Sunshine Holdings joins elite rank of Business Today’s Top 30

Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) was honoured at the ‘Business Today Top 30’ award ceremony, hosted by renowned business magazine ‘Business Today’.

Based on published information of companies listed on the Colombo Stock Exchange, the awards recognized the top 30 performers of Sri Lanka’s private sector, for the financial year 2017/2018. Corporate luminaries were selected on outstanding performance for the period ending December 31, 2017 and March 31, 2018, assisted by KPMG Sri Lanka.

Sunshine Holdings was recognized for their strong business performance during the period under review due to their well-deliberated strategies, leveraging on their expertise in the Agribusiness, Healthcare and Fast-Moving Consumer Goods (FMCG) sectors. Within a challenging operating environment, the group’s revenue expanded by 12.4% Year-on-Year (YoY) up to Rs. 21.2 billion. Net profits of the Group rose by 11.9% YoY up to Rs. 1.8 billion while Group assets grew at 13.1%, reinforcing Sunshine’s financial position further.

Notably, a highlight of the year was the purchase by Sunshine of Estate Management Services (Pvt) Ltd, the holding company for Sunshine’s consumer and Agribusiness sectors. The share buy-back deal from Tata Global Beverages saw Sunshine increase its stake in the company to 60%.

Vish Govindasamy, Sunshine Holding’s Group Managing Director said, “I am filled with immense pride for Sunshine Holdings to be recognized as one of Business Today’s Top 30 companies. For Sunshine, what we achieve has always come second to how we achieve it. It has been a tough couple of years for the sectors we are present in – price controls continue to affect Healthcare businesses, unpredictable weather patterns with alternate droughts and flooding impact agribusinesses, and a declining consumer sentiment has impacted the entire consumer goods market.”

“However, we continue to perform, and even outperform the market. To top it all, we were recognized as one of the 10 ‘Most Admired Companies’ of Sri Lanka recently from an evaluation of over 180 companies, both listed and unlisted. We believe it is this spirit of responsible entrepreneurship that leads us there and we look forward to working with our stakeholders and respected peers, to keep the flag flying for many more generations to come,” Govindasamy added.

During the six months period ending 30 September 2018, Sunshine Holdings reported top-line performance growth of 5.7% YoY to stand at Rs.10.9 billion. The company also reported a 23.3% growth in earnings per share (EPS), stemming from the strategic consolidation of its consumer goods sector during the latter part of the financial year of 2017/2018.