Hemas Holdings PLC l Interim Report 2024/25 Q4
Performance Review for the Twelve Months Ended 31stMarch 2025 Overview
Financial Snapshot | ||||
LKR Mn. | FY25 Q4 | Vs FY24 Q4 | FY25 | Vs FY24 |
Consumer Brands | 10,087.1 | -20.8% | 45,997.6 | -9.4% |
Healthcare | 19,746.2 | 8.3% | 69,987.2 | 1.3% |
Mobility | 487.0 | 6.3% | 1,947.1 | 14.2% |
Other | 27.0 | 557.5% | 38.2 | 0.3% |
Revenue | 30,347.2 | -3.5% | 117,970.2 | -3.0% |
Gross Profit | 9,317.6 | -3.3% | 37,073.3 | 3.0% |
Gross Profit Margin | 30.7% | 0.1% | 31.4% | 1.8% |
EBITDA | 4,397.5 | 22.6% | 15,704.3 | 15.4% |
EBITDA Margin | 14.5% | 3.1% | 13.3% | 2.1% |
Operating Profit | 3,819.8 | 21.9% | 13,706.6 | 15.0% |
Operating Profit Margin | 12.6% | 2.6% | 11.6% | 1.8% |
Net Interest Cost | (232.5) | -46.3% | (977.8) | -60.1% |
Income Tax Expenses | (944.7) | -9.7% | (4,390.1) | 41.0% |
Earnings | 2,576.4 | 63.6% | 8,057.0 | 31.9% |
The Group delivered a strong performance during the year, accomplishing cumulative earnings of Rs. 8.1 billion, a year-on-year growth of 31.9%. Healthcare and Mobility Sectors witnessed a cumulative revenue growth compared to last year while Consumer Brands Sector recorded a 9.4% decline. The Group's total revenue declined marginally compared to previous year. Despite the dip in revenue, profitability margins strengthened, driven by operational efficiencies and a more favourable macroeconomic backdrop.
During the quarter, a revenue of Rs. 30.3 billion was achieved, a 3.5% decrease from the corresponding quarter of the previous year while the earnings grew by 63.6% to Rs. 2.6 billion compared to same period last year. Profit growth was primarily driven by strong performances in the Healthcare and Mobility sectors, complemented by a reduction in net finance expenses, which further supported the improvement in earnings.
The Group's financial position continues to demonstrate strength and resilience, supported by robust operating cash flows. Fitch Ratings reaffirmed the Group's national long-term rating at 'AAA (lka) - Outlook Stable' for the sixth consecutive year-an affirmation of the Group's solid balance sheet, healthy cash flows, and prudent financial management.
Hemas' share price appreciated by 16.2% during the quarter, outperforming the ASPI, which declined by 0.8%. In light of this strong performance and to enhance market accessibility, the Group announced a 5-for-1 share sub-division. Post-split, the share now trades at a more accessible level for local retail investors."
Operating Environment
The macroeconomic landscape showed early signs of recovery. The IMF's third Extended Fund Facility review enabled a US $ 334 million disbursement, supporting reforms and economic stability. GDP grew by 5.0% in 2024-after two years of contraction-and per capita GDP rose to US $ 4,516, indicating renewed momentum.
The Rupee remained broadly stable, depreciating just 1.3% during the quarter, while deflationary pressures began to ease. The Government's maiden budget balanced public relief with fiscal discipline, and higher inflows from remittances, tourism, and exports boosted reserves and eased import restrictions.
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Declining interest rates-evident with the AWPLR declining to 8.4%-helped lower net finance costs, while reduced energy tariffs decreased operating expenses.
Consumer Brands
While the broader macroeconomic environment improved and consumer sentiment began to rebound, the sector continued to feel the impact of price reductions implemented in previous quarters, which continued to affect revenue and earnings. Intense competition added to these pressures. However, the sector maintained its market share across most categories, reflecting sustained consumer trust in its brands.
The Learning Segment experienced a slowdown as seasonal inventory levels from the previous quarter normalised. Competition remained strong, particularly in regional markets and the value-for-money segment, with affordability continuing to influence consumer buying behaviour. The Government also introduced a targeted programme to support school supply purchases for selected underprivileged students.
Quarterly revenue and earnings declined by 20.8% and 5.4% respectively, while cumulatively, the sector recorded revenues of Rs. 46.0 billion and earnings of Rs. 5.1 billion, a degrowth of 9.4% and 0.3% respectively. Despite the revenue contraction, the implementation of efficiency improvement initiatives, productivity enhancements, and supply chain optimisations helped mitigate margin pressures and maintain operational resilience.
Home and Personal Care - Sri LankaTrends from the previous quarter persisted, with volume growth seen in the Personal Care and Beauty categories, while Home Care and Personal Wash witnessed volume declines.
Reinforcing its focus on product innovation and portfolio expansion, the company introduced two vibrant fruity fragrance variants and a new deodorant spray under the 'Goya' brand, enhancing the personal care offering. In response to rising demand for natural oral care, the 'Clogard' salt-based toothpaste was re-launched with a campaign promoting its gum health benefits. The 'Clogard' portfolio was further strengthened with the launch of the Proclean Limited Edition toothbrush in a distinctive black design, appealing to discerning consumers. These efforts reflect the business's commitment to addressing evolving consumer needs and deepening brand engagement across key market segments.
Hemas Manufacturing Pvt Ltd also achieved a significant milestone by securing the 'Authorised Economic Operator (AEO) Tier 1 Certification' from Sri Lanka Customs, underscoring its leadership in compliance, operational efficiency, and global trade facilitation.
Consumer Brands InternationalIn Bangladesh, the Interim Government took measures to curb inflation, and prices of essential commodities eased through harvest gains, tax cuts, and market controls.
The Value-Added Hair Oil (VAHO) segment, comprising of Kumarika and EVA brands, recorded growth in both volume and revenue. To mitigate the impact of rising input costs - driven by raw material price hikes and Taka depreciation, selling prices were revised in line with market trends, effectively safeguarding profit margins.
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Building on consumer insights and robust distribution networks, the business expanded into the male grooming category with the launch of the 'Vibe' perfume range, further strengthening its brand footprint in the Bangladesh market.
LearningThe shift in the school year calendar impacted quarterly comparisons, with some demand materialising in the previous quarter, compared to the previous financial year. This year, the government launched a targeted program offering financial assistance for the purchase of school supplies for selected underprivileged students. This initiative has had a positive impact on overall demand for school stationery products.
'Atlas' sustained its leadership position in the stationery market, while gaining momentum in the newly introduced educational toys segment. For the sixth consecutive year, the brand was recognised as the School Supply Brand of the Year at SLIM-Kantar People's Awards 2025, reaffirming its position as Sri Lanka's most trusted partner in making learning a fun and enriching experience for every child.
Healthcare
The Healthcare Sector cumulative earnings increased to Rs. 4.3 billion, supported by improved working capital efficiency, prudent cost management initiatives, and lower finance costs while cumulative revenues were Rs. 70.0 billion. Quarterly revenue grew to Rs. 19.7 billion, with earnings of Rs. 1.5 billion.
The recent gazette notifications on pharmaceutical pricing have prompted the need for a thorough review. In response, the business is working closely with the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) to engage with all relevant stakeholders and evaluate the basis of these directives. This collaborative approach is essential to ensure that implementation is guided by principles of fairness and transparency-standards that are crucial for the industry to continue providing high-quality, innovative pharmaceutical products to the market.
