Sunshine Holdings delivers robust performance in 1HFY24

Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) continued to demonstrate resilience amidst prevailing macro-economic conditions, reporting solid top-line and bottom-line growth of 13.0% and 15.4% YoY. The Group recorded a consolidated revenue of Rs.28.2 billion during the first half of the current financial year (1HFY24) with Profit after tax (PAT) increased to Rs.3.6 billion as a result of lower finance costs during the period. The revenue increase was mainly due to robust revenue growth in key sectors of the Group —Healthcare, Consumer and Agribusiness.

The Group’s Healthcare sector emerged as the largest contributor to Sunshine’s top-line, accounting for 49.2% of total revenue, with Consumer at 34.4%, and Agribusiness 16.3% of the total revenue.

Commenting on the performance, Sunshine Holdings PLC Chairman Amal Cabraal remarked that “amidst a business landscape where there was a positive shift in key macroeconomic indicators such as reduced inflation, lower interest rates, and the strengthening of the Sri Lanka Rupee, its pleasing to note the Group’s strong performance in 1HY24. The substantial growth in both revenue and profit can be attributed to the resilient contributions from all business sectors. Lina Manufacturing, acquired in a strategic merger with Akbar Pharmaceuticals in 2020, played a pivotal role in boosting the Group’s overall performance during the first half.”