News Highlights

Market dominance and brilliantly executed strategy

Vallibel One PLC was awarded the Bronze award in the Diversified Holding (Group above 10 Subsidiaries) sector at the 55th Annual Report Award Ceremony, conducted by the Institute of Chartered Accountants of Sri Lanka (ICASL) with the Colombo Stock Exchange (CSE) serving as its strategic partner for the fourth consecutive year.

The Annual Report Awards competition was established to recognize and reward organizations that put out the most consistent and clear annual reports, while stepping out of the boundaries of financial reporting to promote transparency, accountability and good governance.

A record-breaking consolidated performance

In the face of the complex market conditions, Vallibel marked a record-breaking consolidated performance. The Conglomerate’s top-line earnings increased by a noteworthy 18 percent to touch Rs. 81,035 million while net profits reached record-highs of Rs. 14,689 million. Led by lifestyle and finance sectors, Vallibel’s group Capex reached Rs. 52,595 million while its asset position at year-end stood at a remarkable Rs. 240,132 million. The return on equity was positive at 15.6 percent. This year, Rs. 3.50 per share were paid as dividends to shareholders.

Remarkable profitability complemented by solid top-line results

Overcoming all challenges the Plantations, Aluminum, Consumer goods, and Packaging sectors also registered positive results, with a vigorous 12.6 percent share of the top-line. Complemented by solid top-line results, the profitability during the year was remarkable.

The focus on maintaining an optimal cost structure, prudent debt measures across the businesses combined with lower finance costs, ultra-expansionary monetary policy measures, and lower corporate taxes helped strengthen the bottom line further. Profit before tax stood at Rs. 19 billion, up by 93 percent over the preceding financial year. The annualized return on equity registered a 15.6 percent, an improvement of 7.73 percentage points, whilst earnings per share reached Rs. 7.13. The financial position adequately covers all liabilities.

A socially responsible corporate citizen shining light amidst the gloom

As an exemplary conglomerate, corporate responsibility has always been essential to the Vallibel One value system.

The Group strived to be structured and focused in its social initiatives, enabling the impoverished masses access to education, employment, and healthcare.

The reporting year mainly concentrated on pre-school development, relief support for COVID-19, including donations of 13 ventilators valued at Rs. 56.2 million to national hospitals, and comprehensive welfare measures for its estate communities.

The future remains bright

Looking beyond, Vallibel One expects the nation to revive with greater economic activity and optimism, solidifying business confidence and attracting much-needed investment into the country in the mid and long-term. The potential to gain and grow within this emerging economic scenario is immense for such a diversified group. Its expertise, blended with contemporary and pragmatic thinking to manage the risks and take on new opportunities, will catapult the group businesses towards a solid growth trajectory.

Board of Directors

Dhammika Perera

Chairman/Managing Director

Dinusha Bhaskaran

Chief Executive Officer

1. Harsha Amarasekera - Independent Non-Executive Director
2. Rajan Asirwatham - Independent Non-Executive Director
3. Sumith Adhihetty - Non-Executive Director
4. Shirani Jayasekara - Independent Non-Executive Director

Source : Business Today