C T HOLDINGS PLC |
CONDENSED INTERIM FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2025 |
Contents
Statement of profit or loss and other comprehensive income - Group | 01 |
Statement of profit or loss and other comprehensive income - Company | 02 |
Statement of financial position | 03 |
Statement of changes in equity | 04 |
Statement of cash flows | 05 |
Segment information | 06 |
Explanatory notes | 08 |
Corporate information | IBC |
Condensed Interim Financial Statements 31 March 2025
01Statement of Profit or Loss and |
Other Comprehensive Income |
Group | ||||||
For the three months ended | For the year ended | |||||
31-Mar | 31-Mar | Var. | 31-Mar | 31-Mar | Var. | |
In thousands of rupees | 2025 | 2024 | % | 2025 | 2024 | % |
Revenue | 59,758,380 | 54,552,380 | 10.00 | 242,761,621 | 224,283,040 | 8.00 |
Cost of sales | (52,820,793) | (48,672,524) | (9.00) | (214,492,292) | (199,466,834) | (8.00) |
Gross profit | 6,937,587 | 5,879,856 | 18.00 | 28,269,329 | 24,816,206 | 14.00 |
Other income | 677,232 | 857,561 | (21.00) | 3,075,505 | 3,120,141 | (1.00) |
Distribution expenses | (2,456,077) | (2,009,126) | (22.00) | (8,112,835) | (7,310,897) | (11.00) |
Administrative expenses | (2,055,134) | (2,029,879) | (1.00) | (8,130,302) | (7,241,072) | (12.00) |
Results from operating activities | 3,103,608 | 2,698,412 | 15.00 | 15,101,697 | 13,384,378 | 13.00 |
Finance income | 274,127 | 754,569 | (64.00) | 769,233 | 2,022,562 | (62.00) |
Finance expenses | (1,268,045) | (1,971,305) | 36.00 | (4,989,097) | (7,305,849) | 32.00 |
Net finance costs | (993,918) | (1,216,736) | 18.00 | (4,219,864) | (5,283,287) | 20.00 |
Change in fair value of investment property | 512,049 | 1,459,832 | (65.00) | 512,049 | 1,459,832 | (65.00) |
Share of profit of associates, net of tax | 253,694 | (100,301) | 353.00 | 345,743 | 138,528 | 150.00 |
Profit before taxation | 2,875,433 | 2,841,207 | 1.00 | 11,739,625 | 9,699,451 | 21.00 |
Tax on profit for the period | (820,886) | (558,411) | (47.00) | (3,841,180) | (2,882,155) | (33.00) |
Profit after tax on profit | 2,054,547 | 2,282,796 | (10.00) | 7,898,445 | 6,817,296 | 16.00 |
Tax effect of dividends paid to equity holders | - | - | - | (698,278) | (591,159) | (18.00) |
Profit for the period | 2,054,547 | 2,282,796 | (10.00) | 7,200,167 | 6,226,137 | 16.00 |
Other comprehensive income - net of tax | ||||||
Items that will not be re-classified subsequently to profit or loss: | ||||||
Net change in fair value of FVOCI financial assets | (11,484) | 15,282 | (175.00) | 29,417 | (21,305) | 238.00 |
Revaluation of lands and buildings | - | 5,869,742 | (100.00) | - | 5,869,742 | (100.00) |
Re-measurement of obligation on defined benefit plan | (137,088) | 199,167 | (169.00) | (137,088) | 199,167 | (169.00) |
Profit from sale of investments | - | - | - | 971 | - | 100.00 |
Share of other comprehensive income of associates | (14,638) | 5,562 | (363.00) | (212,986) | 681,747 | (131.00) |
Tax on other comprehensive income | 36,547 | (1,732,291) | 102.00 | 36,547 | (1,732,291) | 102.00 |
Total other comprehensive income - net of tax | (126,663) | 4,357,462 | (103.00) | (283,139) | 4,997,060 | (106.00) |
Total comprehensive income | 1,927,884 | 6,640,258 | (71.00) | 6,917,028 | 11,223,197 | (38.00) |
Profit for the period attributable to | ||||||
Owners of the parent | 1,618,359 | 1,587,113 | 2.00 | 5,085,343 | 4,357,303 | 17.00 |
Non-controlling Interest | 436,188 | 695,683 | (37.00) | 2,114,824 | 1,868,834 | 13.00 |
Profit for the period | 2,054,547 | 2,282,796 | (10.00) | 7,200,167 | 6,226,137 | 16.00 |
Total comprehensive income attributable to | ||||||
Owners of the parent | 1,517,962 | 5,377,341 | (72.00) | 4,826,026 | 8,790,564 | (45.00) |
Non-controlling Interest | 409,922 | 1,262,917 | (68.00) | 2,091,002 | 2,432,633 | (14.00) |
Total comprehensive income | 1,927,884 | 6,640,258 | (71.00) | 6,917,028 | 11,223,197 | (38.00) |
Earnings per share (Rs.) | 8.04 7.88 2.00 25.25 21.63 17.00 |
Dividends per share (Rs.) | - - *12.50 **9.50 |
* Second interim dividend for the year 2023/24 and interim dividend for the year 2024/25. |
** Second interim dividend for the year 2022/23 and interim dividend for the year 2023/24. |
02 |
Statement of Profit or Loss and |
Other Comprehensive Income |
