Sri Lanka’s Abans PLC records increase in 1st Q PBT to Rs. 1.2 billion
Sri Lanka’s Abans PLC has recorded a commendable performance in Q1 FY22 amidst challenges posed by the global Covid 19 pandemic.
Accordingly, Abans has generated revenue of Rs. 10.6 billion in Q1 FY22 in comparison to the Rs. 6.7 billion in Q1 of previous year.
Gross Profit margins of the Group were recorded at 29% in line with the budget for Q1 FY22, whilst demonstrating a margin contraction compared to Q1 last year. The profits, according to the Company, were mainly due to the change in demand for the product mix.
Abans had recorded a Profit Before Tax (PBT) of Rs. 1.2 billion, which is an increase of 131% compared to Rs. 526 million recorded in Q1 of the previous year.
The company had achieved a Profit After Tax (PAT) of Rs. 938 million for Q1 FY22.
Abans Group reported a Consolidated PAT of Rs. 1.6 billion for Q1 FY22, which included a profit of Rs. 705 million from discontinued operations. In the previous year, the Group reported a PAT of Rs. 347 million for Q1, which included a loss of Rs. 30 million from discontinued operations, local media reports have stated.
Abans PLC Managing Director Behman Pestonjee has been quoted as saying, “Through carefully structured strategic decisions and the expertise of our diverse corporate management team, we have been able to power positive growth and take the necessary steps to skillfully adapt to the post-pandemic environment. Our excellent business acumen and management team’s exceptional commitment to achieve set targets are attested by the outstanding performance we have achieved during a very tough quarter.
“As the year progresses, we anticipate a wider recovery of economic activity, with the support of the on-going vaccination programs island wide. We intend to use these improving conditions and the lessons we have learned to continue to deliver stellar performance for our shareholders.”
The increase in profits recorded by yet another Sri Lankan conglomerate is indicative of the strength and growth of the country’s private sector. It is an extension of the growth recorded by Sri Lanka’s banking sector as well as several key economic sectors amidst the challenges posed by the global Covid 19 pandemic. Sri Lanka is all poised to become a business hub in the South Asian region supported by an aggressive development programme, strong trade ties and a continuously improving ease of doing business environment in the country. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
|Article Code :||VBS/AT/19082021/Z_3|