Renuka Holdings posts record profits of Rs. 966 Mn for the year 2010/2011
May 31, 2011 12:05 am
Colombo, May 2011: Encouraged by the buoyancy of the economy, Renuka Holdings PLC has recorded an impressive turnover and profit after taxation for the year ended 31 march 2011 as per the provisional financial statement released.
The group turnover grew 100% to Rs. 2.95 billion compared to Rs. 1.48 billion in the corresponding period last year. Group profit after tax rose 159% to Rs. 966 million of which Rs. 732 million was attributable to shareholders of Renuka Holdings PLC, while company profit after tax increased to Rs. 320.7 million compared to Rs. 165 million in the corresponding year. This significant increase has being achieved by contributions from all sectors. Total assets of the group increased to Rs. 4.66 billion as at 31 March 2011.
In the operations review accompanying the provisional financial statements, Executive Director Shamindra Rajiyah stated, “Total overhead decreased by 19% in the period primarily due to decreases in selling and distribution cost and finance expenses. Significant reductions in finance cost of 79% were achieved due to lower prevailing interest rates and better cash management across group companies.”
The release further stated, “During this final quarter of 2010/2011, RHL acquired Shaw Wallace Marketing Ltd and in turn Shaw Wallace acquired several subsidiary companies. Therefore, in line with our diversification, the business sectors of the group were re-classified. The Renuka Holdings group has 802 employees in 7 locations and we are currently implementing an enterprise resource planning platform across all our subsidiaries”.
Renuka Holdings PLC is the holding company for subsidiaries engaged in the sectors of Agri Business (plantations, manufacturing, global marketing, forestry), Distribution (automotive, FMCG, foodservices), Investments, Leisure & Property and Management Services. Its subsidiaries are Coco Hotels & Properties Ltd, Renuka Agro Exports Ltd, Renuka Developments Ltd, Renuka Enterprises (Pvt.) Ltd and Shaw Wallace Marketing Ltd. Coco Lanka PLC, a listed investment trust and Renuka Agri Foods PLC, a listed food and beverage firm are among its group companies.
The group exports to 61 countries and among its portfolio of own brands are Renuka coconut products, Captain and Plaza canned mackerel, Angler canned tuna, Ranposha breakfast cereal, Rainers’s colourings and essences, Sun Gold instant drinks, Milk White soap, Pioneer tyres and Grip tubes. The group represents Delphi Lockheed USA, Dunlop India, Ajinomoto Japan, Super-Max UAE, among many other prestigious international names and has strategic investments in subsidiary companies from UK, Canadian, Jamaican and UAE partners.
The Board of Directors of Renuka Holdings PLC comprises Mrs. I.R. Rajiyah (Chairperson), Dr. S.R. Rajiyah, Mr. C.J.De. S. Amaratunge, Mr. L.M. Abeywickrama, Mr. S.V. Rajiyah, Mr. M.S. Dominic and Mr. T.K. Bandaranayake.