Company | ||||||
For the three months ended | For the year ended | |||||
31-Mar | 31-Mar | Var. | 31-Mar | 31-Mar | Var. | |
In thousands of rupees | 2025 | 2024 | % | 2025 | 2024 | % |
Revenue | - | - | - | - | - | - |
Cost of sales | - | - | - | - | - | - |
Gross profit | - | - | - | - | - | - |
Other income | 13,706 | 151 | 8,977.00 | 2,832,262 | 2,385,973 | 19.00 |
Administrative expenses | (102,437) | (60,540) | (69.00) | (200,855) | (150,371) | (34.00) |
Results from operating activities | (88,731) | (60,389) | (47.00) | 2,631,407 | 2,235,602 | 18.00 |
Finance income | 4,805 | 27,271 | (82.00) | 32,337 | 46,306 | (30.00) |
Finance expenses | (7,745) | (10,858) | 29.00 | (22,513) | (37,218) | 40.00 |
Net finance costs | (2,940) | 16,413 | (118.00) | 9,824 | 9,088 | 8.00 |
Change in fair value of investment property | 160,032 - - 160,032 296,803 - |
Profit before taxation | 68,361 (43,976) 255.00 2,801,263 2,541,493 10.00 |
Tax on profit for the period | - | - | - | - | ||
Profit for the period | 68,361 | (43,976) | 255.00 | 2,801,263 | 2,541,493 | 10.00 |
Other comprehensive income - net of tax | ||||||
Items that will not be re-classified subsequently to profit or loss: | ||||||
Net change in fair value of FVOCI financial assets | (5,800) | (7,792) | 26.00 | 26,623 | (9,063) | 394.00 |
Re-measurement of obligation on defined benefit plan | (14,983) | - | (100.00) | (14,983) | (2,551) | (100.00) |
Profit from sale of investments | - | - | 100.00 | 971 | - | 100.00 |
Total other comprehensive income - net of tax | (20,783) | (7,792) | (167.00) | 12,611 | (11,614) | 209.00 |
Total comprehensive income | 47,578 | (51,768) | 192.00 | 2,813,874 | 2,529,879 | 11.00 |
Profit for the period attributable to | ||||||
Owners of the parent | 68,361 | (43,976) | 255.00 | 2,801,263 | 2,541,493 | 10.00 |
Non-controlling Interest | - | - | - | - | - | - |
Profit for the period | 68,361 | (43,976) | 255.00 | 2,801,263 | 2,541,493 | 10.00 |
Total comprehensive income attributable to | ||||||
Owners of the parent | 47,578 | (51,768) | 192.00 | 2,813,874 | 2,529,879 | 11.00 |
Non-controlling Interest | - | - | - | - | - | - |
Total comprehensive income | 47,578 | (51,768) | 192.00 | 2,813,874 | 2,529,879 | 11.00 |
Earnings per share (Rs.) | 0.34 | (0.22) | 255.00 | 13.91 | 12.62 | 10.00 |
Dividends per share (Rs.) | *12.50 | **9.50 | ||||
* Second interim dividend for the year 2023/24 and interim dividend for the year 2024/25. | ||||||
** Second interim dividend for the year 2022/23 and interim dividend for the year 2023/24. | ||||||
Condensed Interim Financial Statements 31 March 2025
03
Statement of Financial Position
Group Company
As at |
In thousands of rupees |
31-Mar 31-Mar 31-Mar 31-Mar 2025 2024 2025 2024
Assets | ||||
Non-current assets | ||||
Property, plant & equipment | 55,291,207 | 55,161,913 | 1,909 | 2,093 |
Right of use assets | 17,992,522 | 20,396,191 | 55 | 76 |
Investment property | 13,355,072 | 12,830,323 | 1,205,075 | 1,045,044 |
Intangible assets | 1,829,511 | 1,837,800 | 688,467 | 688,467 |
Investments in subsidiaries | - | - | 1,618,616 | 1,625,586 |
Investments in equity accounted investees | 6,809,336 | 6,699,920 | 5,605,948 | 5,605,950 |
Other financial assets | 1,681,176 | 1,703,150 | 95,717 | 81,692 |
Biological assets | 12,699 | 65,737 | - | - |
Total non-current assets | 96,971,523 | 98,695,034 | 9,215,787 | 9,048,908 |
Current assets | ||||
Inventories | 25,487,131 | 23,283,570 | - | - |
Biological assets | 63,787 | 150,018 | - | - |
Trade and other receivables | 14,889,514 | 12,764,697 | 7,729 | 30,212 |
Amounts due from subsidiaries | - | - | 8,507 | 9,187 |
Amounts due from other related parties | 319,364 | 289,355 | 2,529 | 3,408 |
Other financial assets | 670,854 | 131,107 | 407,872 | - |
Cash and cash equivalents | 8,176,612 | 8,141,729 | 24,556 | 457,558 |
Total current assets | 49,607,262 | 44,760,476 | 451,193 | 500,365 |
Total assets | 146,578,785 | 143,455,510 | 9,666,980 | 9,549,273 |
(Audited) (Audited)
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Equity and liabilities | ||||
Equity attributable to owners of the parent | ||||
Stated capital | 6,489,758 | 6,489,758 | 6,489,758 | 6,489,758 |
Reserves | 6,650,647 | 6,604,113 | 111,317 | 91,399 |
