Sri Lanka’s Ambeon Holdings Plc records impressive growth throughout 2018/2019 financial year
Sri Lanka’s Ambeon Holdings Plc, which is a leading medium-sized conglomerate reputed in the areas of financial services, manufacturing, real estate, technology and strategic investments, has reportedly recorded an impressive growth throughout the 2018/2019 financial year.
According to reports, the diversified Group has posted impressive financial results during 2018/2019, starting with the Holding Group posting a Profit Before Tax (PBT) of 1.25 billion for 2018/19, almost 118% growth when compared to its 2017/18 PBT of Rs. 571 million. The operating cash flow before working capital changes surpassing Rs. 1.39 billion was achieved during the reporting year when compared to Rs. 918 million, which is a growth of 52%, local media reports stated.
The Group has further recorded revenue surpassing Rs. 17.73 billion compared to that of Rs. 12.27 billion in 2017/2018, which was a whopping growth of 45%. Group Profit After Tax (PAT) was Rs. 864.5 million, a growth of 27% when compared to the Rs. 681 million recorded last year, report have further noted.
“Ambeon Holdings is now well poised and financially stable to compete amongst the elite conglomerates in the country,” Ambeon Holdings Plc Chairman A.G. Weerasinghe has been quoted as saying.
“FY 2018/19 marked the transformation of the Group in our journey to build on our foundation of re-engineering success. As a dynamic and diversified Group of Companies, Ambeon Holdings have reaped the benefits of positive transformation through its financial results as reported, which act as testimony to achievement. True to our commitment, we will continue our journey to enhance the overall wealth and value creation of our shareholders and all other stakeholders beyond ambition,” Weerasinghe has stated.
OSL take:
The growth recorded by the medium sized Sri Lankan conglomerate is indicative of the strength and growth of the country’s private sector. The country’s economic policies and the business conducive environment have helped local businesses record strong growth levels as well as help their expansion in to foreign countries as well. These are encouraging signs for foreign businesses looking at entering Sri Lanka’s economy. Such businesses/investors could explore the possibility of forming partnerships/joint ventures with local companies.
| Article Code : | VBS/AT/08082019/Z_2 |