Litro contributes Rs. 3 billion to Treasury; growth trajectory expected to continue in 23/24

Litro Gas Lanka Ltd., Sri Lanka’s leading LP Gas provider, 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 made in October 2023 and another Rs. 1.5 billion 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.

Chairman Muditha Peiris expressed his satisfaction, stating, “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. We are committed to ensuring that a safe product is delivered to the kitchens of all households.” He highlighted the company’s focus on various aspects of safety, including educational initiatives to promote the importance of switching to LPG as a safer and healthier alternative.