PharmaceuticalsThe Pharmaceutical Distribution business recorded a notable increase in its performance driven by growth in revenue and profitability whilst cashflow improved, supported by better working capital management and lower finance expenses.
In a landmark achievement for Sri Lanka's pharmaceutical industry, Morison became the first to locally manufacture two advanced cardiovascular medications-'Cilnidipine' and 'Rivaroxaban'. 'Cilnidipine', a fourth-generation calcium channel blocker, treats hypertension (high blood pressure), while 'Rivaroxaban', a next-generation oral anticoagulant, is used in the prevention and treatment of thromboembolic disorders. This milestone advances national healthcare self-sufficiency aspirations and provides patients with access to high-quality treatments at a significantly lower cost.
Additionally, the Government's recent budget proposals included a VAT exemption on imported packing materials for pharmaceutical manufacturing sector, a measure expected to benefit Morison and support cost efficiency.
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HospitalsThe Hospital segment delivered an improved performance during the quarter, marked by a continued enhancement in profit margins and a sustained growth in both outpatient and inpatient revenues.
Hemas Hospital Wattala marked a significant milestone in cardiac care with the commissioning of a state-of-the-art Catheterisation Laboratory (CATH Lab), with an investment of Rs. 1.0 billion. Equipped with Sri Lanka's most advanced cardiovascular diagnostic and interventional technology, the facility enables the delivery of precise, minimally invasive procedures, elevating the hospital's clinical capabilities.
In recognition of its operational excellence, Hemas Hospitals was named as the Category Winner in the Hospitals & Medical Laboratory sector at the Best Management Practices Company Awards 2025, organised by the Institute of Chartered Professional Managers of Sri Lanka.
Mobility
During the quarter, the Maritime segment recorded an increase in import volumes, aligning with the rise in inbound cargo at the Port of Colombo. However, this was partially offset by a decline in export & transshipment volumes, and continued pressure from falling freight rates.
In the Aviation segment, Emirates commenced operating the fourth daily flight between Colombo and Dubai. This expansion increased seat capacity on the route by 30%, enhancing convenience for passengers and aligning with Sri Lanka's broader goal of significantly boosting tourist arrivals in 2025. While the cargo segment recorded improved volumes and yields, passenger sector yields came under pressure due to heightened price competition.
The Sector revenues were stable at Rs. 487.0 million and earnings growing to Rs. 266.7 million. On a cumulative basis, revenue reached Rs. 1.9 billion while earnings rose to Rs. 0.8 billion.
Leading with ESG
During the quarter, the Group made steady progress towards its Environmental Agenda 2030 targets, with advancements across plastic waste management, water efficiency, and renewable energy adoption.
Over 1.1 million kilogrammes of post-consumer plastic waste were collected, reinforcing the Group's commitment to recovering 100% of its plastic footprint. Water intensity improved to 1.4 m³ per Rs. million in revenue, a 6.7% reduction from the previous quarter-while renewable energy usage rose to 12.2%, marking a 38.6% quarter-on-quarter increase. In partnership with the Wildlife and Nature Protection Society (WNPS), the Group continued its biodiversity conservation efforts by introducing three critically endangered endemic species-Impatiens sabcodata, Cryptocoryne walkeri, and Vanilla moonii-into protected habitats.
The Group also strengthened its social impact through several purpose-led initiatives. The Hemas Outreach Foundation commenced construction of its 70thand 71stPiyawara Preschools in Lunuwila and Nuwara Eliya, extending access to quality early childhood education for over 150 children. The Pharmaceutical Distribution business partnered with the 1990 Suwa Seriya Foundation to fund two ambulances under the 'Adopt an Ambulance' programme, improving emergency healthcare access in Moratuwa and Peliyagoda. As Ayati marked five years of service,
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it has now supported over 14,000 children with free, multidisciplinary care for disabilities and developmental challenges. Meanwhile, Diva launched an online marketplace for its Diva Daathata Diriyak Women Entrepreneurs, offering a platform for rural women to expand their businesses both locally and internationally.
Outlook
At Hemas, our resilience is rooted in our ability to adapt with agility, innovate and act with purpose, even amidst uncertainty. Guided by our purpose to empower families to aspire for a better tomorrow, the Group is positioning itself for the long-term by accelerating growth across larger emerging markets, expanding into adjacencies, and driving technology-led transformation.
To support this ambition, the Group is implementing a new operating model aimed at increasing responsiveness, sharpening strategic focus, and better aligning with long term goals. This transformation will strengthen organisational agility and enable the Group to capitalise on new growth opportunities.
The Group's international business aims to leverage Sri Lanka's natural ingredients and core expertise to offer authentic, high-quality products to global consumers. With a strong base in Sri Lanka and experience in Bangladesh, we are exploring strategic expansion into Southeast Asia and Africa through mergers, acquisitions, and partnerships.
With continued stability in core operations and improved performance over the past year, the Group has strengthened its financial position, improved its balance sheet, and maintained healthy cash flows-laying a strong foundation for accelerated growth. Looking ahead to the next financial year, the Group is poised to enter a phase of increased strategic investments guided by its Long-Range Plan. These investments will focus on unlocking new opportunities and delivering longterm stakeholder value.
Ravi Jayasekera
We deeply value the partnership and trust extended to us over the past year. Hemas remains steadfast in its commitment to generating sustainable value and creating a positive impact on society.