Retained earnings | 19,369,425 | 17,060,717 | 2,545,133 | 2,268,764 |
Total equity attributable to equity holders of the parent | 32,509,830 | 30,154,588 | 9,146,208 | 8,849,921 |
Non-controlling interest | 14,677,791 | 13,731,722 | - | - |
Total equity | 47,187,621 | 43,886,310 | 9,146,208 | 8,849,921 |
Liabilities | ||||
Non-current liabilities | ||||
Interest bearing loans and borrowings | 22,619,781 | 25,414,298 | 198,335 | 401,559 |
Employee benefits | 2,514,732 | 2,093,066 | 72,033 | 49,474 |
Trade and other payables | 185,408 | 197,206 | - | - |
Deferred tax liabilities | 3,381,961 | 3,567,442 | - | - |
Total non-current liabilities | 28,701,882 | 31,272,012 | 270,368 | 451,033 |
Current liabilities | ||||
Trade and other payables | 35,080,479 | 32,650,832 | 32,181 | 19,309 |
Current tax liabilities | 5,806,552 | 5,485,759 | - | - |
Amounts due to subsidiaries | - | - | - | 20,012 |
Amounts due to other related parties | 22,603 | 19,044 | - | - |
Dividends payable | 218,198 | 208,978 | 218,198 | 208,978 |
Interest bearing loans and borrowings | 29,561,450 | 29,932,575 | 25 | 20 |
Total current liabilities | 70,689,282 | 68,297,188 | 250,404 | 248,319 |
Total liabilities | 99,391,164 | 99,569,200 | 520,772 | 699,352 |
Total equity & liabilities | 146,578,785 | 143,455,510 | 9,666,980 | 9,549,273 |
Net Asset Value per Share (Rs.) | 161.41 | 149.72 | 45.41 | 43.94 |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. The Financial Statements have been approved by the Board of Directors on 29 May 2025.
I certify that these Financial Statements have been prepared in accordance with the requirements of the Companies Act No 7 of 2007.
(Signed.) |
V R Page |
Deputy Chairman / Managing Director |
(Signed.) |
Priyan Edirisinghe |
Senior Independent Director |
(Signed.) |
S C Niles |
Executive Director |
04
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Statement of Changes in Equity
Group | Attributable to the owners of the parent | Non-controlling Interest | |||||
Stated | Revaluation | Fair value | Retained | Total | Total | ||
In thousands of rupees | Capital | Reserve | Reserve | Earnings | |||
For the year ended 31 March 2024 | |||||||
Balance at 1 April 2023 | 6,489,758 | 2,823,337 | 133,191 | 13,667,618 | 23,113,904 | 12,249,407 | 35,363,311 |
Profit for the period | - | - | - | 4,357,303 | 4,357,303 | 1,868,834 | 6,226,137 |
Other comprehensive income | - | 3,669,340 | (17,883) | 781,804 | 4,433,261 | 563,799 | 4,997,060 |
Total comprehensive income for the period | - | 3,669,340 | (17,883) | 5,139,107 | 8,790,564 | 2,432,633 | 11,223,197 |
Transactions with owners directly recorded in equity | |||||||
Contributions by & distributions to owners | |||||||
Transactions with non-controlling interests | - | - | - | (11,443) | (11,443) | 11,443 | - |
Subsidiary dividend to non-controlling interest | - | - | - | 20,309 | 20,309 | (965,553) | (945,244) |
Dividends paid | - | - | - | (1,913,366) | (1,913,366) | - | (1,913,366) |
Transfer from revaluation reserve due to disposal of revalued assets | - | (3,872) | 3,872 | - | - | ||
Write back of unclaimed dividends | - | - | - | 154,620 | 154,620 | 3,792 | 158,412 |
Balance as at 31 March 2024 | 6,489,758 | 6,488,805 | 115,308 | 17,060,717 | 30,154,588 | 13,731,722 | 43,886,310 |
For the year ended 31 March 2025 | |||||||
Balance as at 1 April 2024 | 6,489,758 | 6,488,805 | 115,308 | 17,060,717 | 30,154,588 | 13,731,722 | 43,886,310 |
Profit for the period | - | - | - | 5,085,343 | 5,085,343 | 2,114,824 | 7,200,167 |
Other comprehensive income | - | 24,574 | 29,636 | (313,527) | (259,317) | (23,822) | (283,139) |
Total other comprehensive income for the period | - | 24,574 | 29,636 | 4,771,816 | 4,826,026 | 2,091,002 | 6,917,028 |
Transactions with owners directly recorded in equity | |||||||
Contributions by & distributions to owners | |||||||
Transactions with non-controlling interests | - | - | - | 14,412 | 14,412 | (14,412) | - |
Transfer from fair value reserve due to disposal of equity investments at FVTOCI | - | (7,676) | - | 7,676 | - | - | - |
Subsidiary dividend to non-controlling interest | - | - | - | 17,920 | 17,920 | (1,136,382) | (1,118,462) |
Dividends paid | - | - | - | (2,517,587) | (2,517,587) | - | (2,517,587) |
