded modest year-to-date revenue growth of 6.1% during the year. Profit growth continues to be a challenge due to new promotional campaigns to combat competition.
Atlas recorded revenue growth of 14.9% over the same period last year (9 months of which was prior to our ownership) performing well during the Q3 back to school season.
Healthcare sector achieved a consolidated revenue of Rs. 27.7 billion, a YoY increase of 20.3% while operating profit and earnings indicated a decline of 5.0% and 10.5% respectively.
Hemas pharmaceutical distribution registered strong revenue growth stemming from the latest addition of new principals last year and the continued efforts to improve the existing portfolio.
Hospitals experienced good growth in revenue in relation to its industry achieving an average occupancy of 60% across the two hospitals, Wattala and Thalawathugoda.
“Our pharmaceutical manufacturing business, Morison posted a revenue of Rs.3.6Bn and operating profit of Rs.260.5Mn during FY 2018/19. Morison’s underlying revenue growth, excluding Alcon distribution business, which we exited during the latter part of FY2017/18, was 8.7%”.
Underlying earnings at Morison PLC recorded a decline of 44.0% excluding the loss of Alcon agency, contributing negatively towards the segment earnings.
Serendib Hotels (SHOT) recorded a strong quarter, with an average occupancy reaching 91% across its owned hotels.
During Q4, Anantara Peace Haven Tangalle improved performance with occupancy crossing over 75% although the exchange losses arising from the foreign currency loan was a drag on group profitability.
Hemas Logistics and Maritime sector recorded a moderate revenue growth of 0.7% over last year with revenues of Rs.2.8Bn. The main contributors to the growth were increases in volume in the maritime sector coupled with the devaluation of the rupee. Our technology business, N*able reported significant growth in the fourth quarter with increased operating profit over last year by 16.6% whilst operating profit growth remained flat during the year.
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