Acting Chief Executive Officer May 22, 2025
Colombo
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CONSOLIDATED STATEMENT OF PROFIT OR LOSSThree Months Ended 31 March Twelve Months Ended 31 March
2025 2024 Change % 2025 2024 Change %
Revenue from Contracts with Customers | 30,347,241 | 31,440,244 | -3.5% | 117,970,174 | 121,613,772 | -3.0% |
Cost of Sales | (21,029,611) | (21,804,541) | -3.6% | (80,896,885) | (85,616,543) | -5.5% |
Gross Profit | 9,317,630 | 9,635,703 | -3.3% | 37,073,289 | 35,997,229 | 3.0% |
Other Operating Income | 465,033 | 249,958 | 86.0% | 1,092,243 | 754,088 | 44.8% |
Selling and Distribution Expenses | (2,464,331) | (2,476,312) | -0.5% | (9,675,474) | (9,343,986) | 3.5% |
Administrative Expenses | (3,787,672) | (4,644,465) | -18.4% | (15,235,236) | (15,579,844) | -2.2% |
Share of Results of Equity Accounted Investees (Net of Tax) | 289,112 | 367,739 | -21.4% | 451,807 | 93,491 | 383.3% |
Operating Profit | 3,819,772 | 3,132,623 | 21.9% | 13,706,629 | 11,920,978 | 15.0% |
Finance Cost | (354,872) | (694,967) | -48.9% | (1,504,274) | (3,256,477) | -53.8% |
Finance Income | 122,386 | 261,980 | -53.3% | 526,447 | 803,487 | -34.5% |
Profit Before Tax | 3,587,286 | 2,699,636 | 32.9% | 12,728,802 | 9,467,988 | 34.4% |
Income Tax Expense | (944,700) | (1,045,686) | -9.7% | (4,390,141) | (3,113,335) | 41.0% |
Profit for the Period | 2,642,586 | 1,653,950 | 59.8% | 8,338,661 | 6,354,653 | 31.2% |
Attributable to: Equity Holders of the Parent | 2,576,438 | 1,575,093 | 63.6% | 8,056,961 | 6,108,520 | 31.9% |
Non-Controlling Interests | 66,148 | 78,857 | -16.1% | 281,700 | 246,133 | 14.5% |
2,642,586 | 1,653,950 | 59.8% | 8,338,661 | 6,354,653 | 31.2% |
LKR LKR LKR LKR
Earnings Per Share Basic | 0.90 | 0.53 |
Diluted | 0.90 | 0.53 |
Dividend Per Share | - | - |
2.70 | 2.05 |
2.70 | 2.05 |
4.00 | 2.35 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEThree Months Ended 31 March Twelve Months Ended 31 March
2025 2024 2025 2024
Profit for the Period | 2,642,586 | 1,653,950 | 8,338,661 | 6,354,653 |
Other Comprehensive Income Other Comprehensive Income to be Reclassified to Profit or Loss in Subsequent Periods (Net of Tax) | ||||
Exchange Differences on Translation of Foreign Operations | 6,830 | (80,286) | (74,604) | (113,319) |
Share of Other Comprehensive Profit/ (Loss) of Equity Accounted Investees (Cash Flow Hedge) | 57,557 | 189,551 | 57,557 | 189,551 |
64,387 | 109,265 | (17,047) | 76,232 | |
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Periods (Net of Tax) | ||||
Net Profit /(Loss) on Financial Assets at FVOCI (Equity) | (16,609) | 210 | 23,519 | 7,723 |
Actuarial Loss on Defined Benefit Plans | (30,405) | (42,738) | (30,405) | (42,738) |
Revaluation of Land and Building | 808,515 | 391,893 | 808,515 | 391,893 |
Share of Other Comprehensive Income of Joint Venture / Associates | 170,103 | 500,050 | 170,103 | 500,050 |
931,604 | 849,415 | 971,732 | 856,928 | |
Other Comprehensive Income for the Period, Net of Tax | 995,991 | 958,680 | 954,685 | 933,160 |
Total Comprehensive Income for the Period, Net of Tax | 3,638,577 | 2,612,630 | 9,293,346 | 7,287,813 |
Attributable to: Equity Holders of the Parent | 3,557,854 | 2,517,758 | 8,997,071 | 7,025,665 |
Non-Controlling Interests | 80,723 | 94,872 | 296,275 | 262,148 |
3,638,577 | 2,612,630 | 9,293,346 | 7,287,813 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March
2025 2024
ASSETS Non-Current Assets Property, Plant and Equipment | 24,396,797 | 20,052,363 |
Investment Properties | 4,305,782 | 4,008,116 |
Right-of-Use Assets | 1,889,329 | 1,314,167 |
Intangible Assets | 3,333,057 | 3,282,996 |
Investment in Equity Accounted Investees | 2,153,877 | 1,473,663 |
Lease Receivables | 22,648 | 42,186 |
Other Non-Current Financial Assets | 254,797 | 209,633 |
Deferred Tax Asset | 228,746 | 496,400 |
36,585,033 | 30,879,524 | |
Current Assets Inventories | 21,182,560 | 22,775,145 |
Trade and Other Receivables | 25,971,470 | 26,298,715 |
Tax Recoverable | 301,130 | 347,038 |
Lease Receivables | 15,369 | 30,639 |
Other Current Financial Assets | 183,326 | 168,880 |
Cash and Cash Equivalents | 12,578,510 | 13,222,991 |
60,232,365 | 62,843,408 | |
Assets Held for Sale | 73,128 | - |
Total Assets | 96,890,526 | 93,722,932 |
EQUITY AND LIABILITIES Equity Stated Capital | 7,824,276 | 7,783,875 |
Other Capital and Revenue Reserves | 75,567 | 103,084 |
Other Components of Equity | 8,471,295 | 7,501,243 |
Retained Earnings | 33,409,249 | 28,043,567 |
Equity Attributable to Equity Holders of the Parent | 49,780,387 | 43,431,769 |
Non-Controlling Interests | 540,045 | 687,829 |
Total Equity | 50,320,432 | 44,119,598 |
Non-Current Liabilities Interest-Bearing Loans and Borrowings | 4,617,055 | 5,407,779 |
Other Non-Current Financial Liabilities | 275,375 | 279,505 |
Deferred Tax Liability | 3,473,577 | 2,898,818 |
Employee Benefit Liability | 1,561,558 | 1,383,856 |
9,927,565 | 9,969,958 | |
Current Liabilities Trade and Other Payables | 31,940,411 | 30,847,653 |
Income Tax Liabilities | 1,440,936 | 1,488,137 |
Interest-Bearing Loans and Borrowings | 2,939,338 | 5,887,178 |
Bank Overdraft | 317,185 | 1,410,408 |
36,637,870 | 39,633,376 | |
Liabilities Associated with Assets Held for Sale | 4,659 | - |
Total Equity and Liabilities | 96,890,526 | 93,722,932 |
Net Assets per share - (LKR) | 83.34 | 72.79 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
These financial statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Moiz Rehmanjee
Group Chief Financial Officer
Imtiaz Esufally
The Board of Directors is responsible for these financial statements. Signed for and on behalf of the Board by,
Husein Esufally
Chairman Director
Colombo
