Business
Healthcare and Consumer propel Sunshine Holdings’ strong FY21 performance
Diversified Sri Lankan conglomerate Sunshine Holdings (CSE: SUN) recorded resilient revenue and profit growth in a pandemic-affected macroeconomic environment, reporting notable top-line and bottom-line performances growth during the year ended 31 March 2021 (FY20/21). Group’s Healthcare and Consumer sectors led growth while healthcare segment remained the major contributor to total Group revenue in FY21.
Sunshine recorded a consolidated Group revenue of Rs.24.3 billion for the year ended 31 March 2021, an increase of 16.6% over last year. Profit after tax (PAT) for the period in review also increased to Rs. 2.5 billion, an increase of 38.5% YoY, and profit margins have also increased to 10.4% compared to last year’s 8.8%. These improved results stem from revenue growth, margin increases in key sectors and strategic measures taken by the group to rationalize operating cost and lower finance expenses.
The Group’s Healthcare business emerged as the largest contributor to Sunshine’s revenue, accounting for 53% of the total, while Consumer Goods and Agri Business sectors of the group contributed 29% and 16% respectively of the total Group revenue. The gross profit closed at Rs. 7.7 billion up 25.2% YoY compared to the previous year, backed by the contribution from the Consumer goods and Agribusiness sectors. The Group EBIT closed at Rs. 3.5 billion, an increase of 21.2% YoY.
Profit after Tax and Minority Interest (PATMI) increased by 32.7% YoY to Rs1.5 billion; the Healthcare sector made the largest contribution to PATMI, accounting for 37% of the total while Agribusiness accounted for 30% of the total. Net Asset Value per share increased to Rs. 23.48 as at end March 2021, compared to LKR 18.75 at the end March 2020.
For increasing exposure to its core sectors, which are defensive in nature, and maintaining a healthy balance sheet, Sunshine Group’s Fitch rating was upwardly revised to ‘AA+(lka)’; Outlook Stable, from ‘A(lka)’ in January 2021 (reaffirmed in March 2021).
Commenting on the performance, Sunshine Holdings Group Managing Director Vish Govindsamy said as a group, Sunshine has been facing challenges in some of their core sectors and will continue to do so in short to medium term due to the negative economic impact due to the COVID-19 pandemic and subsequent lockdowns.
“However, Group’s robust cost management initiatives, process reengineering efforts backed by digital technologies to ensure overall efficiency and business continuity have helped Sunshine to outdo last year’s results and drive strong performance in FY21, where the Group has been able to rebound from the adverse impacts brought by a tough macroeconomic business environment. We are proud that the Group has remained resilient in the face of such difficulties, and we remain optimistic about consolidating our operations to strengthen the overall performance of the Group further. All possible measures have been taken to ensure business sustainability and continuity in the coming months,” Govindasamy commented.
During the period in review, Group’s Healthcare sector grew its revenue by 14.5% YoY to Rs. 12.8 billion. The sector achieved growth in Pharma, Medical Devices and Retail subsectors with significant improvement in second half of the year owing to the recovery from Covid-19 lockdown.
Pharma and Medical Devices sectors achieved the highest per quarter revenue during the last quarter while Healthguard, the retail arm of the Healthcare sector, witnessed an increase in sales in the mid of FY21 which was predominantly driven by the increase in health and wellness consciousness of consumers with the spread of Covid-19 in the country. The Pharma subsector which contributed 66% to Healthcare revenue, grew 14.8% YoY in FY21. Reported PAT for healthcare amounted to Rs.824 million in FY21, up 61.6% YoY at a margin of 6.4%.
Group’s Healthcare sector merged with Akbar Pharmaceuticals in January 2021, making it Sri Lanka’s first fully integrated Healthcare company with the addition of pharma manufacturing and R&D operations. Post-transaction, Sunshine Holdings owns 72% of Sunshine Healthcare Lanka Limited which was previously a fully owned subsidiary, whereas Akbar Brothers Ltd owns the remaining 28% shares.
Spearheaded by brands like ‘Zesta’, ‘Watawala Tea’, ‘Ran Kahata’ and ‘Daintee’, the Consumer sector continued its impressive growth by posting revenues of Rs. 7.1 billion in FY21, an increase of 30.8% YoY and accounted for 29% of group revenue for the period. The revenue growth was predominantly due to the addition of the confectionary business via the acquisition of Daintee during the second quarter. PAT from the Consumer segment increased by 57.2% YoY, to stand at Rs.467 million for FY21. Post-acquisition, Daintee contributed Rs.185 million to the bottom line.
