INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31ST DECEMBER 2024
Raigam Wayamba Salterns PLC & Subsidiary Companies
STATEMENT OF FINANCIAL POSITION
Rs.
As at
ASSETS
Non-Current Assets
Property, Plant and Equipment
Intangible Assets
Right of Use Assets
Investments in Subsidiaries
Current Assets
Inventories
Trade and other Receivables Held to Maturity Financial Assets Cash and Cash Equivalents Income Tax Receivable
Total Assets
EQUITY AND LIABILITIES
Stated Capital
Revaluation Reserve
Retained Earnings
Non-Current Liabilities
Defined Benefit Obligation
Deferred Tax Liability
Interest Bearing Loans and Borrowings
Current Liabilities
Trade and Other Payables
Income Tax Payable
Interest Bearing Loans and Borrowings
Total Equity and Liabilities Net Assets per Share
Group
31.12.2024 31.03.2024
(Unaudited) (Audited)
802,499,544 823,042,792
2,835,7655,559,648
30,335,83924,226,796
--
835,671,148 852,829,236
221,890,438 261,028,974
877,562,375 592,805,385
1,348,636,901 1,095,684,952
123,813,655 237,686,143
2,025,3872,025,387
2,573,928,756 2,189,230,841
3,409,599,904 3,042,060,077
604,414,640 604,414,640
272,611,544 272,611,544
1,615,596,817 1,521,910,364
2,492,623,001 2,398,936,548
30,716,91126,522,260
86,708,79986,685,871
18,722,66717,723,656
136,148,377 130,931,787
715,037,830 333,043,520
24,782,71145,194,730
41,007,985 133,953,492
780,828,526 512,191,742
3,409,599,904 3,042,060,077
8.838.54
--
Company
31.12.2024 31.03.2024
(Unaudited) (Audited)
633,379,500 643,915,494
2,835,7653,712,858
14,608,8184,590,795
285,140,226 285,140,226
935,964,308 937,359,373
151,419,655 136,454,155
668,040,694 581,199,387
1,020,506,490 925,175,363
43,390,063 141,575,091
--
1,883,356,903 1,784,403,996
2,819,321,211 2,721,763,369
604,414,640 604,414,640
197,677,167 197,677,166
1,349,189,463 1,287,638,719
2,151,281,270 2,089,730,525
26,671,582 23,107,925
55,470,380 55,470,380
5,002,051-
87,144,013 78,578,305
565,270,294 520,720,800
13,160,368 32,313,775
2,465,266419,964
580,895,928 553,454,539
2,819,321,211 2,721,763,369
7.627.44
--
These financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.
…..................................................................
N Jayasuriya - Director Finance
The Board of Directors is resposible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by:
… | … |
G V P G Amarasinghe - Director | K R Theadore - Director |
February 14, 2025 | |
Colombo |
Raigam Wayamba Salterns PLC & Subsidiary Companies
STATEMENT OF PROFIT OR LOSS
Rs. | Group | Company | |||||||
Quarter ended 31st December | Nine Months ended 31st December | Quarter ended 31st December | Nine Months ended 31st December | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
Revenue | 485,025,343 | 447,770,933 | 1,351,294,219 | 1,341,190,580 | 423,902,412 | 360,722,617 | 1,154,712,179 | 1,058,566,419 | |
Cost of Sales | (354,218,808) | (320,468,906) | (975,986,603) | (908,119,501) | (324,598,926) | (242,228,358) | (893,180,596) | (698,767,375) | |
Gross Profit | 130,806,535 | 127,302,027 | 375,307,616 | 433,071,079 | 99,303,486 | 118,494,259 | 261,531,583 | 359,799,044 | |
Other Income | - | 125,065 | - | 125,065 | - | 119,565 | - | 119,565 | |
Administrative Expenses | (35,033,518) | (30,321,430) | (95,256,436) | (94,176,506) | (26,642,785) | (22,291,239) | (71,905,151) | (67,802,761) | |
Selling and Distribution Costs | (66,764,349) | (52,333,081) | (174,996,407) | (146,862,468) | (48,204,394) | (43,640,252) | (123,592,212) | (112,056,207) | |
Results From Operating Activities | 29,008,668 | 44,772,581 | 105,054,773 | 192,157,170 | 24,456,308 | 52,682,333 | 66,034,220 | 180,059,641 | |
Finance Cost | (1,067,540) | (1,137,413) | (2,227,695) | (3,065,420) | (630,569) | (390,718) | (871,904) | (814,706) | |
Finance Income | 33,083,422 | 42,859,602 | 93,743,122 | 125,487,805 | 22,630,309 | 33,227,008 | 73,931,412 | 102,702,074 | |
Net Finance (Cost) / Income | 32,015,882 | 41,722,189 | 91,515,427 | 122,422,385 | 21,999,740 | 32,836,290 | 73,059,508 | 101,887,368 | |
Profit Before Tax | 61,024,550 | 86,494,770 | 196,570,200 | 314,579,555 | 46,456,048 | 85,518,623 | 139,093,729 | 281,947,009 | |
Income Tax Expense | (20,860,008) | (30,722,684) | (60,552,649) | (89,187,893) | (11,554,241) | (20,222,161) | (35,211,887) | (65,993,013) | |
Profit for the Period | 40,164,542 | 55,772,086 | 136,017,551 | 225,391,662 | 34,901,807 | 65,296,462 | 103,881,842 | 215,953,996 | |
Earnings Per Share | |||||||||
- Basic Earnings Per Share | 0.14 | 0.20 | 0.48 | 0.80 | 0.12 | 0.23 | 0.37 | 0.77 |
Raigam Wayamba Salterns PLC & Subsidiary Companies
STATEMENT OF OTHER COMPREHENSIVE INCOME
Rs.