May 22, 2025 8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Capital | Other Capital & Revenue Reserves | Attributable to Equity Holders of the Parent Other Component of Equity Revaluation Foreign Currency Fair Value Reserve of Cash Flow Hedge Retained Earnings Reserve Translation Financial Assets at Reserve | Total | Non - Controlling Interests | Total Equity | ||||||
Reserve | FVOCI | ||||||||||
As at 1 April 2023 | 7,776,111 | 119,164 | 6,845,833 | 522,611 | (51,775) | (775,034) | 23,967,649 | 38,404,559 | 715,842 | 39,120,401 | |
Profit for the Period | - | - | - | - | - | - | 6,108,520 | 6,108,520 | 246,133 | 6,354,653 | |
Other Comprehensive Income | - | - | 875,653 | (113,319) | 7,723 | 189,551 | (42,462) | 917,145 | 16,015 | 933,160 | |
Total Comprehensive Income | - | - | 875,653 | (113,319) | 7,723 | 189,551 | 6,066,058 | 7,025,665 | 262,148 | 7,287,813 | |
Share Based Payments | - | 8,890 | - | - | - | - | - | 8,890 | - | 8,890 | |
Exercise of ESOS | 7,764 | - | - | - | - | - | - | 7,764 | - | 7,764 | |
Transfer Due to the Expiry of ESOS | - | (24,970) | - | - | - | - | 24,970 | - | - | - | |
Final Dividend - 2022/23 | - | - | - | - | - | - | (1,163,274) | (1,163,274) | - | (1,163,274) | |
Interim Dividend - 2023/24 | - | - | - | - | - | - | (238,669) | (238,669) | - | (238,669) | |
Subsidiary Dividend to Non-Controlling Interest | - | - | - | - | - | - | - | - | (144,000) | (144,000) | |
Reclassification of Non-Controlling Interest to be Acquired | - | - | - | - | - | - | - | - | 4,296 | 4,296 | |
Fair Value Changes in Non-Controlling Interest to be Acquired | - | - | - | - | - | - | (464,909) | (464,909) | - | (464,909) | |
Acquisiton of subsidiary | - | - | - | - | - | - | - | - | 4,286 | 4,286 | |
Adjustment in Respect of Changes in Group Holding | - | - | - | - | - | - | (148,257) | (148,257) | (154,743) | (303,000) | |
As at 31 March 2024 | 7,783,875 | 103,084 | 7,721,486 | 409,292 | (44,052) | (585,483) | 28,043,567 | 43,431,769 | 687,829 | 44,119,598 | |
As at 1 April 2024 | 7,783,875 | 103,084 | 7,721,486 | 409,292 | (44,052) | (585,483) | 28,043,567 | 43,431,769 | 687,829 | 44,119,598 | |
Profit for the Period | - | - | - | - | - | - | 8,056,961 | 8,056,961 | 281,700 | 8,338,661 | |
Other Comprehensive Income | - | - | 963,580 | (74,604) | 23,519 | 57,557 | (29,942) | 940,110 | 14,575 | 954,685 | |
Total Comprehensive Income | - | - | 963,580 | (74,604) | 23,519 | 57,557 | 8,027,019 | 8,997,071 | 296,275 | 9,293,346 | |
Share Based Payments | - | (10,474) | - | - | - | - | - | (10,474) | - | (10,474) | |
Exercise of ESOS | 40,401 | - | - | - | - | - | - | 40,401 | - | 40,401 | |
Transfer Due to the Expiry of ESOS | - | (17,043) | - | - | - | - | 17,043 | - | - | - | |
Final Dividend -2023/24 | - | - | - | - | - | - | (1,790,719) | (1,790,719) | - | (1,790,719) | |
Interim Dividend - 2024/25 | - | - | - | - | - | - | (597,181) | (597,181) | - | (597,181) | |
Subsidiary Dividend to Non-Controlling Interest | - | - | - | - | - | - | - | - | (46,009) | (46,009) | |
Adjustment in Respect of Changes in Group Holding | - | - | - | - | - | - | (290,480) | (290,480) | (398,050) | (688,530) | |
As at 31 March 2025 | 7,824,276 | 75,567 | 8,685,066 | 334,688 | (20,533) | (527,926) | 33,409,249 | 49,780,387 | 540,045 | 50,320,432 | |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit. | 9 | ||||||||||
COMPANY STATEMENT OF PROFIT OR LOSS
Three Months Ended 31 March Twelve Months Ended 31 March
2025 2024 Change % 2025 2024 Change %
Revenue from Contracts with Customers | 546,821 | 289,073 | 89.2% | 1,605,874 | 1,123,014 | 43.0% |
Cost of Sales | - | - | - | - | - | - |
Gross Profit | 546,821 | 289,073 | 89.2% | 1,605,874 | 1,123,014 | 43.0% |
Other Operating Income | 1,459,253 | 1,607,161 | -9.2% | 3,701,606 | 1,610,053 | 129.9% |
Administrative Expenses | (460,059) | (413,736) | 11.2% | (1,887,806) | (1,743,952) | 8.2% |
Operating Profit | 1,546,015 | 1,482,499 | -4.3% | 3,419,674 | 989,115 | 245.7% |
Finance Cost | (78,338) | (123,424) | -36.5% | (261,344) | (438,645) | -40.4% |
Finance Income | 1,990 | 15,507 | -87.2% | 4,459 | 79,028 | -94.4% |
Profit Before Tax | 1,469,667 | 1,374,582 | -6.9% | 3,162,789 | 629,498 | 402.4% |
Income Tax Expense | (12,901) | (11,919) | -8.2% | (69,469) | (17,807) | -290.1% |
Profit for the Period | 1,456,766 | 1,362,663 | -6.9% | 3,093,320 | 611,691 | 405.7% |
COMPANY STATEMENT OF COMPREHENSIVE INCOME
Three Months Ended 31 March Twelve Months Ended 31 March
2025 2024 2025 2024
Profit for the Period | 1,456,766 | 1,362,663 | 3,093,320 | 611,691 |
Other Comprehensive Income | ||||
Actuarial (Loss) on Defined Benefit Plans | (3,281) | (1,381) | (3,281) | (1,381) |
Net Gain on Financial Assets at FVOCI | (2,739) | 83 | 4,143 | 1,281 |
Other Comprehensive Income for the Period, Net of Tax | (6,020) | (1,298) | 862 | (100) |
Total Comprehensive Income for the Period, Net of Tax | 1,450,746 | 1,361,365 | 3,094,182 | 611,591 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
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COMPANY STATEMENT OF FINANCIAL POSITIONAs at 31 March 2025 2024
ASSETS Non-Current Assets Property, Plant and Equipment | 82,544 | 94,525 |
Investment Properties | 1,260,522 | 1,143,000 |
Right-of-Use Assets | - | 64,267 |
Intangible Assets | 30,712 | 21,083 |
Investment in Subsidiaries | 19,116,227 | 18,271,547 |
Other Non-Current Financial Assets | 21,322 | 15,143 |
20,511,327 | 19,609,565 | |
Current Assets Trade and Other Receivables | 562,781 | 440,943 |
Tax Recoverable | 33,005 | 29,473 |
Other Current Financial Assets | 23,455 | 316,878 |
Cash and Cash Equivalents | 84,078 | 24,589 |
703,318 | 811,883 | |
Total Assets | 21,214,646 | 20,421,448 |
EQUITY AND LIABILITIES Equity Stated Capital | 7,824,276 | 7,783,875 |
Other Capital and Revenue Reserves | 296,918 | 324,435 |
Other Components of Equity | 6,988 | 2,845 |