The Group’s agribusiness sector, represented by Watawala Plantations PLC (WATA), saw a revenue increase of 2.5% YoY to Rs. 3.9 billion due to increase in Palm oil net selling average (NSA) and milk prices. Dairy segment, which commenced operations in 2018, made profits in FY21 contributing to 4% of Agribusiness sector PBT. In addition to increase in NSA, profitability of dairy segment was further driven by lean management and rationalization of feed cost, despite increase in commodity prices of key raw materials during 4Q. PAT for Agri sector increased by 120.2% to Rs. 1.6 billion.
In the Agribusiness sector, the dairy business under Watawla Dairy Ltd (WDL) raised US$ 2 million in equity from SBI Japan for an 11% stake in the company in May 2021. The proceeds will be utilized to expand dairy operations and strengthen the balance sheet of WDL.
Revenue for the Renewable Energy division amounted to Rs. 440 million in FY21, up 40.8% YoY from Rs. 313 million during FY20 as a result of favorable weather conditions in the Hydro segment and the expansion of the roof top solar projects. In April 2021, the Group divested its stake in the Mini Hydro Power business, under Waltrim Hydropower (Pvt) Ltd to Aitken Spence PLC with the aim of re-focusing on its core sectors.
In March 2021, Sunshine Foundation for Good— the corporate social responsibility (CSR) arm of Sunshine Holdings, commissioned two Reverse Osmosis (RO) Plants in Galgamuwa in the North Western Province and Medawachchiya in the North Central Province. More than 1,500 students and 5,000 inhabitants in surrounding villages now have access to over 20,000 litres of safe and clean drinking water per day through these newly-launched RO Plants.
The Foundation has commissioned a total of eight RO plants so far in the North Western, North Central, Southern, Central and Uva provinces to date, giving over 20,000 residents in Sella Kataragama, Kataragama, Ambanpola, Handaganawa, Rajanganaya, Galewela, Galgamuwa and Medawachchiya access to clean drinking water.
During the last financial year, Sunshine Holdings also cemented its position as a leading employer in the country after the company secured the coveted certification from The Great Place To Work (GPTW) Institute– recognising Sunshine Healthcare Lanka (Medical Devices and Pharmaceuticals), Watawala Dairy, Sunshine Consumer Lanka, Sunshine Tea and Sunshine Energy. The certification program assessed existing people practices and employee experience within the Group based on the five principals of credibility, respect, fairness, pride and camaraderie. The GPTW Certification was the culmination of thoughtfully crafted human resource practices and values, consistently applied over Sunshine’s 50 years of operations.
Business
Malaysia courts more Sri Lankan travelers as ‘Visit Malaysia 2026’ gathers steam
Malaysia is intensifying efforts to attract more Sri Lankan travelers by promoting its diverse tourism offerings, strong air connectivity, Muslim-friendly facilities and expanding business partnerships ahead of the ‘Visit Malaysia 2026’ (VMY2026) campaign.
Addressing the Tourism Malaysia product presentation yesterday in Colombo, Malaysian High Commissioner to Sri Lanka Badli Hisham Adam said tourism remains one of the strongest pillars of the long-standing bilateral relationship between Malaysia and Sri Lanka, helping strengthen cultural understanding, business links and people-to-people ties.
The event, organised by Tourism Malaysia Chennai in collaboration with the High Commission of Malaysia in Colombo, brought together Malaysian tourism stakeholders, airline representatives, Sri Lankan travel industry professionals and members of the media to explore new business opportunities.
The High Commissioner said Sri Lanka continues to be an important source market for Malaysia, with growing numbers of Sri Lankan travelers seeking destinations that combine diversity, affordability, quality experiences and convenient connectivity.
“As part of ‘Visit Malaysia 2026’, we warmly invite Sri Lankan travelers to discover the richness of Malaysia, he said.
Highlighting Malaysia’s tourism strengths, the envoy said the country offers a wide range of attractions, including multicultural cities, UNESCO World Heritage Sites, pristine beaches, tropical rainforests, cool highlands and unique wildlife.
These are complemented by world-class shopping, family-friendly attractions, educational opportunities, wellness and medical tourism, business events and internationally renowned hospitality.
He also stressed Malaysia’s position as the world’s leading Muslim-friendly destination, supported by an extensive halal ecosystem with internationally recognised certification, halal-certified restaurants, easily accessible prayer facilities and family-oriented amenities across the country.
Despite ongoing geopolitical uncertainties around the world, the High Commissioner said Malaysia remains a stable, peaceful and welcoming destination for international travelers.
He urged Sri Lankan travel agents to strengthen collaboration with Malaysian tourism providers by developing innovative travel packages targeting leisure travelers, business visitors and event participants.
The presentation featured leading Malaysian tourism partners, including Wyndham Ion Majestic, Lotus Desaru, Key Term Holidays representing the Sabah Tourism Board and Asian Overland representing The PULSE Group, showcasing Malaysia’s diverse tourism experiences and investment in the Sri Lankan market.