Balance as at 31 March 2025 | 6,489,758 | 6,505,703 | 144,944 | 19,369,425 | 32,509,830 | 14,677,791 | 47,187,621 |
Company | Stated | Revaluation | Fair value | Retained | Total |
In thousands of rupees | Capital | Reserve | Reserve | Earnings |
For the year ended 31 March 2024 | |||||
Balance at 1 April 2023 | 6,489,758 | - | 100,462 | 1,497,933 | 8,088,153 |
Profit for the period | - | - | - | 2,541,493 | 2,541,493 |
Other comprehensive income | - | - | (9,063) | (2,551) | (11,614) |
Unclaimed dividend writeback | - | - | - | 145,255 | 145,255 |
Dividends paid | - | - | - | (1,913,366) | (1,913,366) |
Balance as at 31 March 2024 | 6,489,758 | - | 91,399 | 2,268,764 | 8,849,921 |
For the year ended 31 March 2025 | |||||
Balance at 1 April 2024 | 6,489,758 | - | 91,399 | 2,268,764 | 8,849,921 |
Profit for the period | - | - | - | 2,801,263 | 2,801,263 |
Other comprehensive income | - | - | 27,594 | (14,983) | 12,611 |
Transfer from fair value reserve due to disposal of equity investments at FVTOCI | - | - | (7,676) | 7,676 | - |
Dividends paid | - | - | - | (2,517,587) | (2,517,587) |
Balance as at 31 March 2025 | 6,489,758 | - | 111,317 | 2,545,133 | 9,146,208 |
05
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Statement of Cash Flows
Group | Company | |||
For the year ended | 31-Mar | 31-Mar | 31-Mar | 31-Mar |
In thousands of rupees | 2025 | 2024 | 2025 | 2024 |
Cash flows from operating activities | ||||
Profit before tax | 11,739,625 | 9,699,451 | 2,801,263 | 2,541,493 |
Adjustments for: | ||||
Depreciation of property, plant & equipment | 4,707,940 | 4,598,874 | 183 | 78 |
Amortisation of right of use assets | 2,066,112 | 2,051,189 | 21 | 20 |
Net adjustment of ROU asset and liability | 90,542 | - | - | - |
Amortisation of intangible assets | 128,446 | 140,664 | - | - |
Interest income | (769,233) | (2,022,562) | (32,337) | (46,306) |
Profit on sale of property, plant & equipment | (10,152) | (1,200) | - | - |
Dividend income | (4,479) | (2,860) | (2,831,159) | (2,385,367) |
Finance costs | 4,989,097 | 7,305,849 | 8 | 37,218 |
Share of (profit) / loss on equity accounted investees, net of tax | (345,793) | (249,157) | - | - |
Impairment / (reversal of impairment) for trade receivables | 11,893 | 28,634 | - | - |
Amortisation of deferred income | - | (4,493) | - | - |
Impairment / (reversal of impairment) for inventories | 33,997 | (68,267) | - | - |
Changes in fair value of investment property | (512,049) | (1,459,832) | (160,032) | (296,803) |
Gain on disposal of ROU asset and liability | - | (323) - | ||
Provision for obligation on defined benefit plan | 401,606 | 511,477 | 7,576 | 9,302 |
Loss on deemed disposal of investment in associate | - | 110,629 | - | |
Gain on lease modification | - | (1,353) | - | |
Impairment of goodwill | 133,196 | - | - | - |
Impairment of investment in subsidiary | - | - | 6,970 | - |
Loss on biological assets | 83,957 | - | - | - |
Change in fair value of biological assets | (32,588) | (86,917) | - | - |
Cash generated from operating activities before working capital | 22,712,117 | 20,549,803 | (207,507) | (140,365) |
Change in inventories | (2,237,558) | (322,697) | - | - |
Change in trade and other receivables | (2,177,801) | (2,488,739) | 22,483 | 11,874 |
Change in amounts due from related parties | (30,009) | (310,423) | 1,559 | (13,919) |
Change in trade and other payables | 2,415,068 | 4,493,685 | 12,839 | 14,230 |
Change in amounts due to related parties | 3,559 | 17,193 | (20,012) | 5,321 |
Cash generated from operating activities | 20,685,376 | 21,938,822 | (190,638) | (122,859) |
Interest paid | (2,615,853) | (5,094,024) | - | (37,205) |
Income tax paid | (4,367,598) | (3,815,336) | - | - |
Defined benefit plan payments | (117,026) | (146,437) | - | - |
Net cash from / (used in) operating activities | 13,584,899 | 12,883,025 | (190,638) | (160,064) |
Cash flows from investing activities | ||||
Proceeds from sale of property, plant and equipment | 27,586 | 10,427 | - | - |
Interest received | 766,250 | 2,020,505 | 32,337 | 46,306 |
Dividends received | 28,165 | 2,860 | 2,831,159 | 2,385,367 |
Acquisition of property, plant and equipment | (4,854,668) | (6,341,294) | - | (17) |
Acquisition and construction of investment property | (12,701) | (502,561) | - | - |