Retained Earnings | 9,548,151 | 8,828,968 |
Total Equity | 17,676,333 | 16,940,123 |
Non-Current Liabilities Interest-Bearing Loans and Borrowings | 346,000 | 519,000 |
Deferred Tax Liability | 296,172 | 257,166 |
Employee Benefit Liability | 58,572 | 38,746 |
700,744 | 814,912 | |
Current Liabilities Trade and Other Payables | 931,090 | 769,189 |
Interest-Bearing Loans and Borrowings | 1,842,217 | 1,706,753 |
Bank Overdraft | 64,262 | 190,471 |
2,837,569 | 2,666,413 | |
Total Equity and Liabilities | 21,214,646 | 20,421,448 |
Net Assets per share - (LKR) | 29.59 | 28.39 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
These financial statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
Moiz Rehmanjee
Group Chief Financial Officer
The Board of Directors is responsible for these financial statements. Signed for and on behalf of the Board by,
Imtiaz Esufally
Husein Esufally
Chairman Director
Colombo May 22, 2025
11
COMPANY STATEMENT OF CHANGES IN EQUITYOther Components Of Equity | |||||
Stated Capital | Other Capital Reserves | Fair Value Reserve of Financial Assets at FVOCI | Retained Earnings | Total Equity | |
As at 1 April 2023 | 7,776,111 | 340,515 | 1,564 | 9,595,631 | 17,713,821 |
Profit for the Period | - | - | - | 611,691 | 611,691 |
Other Comprehensive Income | - | - | 1,281 | (1,381) | (100) |
Total Comprehensive Income | - | - | 1,281 | 610,310 | 611,591 |
Share Based Payments | - | 8,890 | - | - | 8,890 |
Exercise of share options | 7,764 | - | - | - | 7,764 |
Transfer due to the Expiry of ESOS | - | (24,970) | - | 24,970 | - |
Final Dividend - 2022/23 | - | - | - | (1,163,274) | (1,163,274) |
Interim Dividend - 2023/24 | - | - | - | (238,669) | (238,669) |
As at 31 March 2024 | 7,783,875 | 324,435 | 2,845 | 8,828,968 | 16,940,123 |
As at 1 April 2024 | 7,783,875 | 324,435 | 2,845 | 8,828,968 | 16,940,123 |
Profit for the Period | - | - | - | 3,093,320 | 3,093,320 |
Other Comprehensive Income | - | - | 4,143 | (3,281) | 862 |
Total Comprehensive Income | - | - | 4,143 | 3,090,039 | 3,094,182 |
Share Based Payments | - | (10,474) | - | - | (10,474) |
Exercise of share options | 40,401 | - | - | - | 40,401 |
Transfer Due to the Expiry of ESOS | - | (17,043) | 17,043 | - | |
Final Dividend -2023/24 | - | - | - | (1,790,719) | (1,790,719) |
Interim Dividend - 2024/25 | - | - | - | (597,181) | (597,181) |
As at 31 March 2025 | 7,824,276 | 296,918 | 6,988 | 9,548,151 | 17,676,333 |
All values are in LKR'000, unless otherwise stated. | |||||
The above figures are provisional and subject to audit. | |||||
12 | |||||
Group Company
Twelve Months Ended 31 March 2025 2024 2025 2024
Operating Activities
Profit Before Taxation from Continuing Operations | 12,728,802 | 9,467,988 | 3,162,789 | 629,498 |
Adjustments for, | ||||
Depreciation | 1,588,743 | 1,325,520 | 30,870 | 29,612 |
Amortisation of Right-of-Use Assets | 339,675 | 278,279 | 70,742 | 63,261 |
(Gain) on Disposal of Property, Plant and Equipment, Investment Properties, Intangible Assets | (48,283) | (32,638) | (8) | (21,574) |
Gain on Fair Value Adjustment of Investment Properties | (252,681) | (264,973) | (117,522) | (77,695) |
Amortisation of Intangible Assets | 69,266 | 79,155 | 8,501 | 28,401 |
Provision/ (Reversal) for Obsolete & Slow-moving Stocks | (616,135) | 755,882 | - | - |
Provision/(Reversal) for Impairment of Trade and Other Receivables | (113,239) | (121,936) | 10,048 | (15,737) |
Provision/(Reversal) for Share Based Payment Expense | (4,562) | 10,548 | 1,257 | 3,395 |
Gain on termination of leases | (83,556) | - | - | - |
Impairment of Investment in Subsidiaries | - | - | - | 80,000 |
Finance Cost | 1,504,274 | 3,256,477 | 261,344 | 438,645 |
Finance Income | (526,447) | (803,487) | (4,459) | (79,028) |
Investment Income | - | - | (3,574,024) | (1,507,409) |
Share of Results of Equity Accounted Investees (Net of Tax) | (451,807) | (93,491) | - | - |
Provision for Employee Benefit Liability | 303,311 | 330,799 | 11,498 | 21,900 |
Operating Cash Flows before Working Capital Changes | 14,437,361 | 14,188,123 | (138,964) | (406,731) |
Working Capital Adjustments | ||||
(Increase)/Decrease in Inventories | 2,208,720 | 5,071,433 | - | - |
(Increase)/Decrease in Trade and Other Receivables | 483,160 | (615,865) | (136,898) | 616,078 |
Increase/(Decrease) in Trade and Other Payables | 1,092,758 | 1,164,924 | 167,880 | (10,510) |
Increase/(Decrease) in Other Non-Current Financial Liabilities | (4,130) | 4,000 | - | - |
Cash Generated from Operations | 18,217,869 | 19,812,615 | (107,982) | 198,837 |
Finance Cost Paid | (1,264,594) | (3,047,964) | (253,248) | (417,504) |
Finance Income Received | 501,716 | 794,218 | 4,293 | 78,877 |
Income Tax Paid | (3,905,812) | (3,440,339) | (32,589) | (3,928) |
Employee Retirement Benefit Paid | (161,210) | (212,938) | (2,336) | (62,049) |
Net Cash Flows From/(Used in) Operating Activities | 13,387,969 | 13,905,592 | (391,861) | (205,767) |
Investing Activities Purchase of Property, Plant and Equipment | (5,080,094) | (2,379,134) | (26,545) | (75,191) |
Investment in Intangible Assets | (115,845) | (26,948) | (18,130) | - |
Acquisition of NCI Put Option | - | (3,410,096) | - | - |
Acquisition of /Investment in Subsidiaries | - | (2,121) | (844,680) | (351,650) |
Net Change in Financial Assets | (1,791) | 22,298 | 298,400 | 218,850 |
Dividend received from Equity Accounted Investees | - | 12,240 | - | - |
Investment Income Received | - | - | 3,574,024 | 1,507,409 |
Proceeds on Disposal of Property, Plant and Equipment/ Intangible Assets | 188,350 | 85,475 | 8 | 33,170 |
Net Cash Flows From/(Used in) Investing Activities | (5,009,380) | (5,698,286) | 2,983,078 | 1,332,588 |
Financing Activities Interest-Bearing Loans and Borrowings (Net) | (4,763,854) | (6,679,996) | (52,107) | 814,845 |