Profit for the Period
Actuarial (Loss)/ Gain on post Retirement Benefit Liability
Gain on Revaluation of Property, Plant and Equipment
Deffered Tax on Actuarial (Gain)/ Loss
Equipment
Total Comprehensive Income, Net of Tax
Group
Quarter ended 31st | Nine Months Ended 31st | ||
December | December | ||
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
40,164,542 | 55,772,086 | 136,017,551 | 225,391,662 |
--
--
--
--
40,164,542 55,772,086 136,017,551 225,391,662
Company
Quarter ended 31st | Nine Months Ended 31st | ||||
December | December | ||||
2024 | 2023 | 2024 | 2023 | ||
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
34,901,807 | 65,296,462 | 103,881,842 | 215,953,996 |
- | - | - | - |
- | - | ||
- | - | - | - |
- | - | - | - |
34,901,807 | 65,296,462 | 103,881,842 | 215,953,996 |
Raigam Wayamba Salterns PLC & Subsidiary Companies
STATEMENT OF CHANGES IN EQUITY
Group | Stated | Revaluation | Retained | Total |
Rs. | Capital | Reserve | Earnings | |
Balance as at 31.03.2023 (Audited) | 604,414,640 | 272,611,544 | 1,314,208,316 | 2,191,234,500 |
Profit for the Period | - | - | 263,064,802 | 263,064,802 |
Other Comprehensive Income | - | - | 1,078,710 | 1,078,710 |
Dividend paid 2022/2023 | - | - | (56,441,464) | (56,441,464) |
Balance as at 31.03.2024 (Audited) | 604,414,640 | 272,611,544 | 1,521,910,364 | 2,398,936,548 |
Profit for the Period | - | - | 136,017,551 | 136,017,551 |
Dividend paid | - | - | (42,331,098) | (42,331,098) |
Balance as at 31.12.2024 ( Unaudited ) | 604,414,640 | 272,611,544 | 1,615,596,817 | 2,492,623,001 |
Company | Stated | Revaluation | Retained | Total |
Reserve | ||||
Rs. | Capital | Earnings | ||
Balance as at 31.03.2023 (Audited) | 604,414,640 | 197,677,167 | 1,064,994,786 | 1,867,086,593 |
Profit for the Period | - | - | 280,063,753 | 280,063,753 |
Other Comprehensive Income | - | - | (978,356) | (978,356) |
Dividend paid 2022/2023 | - | - | (56,441,464) | (56,441,464) |
Balance as at 31.03.2024 (Audited) | 604,414,640 | 197,677,167 | 1,287,638,719 | 2,089,730,524 |
Dividend paid | - | - | (42,331,098) | (42,331,098) |
Profit for the Year | - | - | 103,881,842 | 103,881,842 |
Other Comprehensive Income | - | - | - | - |
Balance as at 31.12.2024 (Unaudited) | 604,414,640 | 197,677,167 | 1,349,189,463 | 2,151,281,270 |
Raigam Wayamba Salterns PLC & Subsidiary Companies
CASH FLOW STATEMENT
Group | Company | |||||
For the Nine months ended | ||||||
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |||
Cash Flows from Operating Activities | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
Net Profit before Income Tax Expense | 196,570,200 | 314,579,555 | 139,093,729 | 281,947,009 | ||
Adjustments for | - | |||||
Depreciation | 33,746,846 | 32,051,164 | 23,480,906 | 20,325,994 | ||
Amortisation of Lease Premises/Right of use assets | 3,804,232 | 3,922,103 | 481,875 | 481,875 | ||
Amortisation of Intangible Assets | 877,091 | 702,318 | 877,091 | 702,318 | ||
Finance Costs | 2,227,695 | 3,065,420 | 871,904 | 635,093 | ||
Finance Income | (93,743,122) | (125,487,805) | (73,931,412) | (102,702,074) | ||
Provision for Defined Benefit Plans | 5,392,192 | 4,249,571 | 5,297,300 | 3,798,354 | ||
Provision for Doubful Debtors | - | - | - | - | ||