Acquisition of intangible assets | (253,353) | (192,281) | - | - |
Acquisition of biological asets | (4,400) | (71,284) | - | - |
Proceeds from sale of biological assets | 96,700 | - | - | - |
Disposal / (Investment) of FVTOCI investments | 52,776 | - | 13,983 | - |
Addition to other financial assets | (539,747) | (5,107) | (414) | - |
Net cash from / (used in) investing activities | (4,693,392) | (5,078,735) | 2,877,065 | 2,431,656 |
Cash flows from financing activities | ||||
Proceeds from short term borrowings | 1,122,081 | 4,448,157 | - | - |
Repayment of long term borrowings | (2,113,017) | (3,750,069) | (203,195) | (202,421) |
Payment of finance lease liabilities | (1,997) | (2,730) | - | - |
Lease payments | (3,717,047) | (3,440,157) | - | (153) |
Dividend paid to shareholders | (2,508,367) | (1,725,196) | (2,508,367) | (1,725,196) |
Subsidiary dividend paid to non-controlling interest | (1,098,130) | (932,087) | - | - |
Net cash from / (used in) financing activities | (8,316,477) | (5,402,082) | (2,711,562) | (1,927,770) |
Net increase in cash and cash equivalents | 575,030 | 2,402,208 | (25,135) | 343,822 |
Cash and cash equivalents at 1 April | 4,851,780 | 2,449,572 | 457,558 | 113,736 |
Net increase / (decrease) in cash and cash equivalents | 575,030 | 2,402,208 | (25,135) | 343,822 |
Cash and cash equivalents at 31 March | 5,426,810 | 4,851,780 | 432,423 | 457,558 |
06
Segment Information
Retail & Wholesale Distribution
Food and Beverage & Manufacturing
Restaurants
For the year ended In thousands of rupees | 31-Mar 2025 | 31-Mar 2024 | 31-Mar 2025 | 31-Mar 2024 | 31-Mar 2025 | 31-Mar 2024 |
Revenue Gross revenue | 182,461,966 | 169,787,678 | 66,476,433 | 61,950,905 | 12,157,049 | 10,691,365 |
Eliminations of inter segment revenue | (248,779) | (2,274,280) | (19,058,934) | (16,715,184) | - | - |
External revenue | 182,213,187 | 167,513,398 | 47,417,499 | 45,235,721 | 12,157,049 | 10,691,365 |
Segment result Results from operating activities | 7,503,200 | 5,523,270 | 5,553,572 | 6,021,180 | 2,040,392 | 1,792,829 |
Retail & Wholesale Distribution Food and Beverage &
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Manufacturing
Restaurants
As at In thousands of rupees | 31-Mar 2025 | 31-Mar 2024 | 31-Mar 2025 | 31-Mar 2024 | 31-Mar 2025 | 31-Mar 2024 |
Segment assets Segment non-current assets Property, plant & equipment | 27,091,583 | 28,025,253 | 10,599,754 | 10,411,708 | 2,417,286 | 2,022,022 |
Right of use assets | 15,180,512 | 17,924,873 | 80,051 | 101,786 | 1,719,831 | 1,399,211 |
Investment property | - | 169,450 | 273,185 | 39,627 | - | - |
Intangible assets | 93,445 | 96,944 | 691,984 | 681,652 | 488,506 | 354,998 |
Other financial assets | - | - | 345 | 241 | 311 | 237 |
Deferred tax assets | - | - | - | - | - | - |
Biological assets | - | - | 12,700 | 65,737 | - | - |
Total segment non-current assets | 42,365,540 | 46,216,520 | 11,658,019 | 11,300,751 | 4,625,934 | 3,776,468 |
Current assets Inventories | 18,105,006 | 16,929,330 | 7,061,553 | 5,916,711 | 299,192 | 407,349 |
Biological assets | - | - | 63,787 | 150,018 | - | - |
Trade and other receivables | 7,325,892 | 6,324,628 | 5,446,441 | 4,803,923 | 371,749 | 386,115 |
Amounts due from other related parties | - | 21,713 | 2,234 | 9,429 | - | - |
Other financial assets | - | - | 124,164 | 115,011 | - | - |
Cash and cash equivalents | 3,781,862 | 3,726,886 | 3,054,447 | 2,436,959 | 900,886 | 1,215,643 |
Total segment current assets | 29,212,760 | 27,002,557 | 15,752,626 | 13,432,051 | 1,571,827 | 2,009,107 |
Total segment assets | 71,578,300 | 73,219,077 | 27,410,645 | 24,732,802 | 6,197,761 | 5,785,575 |
Segment liabilities Non-current liabilities | ||||||
Interest bearing loans and borrowings | 18,762,455 | 20,952,869 | 136,234 | 345,263 | 1,929,124 | 1,559,938 |
Employee benefits | 1,122,072 | 1,025,807 | 201,601 | 163,608 | - | - |
Trade and other payables | - | - | - | - | - | - |
Deferred tax liabilities | (215,688) | 81,749 | 1,075,346 | 1,016,339 | (40,267) | (39,657) |
Total segment non-current liabilities | 19,668,839 | 22,060,425 | 1,413,181 | 1,525,210 | 1,888,857 | 1,520,281 |
Current liabilities Trade and other payables | 25,253,745 | 23,662,472 | 7,079,925 | 6,479,933 | 1,325,808 | 1,292,386 |
