Business
Strong sector performances propel Sunshine Holdings’ earnings by 44.2% to Rs. 5.5 bn
Consolidated revenue of Rs.42.4 billion, up 9.9%
Healthcare revenue up 19.3% YoY to Rs.21 billion
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). Amidst the backdrop of moderately stable macroeconomic conditions, 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.
Commenting on the performance, Sunshine Holdings Chairman Amal Cabraal said, “Sunshine Group remains steadfast with all key sectors delivering strong results. Our committed team’s resilience and executional prowess coupled with sound fiscal management, have effectively navigated the short-term stresses amidst the nation’s gradual recovery from the economic crisis. While the stringent policy measures aligned with the IMF program bring challenges, 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.”
Healthcare
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. Revenue of the Retail segment saw a 20.2% YoY increase, fueled by an improved footfall of 19% compared to the previous year.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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