Proceed from Exercise of ESOS | 34,489 | 6,106 | 34,489 | 6,106 |
Proceeds from/to Non-Controlling Interest | (688,530) | (303,000) | - | - |
Dividends Paid to Equity Holders of the Parent | (2,387,900) | (1,401,944) | (2,387,900) | (1,401,944) |
Dividends Paid to Non-Controlling Interest | (46,009) | (144,000) | - | - |
Net Cash Flows From/(Used in) Financing Activities | (7,851,804) | (8,522,834) | (2,405,518) | (580,993) |
Net Increase/(Decrease) in Cash and Cash Equivalents | 526,785 | (315,528) | 185,698 | 545,828 |
Net Foreign Exchange Difference | (78,044) | 65,971 | - | - |
Cash and Cash Equivalents at the Beginning of the Period | 11,812,583 | 12,062,140 | (165,882) | (711,710) |
Cash and Cash Equivalents at the End of the Period | 12,261,325 | 11,812,583 | 19,816 | (165,882) |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
13
SEGMENTAL INFORMATION
Consumer Brands Healthcare Mobility Others Group
Three Months Ended 31 March 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Continuing Operation
Revenue from Contract with Customers Segmental Revenue - Gross | 10,150,168 | 12,771,202 | 21,872,808 | 19,407,932 | 499,154 | 464,407 | 683,629 | 414,929 | 33,205,759 | 33,058,470 |
Intra Segmental Revenue | (63,040) | (29,926) | (2,126,650) | (1,170,227) | (12,201) | (6,387) | (62,868) | (48,615) | (2,264,759) | (1,255,155) |
Segment Revenue | 10,087,128 | 12,741,276 | 19,746,158 | 18,237,705 | 486,953 | 458,020 | 620,761 | 366,314 | 30,941,000 | 31,803,315 |
Inter Segmental Revenue | - | - | - | (864) | - | - | (593,759) | (362,207) | (593,759) | (363,071) |
Total Revenue from Contract with Customers | 10,087,128 | 12,741,276 | 19,746,158 | 18,236,841 | 486,953 | 458,020 | 27,002 | 4,107 | 30,347,241 | 31,440,244 |
Results Segmental Results | 1,232,882 | 1,843,244 | 2,108,442 | 726,404 | 323,746 | 282,690 | (387,091) | (352,426) | 3,277,979 | 2,499,911 |
Finance Cost | (102,011) | (268,149) | (224,416) | (279,883) | 3,675 | (75,606) | (32,120) | (71,331) | (354,872) | (694,967) |
Finance Income | 63,514 | 103,216 | 43,198 | 91,719 | 18,688 | 45,431 | (3,014) | 21,615 | 122,386 | 261,980 |
Change in Fair Value of Investment Properties | 800 | 100 | - | - | 101,850 | 69,623 | 150,031 | 195,250 | 252,681 | 264,973 |
Share of Results of Equity Accounted Investees (Net of Tax) | - | - | - | - | (7,835) | (828) | 296,947 | 368,567 | 289,112 | 367,739 |
Profit/(Loss) before Tax | 1,195,185 | 1,678,411 | 1,927,224 | 538,240 | 440,124 | 321,310 | 24,753 | 161,675 | 3,587,286 | 2,699,636 |
Income Tax | (246,994) | (679,670) | (371,835) | 71,054 | (122,031) | (94,124) | (203,841) | (342,946) | (944,700) | (1,045,686) |
Profit/(Loss) for the Period | 948,191 | 998,741 | 1,555,389 | 609,294 | 318,094 | 227,186 | (179,088) | (181,271) | 2,642,586 | 1,653,950 |
Attributable to: Equity Holders of the Parent | 944,331 | 997,753 | 1,544,463 | 573,276 | 266,731 | 185,335 | (179,088) | (181,271) | 2,576,438 | 1,575,094 |
Non-Controlling Interests | 3,860 | 988 | 10,926 | 36,018 | 51,362 | 41,851 | - | - | 66,148 | 78,857 |
948,191 | 998,741 | 1,555,389 | 609,294 | 318,093 | 227,186 | (179,088) | (181,271) | 2,642,586 | 1,653,951 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
14
SEGMENTAL INFORMATION
Consumer Brands Healthcare Mobility Others Group
Twelve Months Ended 31 March 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Continuing Operation
Revenue from Contract with Customers Segmental Revenue - Gross | 46,192,452 | 50,903,366 | 76,155,152 | 74,573,483 | 1,992,586 | 1,729,487 | 2,133,417 | 1,578,672 | 126,473,607 | 128,785,008 |
Intra Segmental Revenue | (194,825) | (153,450) | (6,167,906) | (5,448,199) | (45,523) | (24,075) | (243,856) | (183,711) | (6,652,110) | (5,809,435) |
Segment Revenue | 45,997,627 | 50,749,916 | 69,987,246 | 69,125,284 | 1,947,063 | 1,705,412 | 1,889,561 | 1,394,961 | 119,821,497 | 122,975,573 |
Inter Segmental Revenue | - | - | - | (4,952) | - | - | (1,851,323) | (1,356,849) | (1,851,323) | (1,361,801) |
Total Revenue from Contract with Customers | 45,997,627 | 50,749,916 | 69,987,246 | 69,120,332 | 1,947,063 | 1,705,412 | 38,238 | 38,112 | 117,970,174 | 121,613,772 |
Results Segmental Results | 6,916,791 | 7,569,270 | 6,520,786 | 4,384,907 | 1,240,924 | 1,031,987 | (1,676,361) | (1,423,650) | 13,002,141 | 11,562,514 |
Finance Cost | (326,035) | (832,876) | (981,794) | (2,025,489) | (34,938) | (94,541) | (161,507) | (303,571) | (1,504,274) | (3,256,477) |
Finance Income | 238,325 | 283,388 | 223,883 | 367,056 | 63,849 | 131,863 | 390 | 21,180 | 526,447 | 803,487 |
Change in Fair Value of Investment Properties | 800 | 100 | - | - | 101,850 | 69,623 | 150,031 | 195,250 | 252,681 | 264,973 |
Share of Results of Equity Accounted Investees (Net of Tax) | - | - | - | - | 146,156 | 1,111 | 305,651 | 92,380 | 451,807 | 93,491 |
Profit/(Loss) before Tax | 6,829,881 | 7,019,882 | 5,762,875 | 2,726,474 | 1,517,841 | 1,140,043 | (1,381,796) | (1,418,411) | 12,728,802 | 9,467,988 |
Income Tax | (1,764,737) | (1,946,327) | (1,398,046) | (341,480) | (498,115) | (401,792) | (729,244) | (423,736) | (4,390,141) | (3,113,335) |
Profit/(Loss) for the Period | 5,065,144 | 5,073,555 | 4,364,829 | 2,384,994 | 1,019,726 | 738,251 | (2,111,040) | (1,842,147) | 8,338,661 | 6,354,653 |
Attributable to: Equity Holders of the Parent | 5,059,101 | 5,075,256 | 4,297,332 | 2,287,467 | 811,566 | 587,944 | (2,111,040) | (1,842,147) | 8,056,961 | 6,108,520 |
Non-Controlling Interests | 6,043 | (1,701) | 67,497 | 97,527 | 208,160 | 150,307 | - | - | 281,700 | 246,133 |
5,065,144 | 5,073,555 | 4,364,829 | 2,384,994 | 1,019,726 | 738,251 | (2,111,040) | (1,842,147) | 8,338,661 | 6,354,653 |
All values are in LKR'000, unless otherwise stated. The above figures are provisional and subject to audit.