Current tax liabilities | 1,723,674 | 1,197,389 | 2,520,594 | 2,895,113 | 999,150 | 941,796 |
Borrowings | 12,228,223 | 14,697,711 | 4,322,602 | 4,391,584 | 343,393 | 211,943 |
Amounts due to other related parties | - | - | 35 | 866 | - | - |
Total segment current liabilities | 39,205,642 | 39,557,572 | 13,923,156 | 13,767,496 | 2,668,351 | 2,446,125 |
Total segment liabilities | 58,874,481 | 61,617,997 | 15,336,337 | 15,292,706 | 4,557,208 | 3,966,406 |
07
Segment Information
Real Estate Entertainment Group
For the year ended 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar |
In thousands of rupees 2025 2024 2025 2024 2025 2024 |
Revenue | ||||||
Gross revenue | 520,723 | 420,264 | 508,681 | 521,837 | 262,124,852 | 243,372,049 |
Eliminations of inter segment revenue | (107,403) | (99,545) | - | - | (19,415,116) | (19,089,009) |
External revenue | 413,320 | 320,719 | 508,681 | 521,837 | 242,709,736 | 224,283,040 |
Segment result | |
Results from operating activities | (90,865) (188,524) 134,399 94,735 15,140,698 13,243,490 |
Corporate and other unallocated operating profit/(loss) (39,001) 140,869 | |
Total results from operating activities | 15,101,697 13,384,359 |
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Real Estate Entertainment Group
As at 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar 31-Mar |
In thousands of rupees 2025 2024 2025 2024 2025 2024 |
Segment assets | ||||||
Non-current assets | ||||||
Property, plant & equipment | 5,413,078 | 6,061,868 | 185,055 | 233,120 | 45,706,754 | 46,753,971 |
Right of use assets | 179,796 | 37,321 | 197,242 | 220,036 | 17,357,432 | 19,683,227 |
Investment property | 12,048,026 | 12,494,998 | - | - | 12,321,211 | 12,704,075 |
Intangible assets | 7,564 | 7,906 | 522 | 912 | 1,282,021 | 1,142,412 |
Other financial assets | - | 38,761 | - | - | 656 | 39,239 |
Deferred tax assets | - | - | - | - | - | - |
Biological assets | - | - | - | - | 12,700 | 65,737 |
Total segment non-current assets | 17,648,464 | 18,640,854 | 382,819 | 454,068 | 76,680,774 | 80,388,661 |
Current assets | ||||||
Inventories | 4,825 | 4,825 | 6,854 | 5,665 | 25,477,430 | 23,263,880 |
Biological assets | - | - | - | - | 63,787 | 150,018 |
Trade and other receivables | 739,307 | 614,056 | 19,103 | 12,891 | 13,902,492 | 12,141,613 |
Amount receivable from other related companies | - | 353 | 936 | 59 | 3,170 | 31,554 |
Other financial assets | 59,168 | 16,096 | - | - | 183,332 | 131,107 |
Cash and cash equivalents | 53,948 | 40,926 | 33,262 | 127,441 | 7,824,405 | 7,547,855 |
Total segment current assets | 857,248 | 676,256 | 60,155 | 146,056 | 47,454,616 | 43,266,027 |
Total segment assets | 18,505,711 | 19,317,110 | 442,974 | 600,124 | 124,135,390 | 123,654,688 |
Corporate and other unallocated assets | 22,443,395 | 19,936,390 | ||||
Total assets | 146,578,785 | 143,591,077 | ||||
Segment liabilities | ||||||
Non-current liabilities | ||||||
Interest bearing loans and borrowings | 612,761 | 118,421 | 283,076 | 295,677 | 21,723,650 | 23,272,168 |
Employee benefits | 96,137 | 85,246 | 2,833 | 1,978 | 1,422,643 | 1,276,639 |
Trade and other payables | 185,408 | 197,206 | - | - | 185,408 | 197,206 |
Deferred tax liabilities | 1,937,373 | 1,740,377 | - | - | 2,756,764 | 2,798,808 |
Total segment non-current liabilities | 2,831,679 | 2,141,250 | 285,909 | 297,655 | 26,088,465 | 27,544,821 |
Current liabilities | ||||||
Trade and other payables | 425,487 | 446,392 | 75,324 | 74,077 | 34,160,289 | 31,955,260 |
Current tax liabilities | 45 | 109 | - | - | 5,243,463 | 5,034,407 |
Borrowings | 4,250,439 | 3,074,478 | 50,050 | 80,524 | 21,194,707 | 22,456,240 |
Amounts due to other related companies | - | - | 22,568 | 18,178 | 22,603 | 19,044 |
Total segment current liabilities | 4,675,971 | 3,520,979 | 147,942 | 172,779 | 60,621,062 | 59,464,951 |
Total segment liabilities | 7,507,650 | 5,662,229 | 433,851 | 470,434 | 86,709,527 | 87,009,772 |
Corporate and other unallocated liabilities | 12,681,637 | 12,601,073 | ||||
Total liabilities | 99,391,164 | 99,610,845 | ||||
08
Fair valuation was done as of 31 March 2025 for all unquoted equity shares classified as Level 3 within the fair value hierarchy according to fair valuation methodology, Fair value would not significantly vary if one or more than inputs were changed.
