Sunshine Holdings delivers robust FY22 results

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Fuelled by strong growth in all business sectors, diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) reported impressive growth in top and bottom-line performances for the year ended 31 March 2022 (FY21/22). During this year, the Group posted consolidated revenue of Rs 32.2 billion, up by 32.2% Year-on-Year (YoY). Group’s Profit After Tax (PAT) also increased by 96.9% to Rs 5 billion, compared to Rs 2.5 billion reported during the same period last year.

Contribution from Healthcare, Consumer goods, and Agribusiness sectors to Group revenue stood at 54%, 25%, and 20%. Healthcare sector recorded YoY growth of 37.1%, while the Agri sector revenue was up by 64.6%. Consumer goods sector recorded a 13.2% increase in revenue compared to FY20/21, mainly driven by the acquisition of Daintee Limited in FY20/21.

Gross profit margin for FY21/22 stood at 31.8%, a marginal increase of 4 basis points against last year. The gross profit improved by Rs 2.5 billion up 32.3% YoY, in line with revenue growth and EBIT closed at Rs 5.7 billion, an increase of 61.9% YoY.

Commenting on the results, Sunshine Holdings Chairman Amal Cabraal said, “For the Nation as well as the Group, this financial year has been a tough one. The start was impacted by pandemic-related challenges and the end by the unprecedented economic crisis. However, coupled with the execution of forward-looking business strategies and impressive performance of all our business sectors, the Group has been able to withstand the challenges and deliver exceptional results in this adverse operating environment.”