Sunshine Holdings posts Rs 1.9 bn Group PAT in 9MFY21 | Daily News

Sunshine Holdings posts Rs 1.9 bn Group PAT in 9MFY21

Diversified conglomerate Sunshine Holdings reported resilient growth in top-line and bottom-line performances during the first nine months of the current financial year (9MFY21) with strong contributions kicking in from healthcare, agribusiness and consumer sectors.

During this period, the Group posted consolidated revenue of Rs. 17.4 billion, up by 10% Year-on-Year (YoY); Group Profit After Tax (PAT) saw an increase of 11% YoY compared to last year, amounting to Rs. 1.9 billion.

The Group announced the merger of its healthcare business consisting of Sunshine Healthcare Lanka and Healthguard Pharmacy with the healthcare arm of Akbar Brothers, which consists of Akbar Pharmaceuticals, Lina Manufacturing and Lina Spiro.

Furthermore, the Group’s Consumer sector acquired 100% shareholding of Daintee Limited in September 2020 to further expand its presence, beyond tea, in the local consumer goods sector. The Group revenue, which predominantly includes Healthcare, Consumer goods, and Agribusiness sectors, contributed 52.2%, 28.4%, and 17.1% respectively. The Healthcare sector recorded a YoY growth of 11% against last year, while the Agri sector revenue was up by 14.8%. Consumer goods sector recorded a 17.3% increase in revenue, mainly due to the addition of Daintee Limited’s performance in the last four months.

The gross profit margin for 9MFY21 stood at 33.3%, an increase of 247 basis points against last year. The gross profit improved by Rs. 918 million up 18.8% YoY compared to the previous year, mainly backed by the contribution from the healthcare and agribusiness sectors. The Group Earnings before interest and taxes (EBIT) closed at Rs. 2,906 million, an increase of 13.7% YoY. Group Managing Director of Sunshine Holdings Vish Govindasamy, said; “Key business sectors have been able to pick up momentum amidst tough business conditions, reporting resilient revenue growth during this period.”

Group’s healthcare sector recorded revenue of Rs. 9.1 billion for the period 9MFY21, an increase of 11% YoY over last year, due to strong performances in Pharmaceutical and Medical Devices divisions.

Consumer goods sector reported a 17.3% YoY increase in revenue to close at Rs. 4.9 billion, mainly due to the addition of the confectionary sub-sector.

Agribusiness sector revenue increased by 14.8% during 9MFY21 compared to the same period last year. The Gross Profit increased to Rs. 1,586 million from Rs. 1,133 million due to the improved performance in both Palm oil and Dairy segments. PAT of the Agri sector grew 62.2% YoY compared to the same period last year. Energy sector revenue increased to Rs. 348 million from Rs. 255 million due to higher rainfall in the catchment areas during 9MFY21.