December 2020 quarterly earnings surged by 33% to Rs. 88.6bn
Consumer services, banks and real estate showed dull performance
December quarter earnings surged by 33%YoY to LKR 88.6bn led by Diversified Financials (144%YoY), Food, Beverage and Tobacco (73%YoY), Capital Goods (68%YoY) Transportation (1930%) and Materials (153%). However, sluggish quarterly performance was witnessed in Consumer Services (-177%YoY), Banks (-19%YoY) and Real Estate (70%YoY), according to a Review by First Capital Research.
The review further stated: “Diversified Financials, Food, Beverage & Tobacco, Capital Goods, Transportation and Materials sectors perform robustly: Strong performance in Diversified Financials, Food, Beverage & Tobacco, Capital Goods, Transportation and Materials sectors were witnessed on the back of recommencement of economic activities. BUKI earnings were up by 7005%YoY and CARS earnings spiked by 306%YoY supported by the gain from oil palm plantations, fair value gain through financial asset and gain from currency movements. DIST earnings were up by 37%YoY owing to the reduction in cost of sale during the quarter amidst marginal growth in revenue. Diversified Financials witnessed a growth of 144%YoY primarily driven by growth in LOFC (13658%YoY) boosted by net other income. Capital Goods sector witnessed a growth of 68%YoY benefited from remarkable performance in HAYL (301%YoY) amidst strong performance in Hand Protection, Purification Products, Agriculture and Plantation sectors, while RCL (100%YoY) and LWL (287%YoY) benefited through import restrictions. Materials sector witnessed a growth of 153%YoY largely benefited from the exceptional performance in CIC (119%YoY) and TKYO (409%YoY). Transportation sector witnessed a growth of 1930%YoY driven by back-to-back exceptional profit in EXPO (1406%YoY).”
“Consumer Services, Banks and Real Estate illustrated dull performance: However, the Tourism industry continues to be adversely influenced, hence, Consumer Services sector earnings recorded a dip of 177%YoY. Banking sector witnessed a decline of 19%YoY largely driven by SAMP (-34%YoY) and HNB (-28%YoY) impacted by the increase in impairment. Real Estate sector earnings (-70%YoY) have slowed down due to the ongoing pandemic, out of which OSEA witnessed a decline in earnings by 55%YoY.” First Capital Research Review said.
Once again, AIA ran for their lives – Proud sponsor for the 3rd consecutive year.
AIA Insurance was humbled to be a part of Run For Their Lives 2023, in raising funds for the Apeksha Cancer Hospital. The charity run aligns with AIA’s brand purpose of helping people live healthier, longer, better lives with focus on the prevention and management of Non-Communicable Diseases in Sri Lanka. The company will continue its commitment to fight NCDs and actively engage in creating awareness on leading NCDs in the country, AIA said in a news release.
“With AIA’s goal of making a positive impact on one billion lives by 2030, participants at RFTL were encouraged to make a pledge for a healthy habit that could help prevent illness and remain healthy in the long run. The participants also took part in a real-time survey that measured their unhealthy habits and recommended healthy lifestyle habits. Participants were also instantly rewarded for taking part in the wellness games and the free BMI sessions organised by one of AIA’s wellness partner Vida Medical Clinic,” it said.
Exterminators PLC records 48% in capital gains and dividend payout of Rs. 31.5 M one year after listing
Exterminators PLC, Sri Lanka’s premier pest tech and environmental enhancement technology company, celebrates one year on March 30th, 2023, upon its listing on the ‘Colombo Stock Exchange’. Founded with an initial investment of Rs. 75,000 way back in 1998, today’s market capitalization is over Rs. 470 million and the company also created history by becoming the first pest management company in South Asia and emerging and developing markets to be listed on the stock exchange. During the first nine months of the FY22-23, the revenue increased by 37%, the gross profit by 29%, the operating profit by 29%, the profit before tax by 63% and the net profit by 62%. The GP margin is 73%, the NP margin is 27% and the capital gain is 48% as of March 28, 2023. The company’s dividend payout in 2022 was LKR 31.5 million, which included a cash dividend of LKR 14 million and a scrip dividend amounting to LKR 17.4 million.
Marlon Ferreira, Managing Director of Exterminators PLC said: “We anticipate that the pest management and agricultural sectors will have significant growth in the mid- to long-term in Sri Lanka and the emerging developing markets. The company is expecting to reduce operational and administration costs due to the creation of synergies within divisions, which would have a positive impact on the bottom line and in turn create value for all stakeholders Operating from four locations in Colombo, Kandy, Malabe, and Dambulla, the company has set in place the necessary groundwork to expand to several key cities on the island and has plans to setup the global business expansion project in the first quarter of the financial year 23/24.
Fcode Labs wins two awards at e-Swabhimani
Flingo and CarromBot, two products by Fcode Labs (Pvt) Ltd, a leading software development and digital solutions company, were adjudged winners at the e-Swabhimani Awards, an initiative of the Information Communication Technology Agency of Sri Lanka aimed at recognizing excellence in digital applications. This gala event was held recently in Colombo for the 11th consecutive time. CarromBot, an AI-based robot that can play a carrom game on its own, was awarded as a Winner in the Digital Entertainment category. The robot identifies the correct piece to shoot, the power, and the angle to shoot.
Flingo, a mobile application where you can draw art and chat in real time with your friends and loved ones, won a Merit award at the ceremony. Flingo provides a sophisticated set of drawing features and a smooth user experience for the users. Fcode Labs (Pvt) Ltd is a company based in Sri Lanka and Singapore that focuses on Digital Transformation, Digital Product engineering, AI, and Blockchain services.
Founded in 2018, it now comprises 60-members that work on developing high-quality Software products. Further details of the company can be accessed on their website www.fcodelabs.com. This is not the first time that Fcode Labs has won e-Swabhimani awards. The company was awarded in 2018 and 2019 for their innovative products. Recently it was also recognized as the 35th best workplace to work in Asia (Small to medium category) by Great Place to Work.
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