29,165,070 29,149,131
Accordingly, the Company complies with the Minimum Public Holding requirement of the Main Board as per Option 1 of Section 7.13.1 (a) of the CSE Listing Rules.
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Louis Page | 11,000 | 11,000 |
Ranjit Page | 19,155,521 | 19,155,521 |
A D B Talwatte | - | - |
Mrs. Cecilia Page | 1,901,008 | 1,885,069 |
Joseph Page | 7,069,172 | 7,069,172 |
Dr. A Aravinda Page | 971,884 | 971,884 |
M I Abdul Wahid | - | - |
S C Niles | 56,485 | 56,485 |
Priyan Edirisinghe | - | - |
Joel Selvanayagam | - | - |
Suren De Silva | - | - |
Explanatory Notes
01. | Basis of Preparation |
These Financial Statements of C T Holdings Group, prepared in accordance with the Sri Lanka Accounting Standards (SLFRSs) for the year ended 31 March 2025, are provisional and subject to Audit. | |
These Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard No. 34 - Interim Financial Statements and use the same accounting policies and presentation as in the Financial Statements for the year ended 31 March 2024. The Group has not adopted any other standard, interpretation or amendment that has been issued but is not yet effective. | |
Freehold Land and Investment Property are respectively shown at the values in existence as at the last date of valuation. Other investments are reflected at values in existence as at the reporting date. |
02. | Fair Value Measurement and Related Fair Value Disclosures |
The fair values of all the financial assets and financial liabilities recognised during the period were not materially different from the transaction prices at the date of initial recognition. There were no transfers between Level 1 and Level 2 and no transfers into or out of Level 3 categories as per the fair value hierarchy, during the year. The fair value changes on financial instruments in Level 3 category was properly recorded in the statement of other comprehensive income. |
03. | Stated Capital |
Stated Capital of the Company as at 31 March 2025 is represented by 201,406,978 ordinary shares. |
04. Market Price Per Share | |||||
For the year ended 31 March | 2025 (Rs.) | 2024 (Rs.) | Change (Rs.) | Change (%) | |
Last Traded | 391.75 | 261.75 | 130.00 | 49.67% | |
Highest | 394.75 | 280.00 | 114.75 | 40.98% | |
Lowest | 305.50 | 233.25 | 72.25 | 30.98% | |
05. Directors' Shareholdings | |||||
As at 31 March | 2025 (No's) | 2024 (No's) | |||
06. | Public Shareholding | ||
As at 31 March | 2025 | 2024 | |
Shareholders (No's) | 1,401 | 1,361 | |
Shareholding (%) | 32.50% | 33.53% | |
Float adjusted market capitalisation (Rs.'000) | 25,642,826 | 17,676,443 | |
09
Explanatory Notes
07. Top 20 Shareholders As at 31 March
2025 2024
No's % No's %
Odeon Holdings (Ceylon) (Pvt) Ltd 87,329,012 43.36% 85,229,012 42.32%
Mr. Ranjit Page 19,155,521 9.51% 19,155,521 9.51%
The late Mr. Anthony A. Page 17,501,287 8.69% 17,501,287 8.69%
Ms. M.M. Page 11,639,710 5.78% 11,626,090 5.77%
Sir Chittampalam A Gardiner Trust 10,120,004 5.02% 10,120,004 5.02%
Employees' Provident Fund 7,686,987 3.82% 7,686,987 3.82%
Mr. Joseph Page 7,069,172 3.51% 7,069,172 3.51%
Mrs. T. Selvaratnam 5,667,250 2.81% 5,667,250 2.81%
Mr. T. Selvaratnam 2,821,500 1.40% 2,821,500 1.40%
Citibank Hong Kong S/A Hostplus Pooled Superannuation Trust 2,401,005 1.19% 2,277,542 1.13% SSBT-Sunsuper Pty. Ltd. As Trustee for Sunsuper Super Annuation Fund 2,044,407 1.02% 2,045,681 1.02% Mrs. Cecilia Page 1,901,008 0.94% 1,885,069 0.94%
Mrs. P.R. Page 1,664,256 0.83% 1,653,645 0.82%
Mr. A.I. Dominic 1,449,940 0.72% 1,449,940 0.72%
Mrs. A.M. Basnayake 1,147,209 0.57% 1,146,659 0.57%
Ms. A.M.L Page 1,003,234 0.50% 1,003,234 0.50%
Dr. A. Aravinda Page 971,884 0.48% 971,884 0.48%
The Galle Face Hotel Co. Ltd 915,503 0.45% 915,503 0.45%
Northern Trust Company S/A Hosking Global Fund PLC 853,513 0.42% 987,386 0.49%
Mrs. Tanya Selvaratnam 721,500 0.36% 2,821,500 1.40%
184,063,902 91.39% 184,034,866 91.37%
Others 17,343,076 8.61% 17,372,112 8.63% |
Total 201,406,978 100.00% 201,406,978 100.00% |
08. | Tax expense |
Group Company
For the year ended 31 March | 2025 | 2024 | 2025 | 2024 | ||
In thousands of rupees | ||||||
Statement of Profit or Loss | ||||||
Income tax | 4,688,391 | 3,343,328 | - | - | ||
Deferred tax charge/(reversal) | (148,933) | 129,986 | - | - | ||
4,539,458 3,473,314 - -
Other Comprehensive Income |
Deferred tax charge/(reversal) 36,547 (1,773,918) - - |
36,547 (1,773,918) - -
09. Proposed dividend
Subsequent to the reporting period, on 16 May 2025, the Board of Directors proposed a second interim dividend of Rs. 10 per share for the year ended 31 March 2025.
