Litro Gas Lanka Ltd, has recently declared an impressive contribution of Rs. 3 billion (3,000mn) in dividends to the Sri Lankan government treasury through its primary shareholder, Sri Lanka Insurance Corporation.
This consists of Rs. 1.5 billion was made in October 2023 and another Rs. 1.5 billion was paid on 26th January 2024. This noteworthy gesture comes at a crucial time when Sri Lanka is actively seeking to boost state revenue to attain stability in the aftermath of a pandemic followed by an economic downturn. Furthermore, Litro has demonstrated its commitment to national empowerment by also paying Rs. 2.6 billion in taxes & duties, solidifying its position as one of the few profitable state-owned enterprises. Despite facing challenges, including a shortage of foreign reserves that affected its supply chain, Litro swiftly resolved the issues under the leadership of Chairman Muditha Peiris.
Peiris said, “We are pleased to announce that the fiscal year 2023 has proven to be profitable for Litro, despite economic challenges and hardships. We are dedicated to ensuring that LPG remains affordable for our existing customer base while expanding our reach to the rural sector in the upcoming financial year.”
Litro’s resilience and growth can be attributed to the strategic efforts of the management under the guidance of the Chairman who took over the company during a turbulent period. Under him, the company has accomplished a remarkable turnaround that has been recognized, affirmed and awarded both locally and globally.
The turnaround entailed ensuring a steady and uninterrupted supply of LPG to industries and households in turn ensuring convenience as well as safeguarding livelihoods across many key industrial segments. As the largest stakeholder in the local LPG market, Litro managed to procure from the most technically qualified, competitive, and cost-effective suppliers to eliminate shortages promptly.
Especially in the past years, Litro has emerged as a success story for how State-Owned Enterprises can be steered to profitability while prioritizing welfare.