Ambeon Group Revenue increases by 18% during Q3 of 2019/2020
– Profit Before Tax (PBT) increases by 333%;
– Groups’ Net Asset Value per Share increases by 3.7%
– Management initiatives working positively, propelling positive financial results across all subsidiaries
Sri Lanka’s leading medium sized conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments, Ambeon Holdings PLC recorded a revenue of 15.9 Bn at group level compared to the 13.4Bn achieved during the corresponding period of 2018/19, resulting in a growth of 18%. The Group further posted a Profit before Tax (PBT) of 608Mn compared to the 140Mn which was a 333% increase compared to the corresponding period during the last financial year. This impressive achievement was reported from the unaudited interim financials achieved for the nine months period ending 31st December 2019.
The diversified Group which posted impressive financial results during 2018/2019, continued its winning streak by reporting 3.2Bn Gross Profit for the nine months reported compared to the 2.9Bn in 2018/19 and a Net Profit achievement of 319Mn for the said period. The Groups’ total asset increased by 3.2% from 22.6Bn to 23.3Bn for the period reported while its net asset value per share is currently at 22.51 as opposed to 21.70 as at March 2019.
The manufacturing sectors which comprise of Porcelain and Textile contributed 60% towards the final revenue, while the Technology, Real Estate and Financial Services sectors contributed the balance 40%, with the technology cluster specifically posting impressive results. Out of all subsidiaries, Millennium IT ESP and South Asia Textiles Limited stood out as the key contributors towards the reported results.
“It was a challenging first nine months due to the impact of 4/21 compounded macro issues, which led to negative impact in investments and related decisions, both in the short and long terms. In addition to this, the rise in the cost of doing business in general posed further challenges for organizations”, Stated Mr. Murali Prakash, Group Managing Director/Chief Executive Officer – Ambeon Capital PLC and Ambeon Holdings PLC. “However, the Ambeon Group has always been building efficiencies across the operational value chain of all businesses with a special focus on cost and efficiency centred operational restructuring. In addition to this, the Group is implementing value based collaborative measures to retain key skills and engage people for growth. The Technology cluster has made great strides by not only bringing better balance to the Group but also creating better opportunities and assisting to build sustainable, future proof business models. These have been the key ingredients which strengthened the group’s resilience and yielded positive results”,
Elaborating further, Mr Prakash stated that “FY 2018/19 was all about embracing change as we experienced extensive restructuring initiatives. This year, it is about continuing to bring about that collective focus, optimizing investments and thereby increasing shareholder value. All our initiatives and conscious efforts have propelled the Group on the correct path to achieve positive trajectory and a sustainable future. I am pleased to state that Ambeon Group is now a diversified conglomerate in its true sense – one with diversified businesses, strong globalized local brands, premier technology and innovation platforms extending its footprint across new businesses, markets and regions”. Mr Prakash concluded.
Ambeon Capital PLC is the Holding company of Ambeon Holdings PLC, while Ambeon Holdings PLC is a holding and management company. The subsidiaries of Ambeon Holdings PLC include Taprobane Capital Plus (Pvt) Ltd (a leading financial services provider with a wealth of experience in capital markets in Sri Lanka), South Asia Textiles Limited, (leading manufacturer of exceptional quality weft knitted fabric. The company also specializes in Knitting, Dyeing, Finishing, Printing, Brushing, Sueding and Preshrunk fabric for leading global brands such as Victoria Secret, Next, Marks & Spencer, Tesco, Calvin Klein, Decathlon and Adidas), Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Ltd., (manufacturers of porcelain tableware and gift items for global giants such as Oneida, Macy’s, Country Road, Lenox, John Lewis, Crate & Barrel, Megros, Jashanmal, Ralph Lauren, the Walt Disney Company and Dilmah), Millennium Information Technologies (Pvt) Ltd (Sri Lanka’s leading information systems solutions providers delivering IT solutions for many industries; including banks and finance, telecommunications, apparel and leading conglomerates) and Colombo City Holdings PLC (real estate).
The Ambeon Holdings PLC Board of Directors comprise of eminent personalities –A.G. Weerasinghe (Chairman/Non-Independent Non-Executive Director), Murali Prakash (Group Managing Director/ Chief Executive Officer), Ruwan Sugathadasa (Non- Independent Non-Executive Director), Mangala Boyagoda (Independent Non-Executive Director), and Priyantha Maddumage (Non-Executive Director).