Segmental Information
The classification of the segments has been modified commencing from 1 April 2024. The Retail and Wholesale Distribution segment will now be known as Retail segment. The operations of the subsidiary Millers Ltd, which was previously classified under Retail and Wholesale Distribution segment will now re classified under the FMCG segment. The Directors are of the view that the change in the classification gives a better presentation and uniformity of reporting within the Group.
Events after the reporting period
No events have occurred since the reporting date which would require any adjustment to, or disclosure in, the financial statements.
C T HOLDINGS PLC
Condensed Interim Financial Statements 31 March 2025
Contingent liabilities
The income tax concession claimed under the Inland Revenue Act, No. 10 of 2006 and Act, No. 24 of 2017, as well as the Value Added Tax concession/exemption claimed under the Value Added Tax Act, No 14 of 2002 have been contested by the Department of Inland Revenue. The contingent liabilities for the Group in respect of these amount to Rs 646 Mn and Rs 688 Mn respectively.
Having sought professional advice, the Management is confident that the tax concessions are applicable and as such no liabilities would arise. Accordingly, no provision has been made in the financial statements.
The Deputy Commissioner of Inland Revenue has made an additional assessment of Income Tax for the year ended 31st March 2018 of Rs. 60.5 Mn on the subsidiary company C T Land Development PLC and also imposed a penalty of Rs. 29.6 Mn by considering the difference between the total value of credits in the Company's current account and the declared revenue as undeclared revenue. The Company's Financial Statements have been prepared on an accruals basis as per generally accepted accounting principles and have been duly audited and reported on by the Auditors. The declared revenue of the Company according to its financial statements is accurate and the assumption made by the Deputy Commissioner that all deposits other than fund transfers need to be considered as revenue cannot be accepted. A full reconciliation between the Company's declared revenue and the total value of deposits credited to the Company's bank account has been carried out and included in an appeal made to the CGIR through its tax consultants.
Comparative figures
In addition to the matter reported in note 10 above, where relevant, certain comparative figures have been re-classified to conform to the current period presentation. All per share details have been calculated, for all periods, based on the number of shares in issue as at 31 March 2025.
Name of Company |
C T Holdings PLC |
Related Party Transactions Review Committee |
Priyan Edirisinghe (Chairman - w.e.f 17 April 2025) |
Joel Selvanayagam |
Suren De Silva (w.e.f 20 May 2025) |
A D B Talwatte (Chairman - up to 28 March 2025) |
Registration No |
PQ 210 |
Board of Directors |
Louis Page (Chairman) |
Ranjit Page (Deputy Chairman / Managing Director) |
Priyan Edirisinghe (Senior Independent Director - w.e.f 17 April 2025) |
A D B Talwatte (Senior Independent Director - up to 28 March 2025) |
Cecilia Page |
Dr. A Aravinda Page |
Joseph Page |
Imtiaz Abdul Wahid |
Joel Selvanayagam |
Suren De Silva (w.e.f 20 May 2025) |
S C Niles (Executive Director) |
Exchange Listing |
Colombo Stock Exchange |
Company Secretary |
Hemali Ellawala |
Auditors |
KPMG, Chartered Accountants |
Tax Consultants |
Deloitte, Chartered Accountants |
Bankers |
Cargills Bank PLC |
Commercial Bank of Ceylon PLC |
Hatton National Bank PLC |
Nations Trust Bank PLC |
Sampath Bank PLC |
Standard Chartered Bank |
Remuneration Committee |
Priyan Edirisinghe (Chairman - w.e.f 17 April 2025) |
A D B Talwatte (Chairman - up to 28 March 2025) |
Joel Selvanayagam (w.e.f 20 May 2025) |
Louis Page |
Legal Form |
Quoted Public Company with limited liability incorporated in Sri Lanka on 29th September 1928 and re-registered under the Companies Act No. 07 of 2007 |
Registered Office |
No 8, Sir Chittampalam A Gardiner Mawatha, Colombo 2, Sri Lanka |
Telephone: +94 11 2431243 |
Email: info@ctholdings.lk |
Fax: +94 11 2447956 |
Postal Address: P.O. Box 327, Colombo |
Audit Committee |
Priyan Edirisinghe (Chairman - w.e.f 17 April 2025) |
Joel Selvanayagam |
Suren De Silva (w.e.f 20 May 2025) |
A D B Talwatte (Chairman - up to 28 March 2025) |
Nominations & Governance Committee |
Priyan Edirisinghe (Chairman - w.e.f 17 April 2025) |
A D B Talwatte (Chairman - up to 28 March 2025) |
Louis Page |
Suren De Silva (w.e.f 20 May 2025) |