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Sunshine Holdings posts Rs. 42.4 bn revenue, up 9.9%

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Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) has recorded a consolidated revenue of Rs.42.4 billion during the first nine months of the current financial year (9MFY24).

The Group has reported solid top-line and bottom-line growth of 10% and 44% YoY with Profit after tax (PAT) increased to Rs.5.5 billion as a result of business growth and lower finance costs during the period. The Group’s Healthcare sector emerged as the largest contributor to Sunshine’s top-line, accounting for 50% of total revenue, with Consumer at 35%, and Agribusiness 15% of the total revenue.

Sunshine Holdings Chairman Amal Cabraal said, “Sunshine Group remains steadfast with all key sectors delivering strong results. Sunshine Group remains confident in staying on course, continually enhancing its value proposition for all stakeholders and contributing positively to Sri Lanka’s economic revival.”

During the period in review, Group’s Healthcare sector posted revenue of Rs. 21 billion, a significant increase of 19.3% YoY backed by the increased top-line of all business units under the sector. Pharma segment revenue grew by 4.4% YoY and the Medical Devices segment grew by 40.8% YoY driven by both price and volume increase. Lina Manufacturing, the Pharma manufacturing business of the Group, recorded an impressive revenue growth of 193.6% YoY, mainly driven by higher volumes in the Metered Dose Inhaler (MDI) plant. The Group’s Healthcare sector EBIT was Rs. 3.4 billion.

The Consumer sector, which includes both brands and export businesses, reported a 14.8% YoY increase in revenue to close at Rs. 9.7 billion in 9MFY24. Consumer Brands business showcased impressive performance in 9MFY24 with Group’s brands continuing to grow market shares. The Combined Tea category experienced a volume growth of 10.1% YoY and a value growth of 58.8% YoY. The confectionery segment revenue declined by 20.9% YoY, despite an increase in price, due to a volume contraction of 27.4% YoY.

The Agribusiness sector of the Group, represented by Watawala Plantations PLC (CSE: WATA), reported a revenue of Rs. 6.5 billion, down by 2.5% YoY. This was due to the decline in palm oil prices due to significant drop in demand. However, palm oil production increased by 16.7% YoY to 12.2 million Kgs in the current period compared to 10.5 million Kgs in the same period last year.

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