Sunshine Holdings PLC, a diverse business group in Sri Lanka, has shared its financial results for the first nine months of the current year. Despite economic challenges, the company’s revenue grew by 10 percent to reach Rs.42.4 billion. This growth was mainly due to its healthcare sector, which contributed half of the total revenue and saw a significant 19.3 percent increase.
In the healthcare sector, revenue rose by 19.3% year on year to Rs.21 billion, driven by growth across all its business units. The pharmaceutical segment increased by 4.4%, while the medical devices segment surged by 40.8%. Lina Manufacturing, the group’s pharmaceutical manufacturing arm, saw a remarkable revenue growth of 193.6%, primarily due to higher volumes in its Metered Dose Inhaler (MDI) plant. The healthcare sector’s earnings before interest and taxes (EBIT) reached Rs.3.4 billion.
For years, Lina Manufacturing has leveraged its expertise in research and development to create a variety of pharmaceutical products for both public and private sectors. Dedicated to providing high-quality medicine to all Sri Lankans, Lina is also home to the country’s sole metered-dose inhaler manufacturing facility.
The consumer sector reported a revenue increase of 14.8% year on year to Rs.9.7 billion in 9MFY24. Growth in this sector was led by the brand’s business, with the combined tea category witnessing a volume growth of 10.1% and a value growth of 58.8%. However, the confectionery segment revenue declined by 20.9% due to a volume contraction of 27.4%.
The agribusiness sector, represented by Watawala Plantations PLC, reported a revenue of Rs.6.5 billion, down by 2.5% year on year. This decline was attributed to the drop in palm oil prices, despite an increase in palm oil production by 16.7%. The dairy business revenue grew by 30.2%, driven by increases in both sales volume and milk price. The agri sector’s profit after tax (PAT) closed at Rs.2.2 billion for 9MFY24, down by 15.1% year on year.
Sunshine Holdings PLC’s overall performance shows its strength in managing challenges and growing its business. Its focus on improving value for stakeholders and helping Sri Lanka’s economy recover is clear in its growth and resilience.
Chairman Amal Cabraal credited the growth to the group’s resilient team, executional prowess, and sound fiscal management, despite challenges from stringent policy measures. Sunshine Group remains confident in its contribution to Sri Lanka’s economic revival.
