The recently ended year posed a series of challenges in the financial market and business sphere, as the Covid-19 pandemic gave rise to a plethora of risks, drawbacks and losses in terms of profit, capital and company sustainability. However, Abans Group emerged victorious in a highly volatile business atmosphere after employing carefully-structured strategies, controlled decisions, and containing trading and monetary conditions with the goal of functioning according to the new normal.
A sharp increase of 187% was depicted in the Group Profit After Tax to end at LKR 1.5 Billion for the nine-month-period ending December 2020 (compared to last year’s LKR 520 Million); while a 175% year-on-year growth was noted in the Profit-After-Tax of Abans PLC (the company) to end at LKR 1.45 Billion, compared to the previous year’s LKR 527.1 Million.
Abans Group scored a record top performance for the third quarter (Q3) for the Financial Year 2020/21 with a Profit After Tax of LKR 793 Million, seeing a significant 144% increase compared to the year before. The Company reported a PAT of LKR 750.6 Million for Q3, a 105% increase from last year, which proves the resilience of the company to adapt to any change in market conditions.
“Foresight, smart strategy and strong implementation has enabled Abans to rise to leadership positions in many of the sectors they operate in. However, it was necessary to recalibrate strategy to ensure they were geared for the new normal, for an era driven by artificial intelligence and big data, which would provide significant competitive advantage to those who were fast enough to embrace it. Following these strategies have proven to be quite effective, as seen by the remarkable results displayed by the Financials up to December 2020,” stated Ms. Aban Pestonjee, chairperson and Founder of Abans Group of Companies.
Despite the severe repercussions of the Covid-19 pandemic on several businesses, revenue for Q3 reached a growth of 40%, at both Group and Company level, while Cumulative Revenue for nine months depicted a year-on-year growth of 9%, which is a noteworthy achievement during the past period. The Group Gross Profit stood at LKR 7.4 Billion and LKR 3 Billion for nine months and three months (Q3) respectively.
“Abans has continued to focus on diversification that fuels growth and aids in the company’s resilience. Diversification has enabled the business to continue the growth trajectory amidst volatile market conditions. The company has strategically looked to build better synergies across their various segments in order to give superior solutions to their valued customers, and build on the overall competitive advantage. Thus, the Group, as a whole, is geared to perform even better in the coming year, with the implementation of new policies and evolving methodologies,” said Behman Pestonjee (Tito), Managing Director of Abans Group.
Driven by strategic cost reduction policies and working capital management strategies carried out in the past nine months, the Group’s (as well as the company’s) Admin and Selling Expenses noted a decrease to LKR 4.9 Billion, compared to LKR 5.6 Billion from the previous year. Furthermore, Net Finance Cost for the nine-month-period was reduced to LKR 619 Million from LKR 921 Million; whereas for the 3rd quarter, the same was reduced to LKR 119 Million compared to LKR 286 Million last year. This was reduced mainly due to the low interest rate environment and the company’s strategic working capital management.
Chandrika Perera, Executive Director – Finance, commented, “It is noteworthy that the Group has recorded a significant increase in EBITDA despite the impact of adverse macro-economic conditions. The Group’s financial and business strength and stability has placed Abans at a prominent position of being able to pursue greater heights and achievements in the years to come.” (Abans)
INSEE Ecocycle to provide waste management solutions for Galle Analytical Lab
Signatories to the agreement were Mrs. Dharshani Lahandapura, Chairperson and Dr. P.B. Terney Pradeep Kumara, General Manager, MEPA and Sanjeewa Chulakumara, Director of INSEE Ecocycle Lanka (Private) Limited together with senior officials from both organisations
INSEE Ecocycle, the nation’s pioneer in sustainable waste management has joined hands with the Marine Environment Protection Authority (MEPA), the apex body established to prevent, control and manage pollution in Sri Lanka’s marine environment, to provide Sustainable Integrated Waste Management Solution for the MEPA’s Galle analytical laboratory recently.
Prior to the agreement, no sustainable solution for analytical laboratory waste and chemical waste existed in the country. This hazardous waste was accumulated at laboratory premises or due to misconduct, was discharged into the open environment such as drains, soil or natural water streams etc. As a result, possible environmental impacts such as soil acidification or soil alkalization, eradication of aquatic plants and animals, possible ground water contamination, acid rains and ozone depletion could have taken place.
Similarly devastating human health impact such as skin cancers, liver damage, blindness, neurological disorders, adverse pregnancy outcomes and bioaccumulation were also a possibility.
Commenting on the agreement Sanjeewa Chulakumara noted, “INSEE Ecocycle is proud to partner with MEPA for analytical laboratory waste management and we highly appreciate the commitment and the passion of the senior management of MEPA for this collaborative sustainable initiative, which is a great example to other government institutions in the country as well.”
94% of consumers in APAC considering the use of emerging payment methods: study
As a result of the pandemic, enthusiasm for a broader range of payment technologies has accelerated in the Asia Pacific region as 94% of people say they will consider using at least one emerging payment method, such as QR codes, digital or mobile wallets, installment plans, cryptocurrencies, biometrics and others, in the coming year. This is according to the Mastercard New Payments Index conducted across 18 markets globally, including India, Australia and Thailand, which reveals that 84% of consumers in APAC already have access to more ways to pay compared to one year ago. Of note for entrepreneurs, 74% of respondents said that they would shop at small businesses with greater frequency if they offered additional payment options.
“Mastercard’s study finds that people in the Asia Pacific region haven’t just adopted new payment technologies—they’ve made deliberate shifts based partly on necessity, but also on considerations around personal safety, security and convenience, at a time when these concerns were paramount,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard. “Consumers in Asia Pacific have already gained recognition globally for their openness to new technologies and innovation, and these findings confirm that this trend is only set to continue as more digital payment options rapidly become mainstream in this part of the world.”
About Mastercard (NYSE: MA), www.mastercard.comMastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
ASPI skyrockets to reach 3 ½ weeks high
Turnover recorded at a healthy level at Rs. 2.7bn
Bourse premiered the week shooting the index remarkably high to reach a 3 ½ weeks top. ASPI displayed a stepped upward trend and surged in the first hour of trading followed by a sideways movement during mid-day and ended with a gradual uptrend to close at 7,350 gaining 122 points.
Turnover was recorded at a healthy level at LKR 2.7Bn powered by the active retail participation. Food, Beverage & Tobacco sector dominated the turnover closely followed by the Capital Goods sector to generate a joint contribution of 50%. Foreign investors remained net sellers while recording low participation.
-First Capital Research
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