LOLC Group records Rs 78 B net profit in 2022/21

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Fulfilling its ambition of being a multinational, the LOLC Group recorded an upsurge in profits by as much as 46% over the previous year to deliver a Profit before Tax of  Rs 83.8 billion and Profit After Tax of Rs 77.8 billion for the financial year ended 31st March 2022, Company sources stated. The Total Comprehensive Income of the Group reached Rs 161 billion, which is unparalleled in the history of any Sri Lankan corporate entity.

As the most diversified conglomerate in Sri Lanka, the LOLC Group’s strong global expansion is gaining traction as it rapidly widens its global footprint across the two continents of Asia, including Central Asia and Africa, across financial services, leisure and plantations. A key highlight of its historic profitability this year is that the Group derived a major portion of its revenues from its global operations, without being reliant on local operations or for that matter any one market. Amidst the economic and political disruptions being witnessed around the world, its global diversification plan ensures that the LOLC Group can sustain its upward trajectory without any adverse impact.

Commandeering a lion’s share of the local financial services market in Sri Lanka and becoming the nation’s most diversified conglomerate, LOLC Group made its initial investment into Cambodia way back in 2007 – and has since established a firm footprint in many countries including Cambodia, Myanmar, Indonesia, Philippines and Pakistan in South and South East Asia. Once ongoing negotiations are completed, the Group has planned an investment pipeline into the giant market offered by India. In Central Asia, the LOLC Group is present in Tajikistan and Kyrgyzstan while being poised to enter Uzbekistan and Kazakhstan.

On the African continent, the LOLC Group is already present in Nigeria, Zambia, Zimbabwe, Malawi, Tanzania, Kenya and Egypt. In its latest plans, the Company is looking to enter Democratic Republic of Congo (DRC), Ghana, Uganda and Rwanda.

Building on its plantation management expertise, the Group operates sugarcane plantations in Sierra Leone. Sunbird Sierra Leone Limited (SBSL) is a large agro-based company with 23,500 hectares of  land, with the option to increase it to 50,000 hectares, along with a sophisticated production facility which produces Extra Neutral Alcohol (ENA). SBSL has a production capacity of 100,000 litres of ENA per day and 380,000 litres of Bio ethanol per day.

Meanwhile, the Group recently acquired luxury leisure property in Mauritius, the Radisson Blue with 100 keys, and will soon be the largest leisure operator in the Maldives, expecting to add 1,077 keys to the market soon. The property developments nearing completion in Maldives are the Nasandhura Palace Hotel with 135 keys and 118 apartments; Bodufaru – 470 keys; Browns Ari Resort – 100 keys; and Browns Raa Atoll and STO Hulumale with 254 keys.