The envoy also acknowledged the contribution of airline partners and the media in enhancing Malaysia’s visibility and improving travel connectivity between the two countries.
Looking ahead to ‘Visit Malaysia 2026’, he said the future growth of tourism would depend on stronger collaboration, innovation and meaningful partnerships between industry stakeholders.
He expressed confidence that closer cooperation between Malaysia and Sri Lanka would generate fresh business opportunities while encouraging more Sri Lankan visitors to experience Malaysia’s culture, diversity and hospitality.
The High Commissioner concluded by expressing hope that the networking session would lead to stronger commercial partnerships and contribute to the success of ‘Visit Malaysia 2026’, further deepening tourism and economic ties between the two friendly nations.
By Ifham Nizam
Business
Women Empowered Global launches ‘Leadership Lab’
Women Empowered Global (WEG), a network of award‑winning female leaders, corporate CXOs and entrepreneurs, experts and thought leaders dedicated to empowering women from six continents, unveiled the ‘WEG Leadership Lab’, a 24‑week virtual intensive programme, commencing 26 September. The programme is designed exclusively for women leaders who are ready to accelerate their careers, amplify leadership visibility, and drive transformational growth.
The women‑only leadership experience breaks the mould of conventional training, offering a powerful blend of masterclasses, mentorship, and practical leadership tools tailored for rising leaders, managers, and senior professionals. Participants will gain international exposure, sharpen essential skills, and the opportunity to join a vibrant knowledge‑sharing community which fosters confidence, resilience, and impact.
“The WEG Leadership Lab is not for casual growth. It is for women who are serious about transforming their leadership journey,” said Senela Jayasuriya, Founder/CEO, Women Empowered Global. “By combining global expertise with local delivery, we are creating pathways for women across manufacturing, trading, finance, marketing, technology, and management, as entrepreneurs, business owners, fractional executives, or corporate leaders, to thrive and build a more inclusive leadership landscape.”
WEG’s platform facilitates international exposure and career development for professionals and connects more than 4,000 members worldwide. The Leadership Lab builds on WEG’s flagship initiatives, including the 1 Million Women in Power campaign, the African Women Leadership Forum, the Business Hub, and the Global Online Academy. The programme aims to deliver a transformative journey equipping women to step boldly into leadership roles locally and internationally.
Led by Senela Jayasuriya (MBA, UK), an internationally recognized and awarded leadership & empowerment coach and innovation partner, keynote speaker, and certified expert, WEG collaborates with DEI specialists, corporate boards, Business and HR leaders, to design programmes which advance women’s careers, leadership visibility, equity, and inclusion. To date, she has successfully delivered leadership development programmes to more than 20,000 professionals.
Business
JKCG Auto and Green EV join forces to build Sri Lanka’s most expansive EV charging network
John Keells CG Auto (JKCG Auto), the authorised distributor of BYD and Denza in Sri Lanka, has launched a strategic partnership with Green EV on 26th June 2026 to significantly expand the charging infrastructure available to its customers across the island. The collaboration, formalised through a Memorandum of Understanding (MOU), marks a pivotal step in JKCG Auto’s ongoing commitment to building a comprehensive and reliable New Energy Vehicle (NEV) ecosystem in Sri Lanka.
Through this partnership, BYD and Denza owners will gain seamless access to Green EV’s public charging network of 100+ DC fast chargers and 70 AC chargers, spanning 20 districts and all nine provinces of Sri Lanka, from Jaffna in the north to Hambantota in the south, and from Puttalam on the northwest coast to Trincomalee and Ampara on the eastern seaboard, encompassing a mix of 40kW, 60kW, and 120kW fast-charging infrastructure. The network has been designed to ensure that customers can charge conveniently and confidently, whether in the heart of Colombo or in suburban and outstation communities, removing one of the most commonly cited barriers to EV adoption in Sri Lanka. Further strengthening customer confidence, Green EV has partnered with SLIC to provide a comprehensive insurance cover of LKR 100 million for every Green EV charging station, offering protection against potential damages and ensuring complete peace of mind for every user.
The initiative reflects JKCG Auto’s broader strategy to invest in the foundations of sustainable mobility, ensuring that the transition to electric vehicles is supported not only by world-class vehicles, but by a dependable ecosystem that addresses the practical needs of everyday ownership.
“If the future of mobility in Sri Lanka is going to be electric, success will hinge on how accessible we are able to make the actual vehicles, as well as the enabling infrastructure around them. JKCG Auto is proud to partner with other visionaries like Green EV to ensure that we eliminate range anxiety, so that every customer – whether in Colombo or anywhere in Sri Lanka will have the confidence to go electric,” JKCG Auto Chief Executive Officer, Charith Panditharatne.
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