15
SEGMENTAL INFORMATION
Consumer Brands | Healthcare | Mobility | Others | Group | |||||||
As at | 31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 | 31.03.2025 | 31.03.2024 | 31.03.2025 31.03.2024 | 31.03.2025 | 31.03.2024 | ||
ASSETS | |||||||||||
Non-Current Assets | |||||||||||
Property, Plant and Equipment | 6,460,433 | 5,809,925 | 13,943,192 | 10,376,065 | 59,630 | 32,350 | 793,812 880,601 | 21,257,067 | 17,098,941 | ||
Right of Use Assets | 431,575 | 594,278 | 1,418,410 | 782,117 | 1,246 | 64,667 | 38,096 80,511 | 1,889,327 | 1,521,573 | ||
Investment Property | 3,000 | 2,200 | - | - | 1,441,350 | 1,334,331 | 6,166,205 5,724,800 | 7,610,555 | 7,061,331 | ||
Other Non Current Financial Assets | 40,613 | 55,718 | 134,197 | 118,669 | - | - | 103,022 77,312 | 277,832 | 251,699 | ||
Other Non Current Assets | 6,230,847 | 6,233,794 | 1,738,254 | 1,504,978 | 1,436,381 | 1,284,833 | 27,942,427 | 26,542,345 | 37,347,909 | 35,565,950 | |
Segmental Non Current Assets | 13,166,468 | 12,695,915 | 17,234,053 | 12,781,829 | 2,938,607 | 2,716,181 | 35,043,562 | 33,305,569 | 68,382,690 | 61,499,494 | |
Deferred Tax Assets | 228,746 | 496,400 | |||||||||
Eliminations/Adjustments | (32,026,403) | (31,116,370) | |||||||||
Total Non Current Assets | 13,166,468 | 12,695,915 | 17,234,053 | 12,781,829 | 2,938,607 | 2,716,181 | 35,043,562 | 33,305,569 | 36,585,033 | 30,879,524 | |
Current Assets | |||||||||||
Other Current Financial Assets | 1,366,832 | 65,720 | 788,110 | 821,802 | 12,973 | 134,887 | 535,941 | 1,012,287 | 2,703,856 | 2,034,696 | |
Segmental Current Assets | 19,400,865 | 18,601,479 | 36,793,287 | 39,941,520 | 5,399,973 | 4,428,512 | 986,906 | 795,877 | 62,581,031 | 63,767,388 | |
Tax Recoverable | 301,130 | 347,038 | |||||||||
Eliminations/Adjustments | (5,353,652) | (3,305,714) | |||||||||
Total Current Assets | 20,767,697 | 18,667,199 | 37,581,397 | 40,763,322 | 5,412,946 | 4,563,399 | 1,522,847 | 1,808,164 | 60,232,365 | 62,843,408 | |
Assets Held for Sale | 73,128 | 73,128 | |||||||||
Total Assets | 34,007,293 | 31,363,114 | 54,815,450 | 53,545,151 | 8,351,553 | 7,279,580 | 36,566,409 | 35,113,733 | 96,890,526 | 93,722,932 | |
Non Current Liabilities | |||||||||||
Segmental Non Current Liabilities | 1,085,211 | 1,065,034 | 4,594,257 | 5,357,511 | 58,647 | 64,049 | 440,498 | 600,963 | 6,178,613 | 7,087,557 | |
Other Non-current Financial Liabilities | - | - | 40 | 40 | 335 | 4,465 | 275,000 | 275,000 | 275,375 | 279,505 | |
Deferred Tax Liability | 3,473,577 | 2,898,818 | |||||||||
Eliminations/Adjustments | - | (295,922) | |||||||||
Total Non Current Liabilities | 1,085,211 | 1,065,034 | 4,594,297 | 5,357,551 | 58,982 | 68,514 | 715,498 | 875,963 | 9,927,565 | 9,969,958 | |
Current Liabilities | |||||||||||
Segmental Current Liabilities | 7,633,585 | 7,907,403 | 25,811,321 | 27,660,626 | 3,706,149 | 3,093,251 | 3,128,316 | 2,865,536 | 40,279,371 | 41,526,816 | |
Income Tax Liability | 1,440,936 | 1,488,137 | |||||||||
Eliminations/Adjustments | (5,082,437) | (3,381,577) | |||||||||
Total Current Liabilities | 7,633,585 | 7,907,403 | 25,811,321 | 27,660,626 | 3,706,149 | 3,093,251 | 3,128,316 | 2,865,536 | 36,637,870 | 39,633,376 | |
Liabilities associated with assets held for sale | 4,659 | 4,659 | |||||||||
Total Liabilities | 8,723,455 | 8,972,437 | 30,405,618 | 33,018,177 | 3,765,131 | 3,161,765 | 3,843,814 | 3,741,499 | 46,570,094 | 49,603,334 | |
Total Segment Assets | 33,934,165 | 31,363,114 | 54,815,450 | 53,545,151 | 8,351,553 | 7,279,580 | 36,566,409 | 35,113,733 | 133,667,577 | 127,301,578 | |
Total Segment Liabilities | 8,718,796 | 8,972,437 | 30,405,618 | 33,018,177 | 3,765,131 | 3,161,765 | 3,843,814 | 3,741,499 | 46,733,359 | 48,893,878 | |
Other Segmental Information | |||||||||||
Acquisition Cost of Property Plant and Equipment | 1,095,850 | 772,872 | 3,849,768 | 758,620 | 51,033 | 25,497 | 83,443 | 822,145 | 5,080,094 | 2,379,134 | |
Depreciation of segmental assets | 595,338 | 490,716 | 820,006 | 721,959 | 23,589 | 18,867 | 149,810 | 93,978 | 1,588,743 | 1,325,520 | |
Provision for Employee Benefit Liability | 119,210 | 125,230 | 154,361 | 166,819 | 12,501 | 9,487 | 17,239 | 29,263 | 303,311 | 330,799 | |
Impairment/Amortization of Intangible Assets | 15,867 | 12,967 | 44,690 | 37,654 | 170 | 41 | 8,539 | 28,493 | 69,266 | 79,155 | |
Amortisation of Right-of-Use Assets | 92,547 | 76,461 | 208,581 | 168,704 | 18,344 | 32,349 | 20,203 | 765 | 339,675 | 278,279 | |
All values are in LKR'000, unless otherwise stated. | |||||||||||
The above figures are provisional and subject to audit. | |||||||||||
16 | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS
Basis of Preparation
The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS- 34, Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2024. Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements.
Management is currently not aware of any material uncertainties that may cast significant doubt upon the Group's continuing performance.
Employee Share Option Scheme (ESOS)
(a) Employee Share Option Scheme (ESOS) - 2015
The Board of Directors, with the approval in principal of the Colombo Stock Exchange, and authorised by the shareholders at an Extraordinary General Meeting dated 10 April 2015, to create an Employee Share Option Scheme (ESOS) to offer 13,900,000 ordinary shares being 2.4% of the total number of shares in issue to Executive Directors and Senior Executives of the Company and its Subsidiaries whom the Board deems to be eligible to be awarded the shares.
Accordingly the options were granted to the Executive Directors and Senior Executives of the Company and its subsidiaries as follows,
Date Of
Grant
No of Shares
Granted
Grant Price
(LKR )
Vesting Period
No of Shares
Vested
Exercise
Period
Grant 1
27.07.2015
3,053,750
82.00
1 Year
2,574,423
3 Years
Grant 2
27.07.2016
3,008,750
87.50
1 Year
2,421,867
3 Years
Grant 3
27.07.2017
3,420,000
149.50
1 Year
2,034,796
3 Years
Grant 4
27.07.2018
3,491,250
108.81
1 Year
2,032,822
3 Years
Grant 5
27.07.2019
4,115,000
69.00
1 Year
2,204,212
3 Years
Grant 6
27.07.2020
2,630,758
60.00
1 Year
1,924,065
3 Years
(b) Employee Share Option Scheme (ESOS) - 2021
The Board of Directors, with the approval in principal of the Colombo Stock Exchange, and authorised by the shareholders at an Extraordinary General Meeting dated 30 June 2021, to create an Employee Share Option Scheme (ESOS) to offer 13,500,000 ordinary shares being 2.26% of the total issued and fully paid ordinary voting shares of the Company. The ESOS 2021 is applicable to Eligible Employees, who are employees of a company in the Hemas Group (i.e. the Company and subsidiaries of the Company as identified by the Board whose employees are eligible to participate in the Scheme)
The Grant Period under the ESOS 2021 shall commence on 20 July 2021 and end on 19 July 2026.
Date Of
Grant
No of Shares
Granted
Grant Price
(LKR )
Vesting Period
No of Shares
Vested
Exercise
Period
Grant 1
20.07.2021
3,538,112
82.46
1 Year
1,156,726
5 Years
Grant 2
20.07.2022
3,071,647
43.84
1 Year
927,454
5 Years
Grant 3
20.07.2023
3,375,000
71.02
1 Year
-
5 Years
Grant 4
01.10.2024
5,850,000
72.23
1 Year
N/A
5 Years
Under the Group's Employee Share Option Scheme (ESOS), share options of the parent are granted to executives of the Group/ Company generally with more than 12 months of service. The exercise price of the share options is equal to the 30 day volume weighted average market price of the underlying shares on the date of grant. The share options vested after period of one year from the date of grant and it depends on the performance criteria and time criteria. The fair value of the share options is estimated at the grant date using the Black Scholes option pricing model taking into account the terms and conditions upon which the share options were granted.
There are no cash settlement alternatives. The Group does not have a past practice of cash settlement for these share options.
Events After The Reporting Date
The Board of Directors of the Company has declared a final dividend of LKR 0.70 per share for the financial year ended 31 March 2025 as required by section 56(2) of the companies Act No 07 of 2007 , the Board of Directors has confirmed that the Company satisfies the solvency test in accordance with section 57 of the companies Act No. 07 of 2007, and has obtained a certificate from the Auditors, prior to declaring the final dividend which is to be paid on or before 16 July 2025.
In accordance with the Sri Lanka Accounting Standard (LKAS 10) - Events after the reporting date, the final dividend has not been recognised as a liability in the Financial Statements as at 31 March 2024.
Other than those mention above, no circumstances have arisen since the reporting date, which would require adjustment to or disclosure in the financial statements.
There have been no significant changes in the nature of the contingent liabilities which were disclosed in the Audited Financial Statements for the year ended 31 March 2024.
17
INVESTOR INFORMATION
Three Months Ended 31 March 2025 2024
Market Value of Shares
Closing Price on 31 March (LKR) | 120.00 | 80.40 |
Last Traded Price on 31 March (LKR) | 120.00 | 80.40 |
Highest Price During the Period (LKR) | 128.00 | 81.10 |
Lowest Price During the Period (LKR) | 102.75 | 67.00 |
Market Capitalisation on 31 March (LKR Mn) | 71,677 | 47,972 |
Ratios Net Asset Per Share on 31 March (LKR) Price Earnings Ratio on 31 March (Times) Share Trading | 83.34 8.90 | 72.79 7.85 |
No of Transactions During the Period | 9,456 | 3,039 |
No of Shares Traded During the Period | 40,177,399 | 14,281,484 |
Value of Shares Traded During the Period (LKR. Mn) | 4,598 | 1,078 |
Number of Shares | 597,307,400 | 596,672,617 |
Number of Shares* | 2,986,537,000 | 2,983,363,085 |
*The number of shares represented after the 1-for-5 share split, which shareholders approved on 28th April 2025 | 18 |
SHARE INFORMATION
List of 20 Major Shareholders as at 31 March
2025
No. of Shares
2024
% No. of Shares %
1 A Z Holdings (Pvt) Ltd. | 94,092,305 | 15.75 | 94,092,305 | 15.77 |
2 Amagroup (Pvt) Ltd. | 91,427,333 | 15.31 | 91,427,333 | 15.32 |
3 Saraz Investments (Pvt) Ltd. | 89,565,277 | 14.99 | 89,565,277 | 15.01 |
4 Blueberry Investments (Pvt) Ltd. | 88,927,940 | 14.89 | 88,927,940 | 14.90 |
5 BBH-Kopernik Global All Cap Fund | 13,149,737 | 2.20 | 16,019,905 | 2.68 |
6 Mrs. R.G. Abdulhussein | 10,011,662 | 1.68 | 10,000,000 | 1.68 |
7 Mr. E.D. Peiris | 10,000,000 | 1.67 | - | - |
8 J.B. Cocoshell (Pvt) Ltd | 9,195,571 | 1.54 | 9,473,029 | 1.59 |
9 BBH-Kopernik Global All Cap Equity Fund | 8,677,203 | 1.45 | 12,263,194 | 2.06 |
10 Rubber Investment Trust Ltd Account 1 | 8,145,002 | 1.36 | 8,345,002 | 1.40 |
11 BBH-Tundra Sustainable Frontier Fund | 7,001,928 | 1.17 | 7,001,928 | 1.17 |
12 Citibank Newyork S/A Norges Bank Account 2 | 6,348,861 | 1.06 | 18,322,898 | 3.07 |
13 BBH- Tundra Shikari Global | 5,989,000 | 1.00 | - | - |
14 Hatton National Bank PLC - Capital Alliance Quantitative Equity Fund | 5,774,405 | 0.97 | 2,824,425 | 0.47 |
15 Est. of Lat M.J.Fernando | 5,448,160 | 0.91 | 5,448,160 | 0.91 |
16 DFCC Bank PLC A/c 1 | 5,002,829 | 0.84 | 2,642,933 | 0.44 |
17 Akbar Brothers (Pvt) Ltd | 4,298,475 | 0.72 | 3,968,420 | 0.67 |
18 Ceylon Investment PLC Account 2 | 3,706,719 | 0.62 | 3,988,719 | 0.67 |
19 Mellon Bank N.A-United Technologies CORP | 3,499,470 | 0.59 | 5,488,757 | 0.92 |
20 Ranavan Holdings (Pvt) Ltd | 3,408,035 | 0.57 | - | - |
Directors' Shareholding as at 31 March
DIRECTORS' INDIRECT SHAREHOLDING
A Z Holdings (Pvt) Ltd. Amagroup (Pvt) Ltd.
Saraz Investments (Pvt) Ltd. Blueberry Investments (Pvt) Ltd.
DIRECTORS' DIRECT SHAREHOLDING
Mr. H.N. Esufally (Chairman)
Dr. S.A.B Ekanayake (Deputy Chairman) Mr. A.N. Esufally
Mr. I.A.H. Esufally
Mr. M. A. H. Esufally Mr.P. Subasinghe Mr. Ranil Pathirana
Mr. W.V.S.D. Weerasinghe Mr. W.A.T. Fernando
Ms. W.T.V. Perera
Minimum Public Holding as at 31 March 2025
2025 2024
No. of Shares No. of Shares
94,092,305 | 94,092,305 |
91,427,333 | 91,427,333 |
89,565,277 | 89,565,277 |
88,927,940 | 88,927,940 |
2,291,640 | 2,291,640 |
- | - |
17,353 | 167,353 |
86,284 | 2,086,284 |
582,633 | 1,164,633 |
- | - |
- | - |
- | - |
- | - |
- | - |
366,990,765 | 369,722,765 |
Float Adjusted Market Capitalisation - (LKR) | Public Holding Percentage | No of Shareholders | Option |
26,403,615,233 | 36.84% | 7,836 | 1 |
Public Holding as at 31 March | 2025 | 2024 |
Issued Share Capital (No. of Shares) | 597,307,400 | 596,672,617 |
Public Holding as a % of Issued Share Capital | 36.84% | 36.77% |
Total Number of Shareholders | 7,853 | 7,727 |
Number of Shareholders representing the Public Holding | 7,836 | 7,711 |
Minimum Public Holding Requirement as per Listing Rules 7.13.1 |
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