Operating Profit before Working Capital Changes | 148,875,134 | 233,082,326 | 96,171,393 | 205,188,569 | ||
(Increase)/Decrease in Inventories | 39,138,536 | 168,366,774 | 10,034,500 | (54,180,287) | ||
(Increase)/Decrease in Trade and Other Receivables | (284,756,990) | (288,950,863) | (86,841,307) | (25,169,724) | ||
Increase/ (Decrease) in Trade and Other Payables | 381,994,310 | 60,285,414 | 61,549,494 | 45,352,097 | ||
Cash Generated from Operations | 285,250,990 | 172,783,651 | 80,914,080 | 171,190,655 | ||
Finance Costs Paid | (2,227,695) | (472,812) | (871,904) | (354,472) | ||
Income Tax Paid | (90,869,715) | (140,509,851) | (65,360,566) | (108,271,510) | ||
Gratuity Paid | (1,733,645) | (2,659,756) | (1,733,645) | (2,659,756) | ||
Net Cash from Operating Activities | 190,419,935 | 29,141,231 | 12,947,965 | 59,904,917 | ||
Cash Flows from Investing Activities | ||||||
Acquisition of Property, Plant and Equipment | (330,100) | (10,562,392) | (80,600) | (7,791,876) | ||
Acquisition of Intangible Assets | - | (1,145,342) | - | (1,145,342) | ||
Finance Income Received | 93,743,122 | 125,487,805 | 73,931,412 | 102,702,074 | ||
Investments in Fixed Deposits | (252,951,949) | (137,090,419) | (95,331,127) | (137,090,419) | ||
Net Cash from / (used in) Investing Activities | (159,538,927) | (23,310,348) | (21,480,315) | (43,325,563) | ||
Cash Flows from Financing Activities | ||||||
Lease Installments Paid | (4,833,974) | (6,033,291) | (161,811) | (1,257,292) | ||
Payment of Dividends | (42,331,098) | (46,607,874) | (42,331,098) | (46,607,874) | ||
Net Cash from/(used in) Financing Activities | (47,165,072) | (52,641,165) | (42,492,909) | (47,865,166) | ||
Net Increase/(Decrease) in Cash and Cash Equivalents | ||||||
(16,284,064) | (46,810,281) | (51,025,259) | (31,285,812) | |||
Cash and Cash Equivalents at the Beginning of the Period | 109,142,145 | 186,197,129 | 141,575,091 | 107,165,064 | ||
Cash and Cash Equivalents at the End of the Period | 92,858,081 | 139,386,848 | 90,549,832 | 75,879,251 |
Raigam Wayamba Salterns PLC & Subsidiary Companies
NOTES TO THE FINANCIAL STATEMENTS
For the Nine Months Ended 31st December 2024
01. Corporate Information
Raigam Wayamba Salterns PLC is a Public Listed Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange.
The Company was incorporated on 15.06.2005 as a Private Limited Company (N(PVS) 42056) and re-registered on 15.01.2009 (PV 10922) and then, converted to a Public Limited Company on 21.12.2009 (PV 10922 PB) and upon listing on the Colombo Stock Exchange, converted to a Public Listed Company on 13.08.2010 (PV 10922 PB / PQ).
The interim condensed financial statements of the Group and the Company for the Nine months ended 31st December 2024 were authorized for issue by the Board of Directors on 14.02.2025.
02. Basis of Preparation
The interim condensed financial statements have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2024 and are in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2024. Further, provisions of the companies Act No. 7 of 2007 have been considered in preparing the interim financial statements of the company and the group.
The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year.
The interim condensed financial statements are presented in Sri Lankan Rupees.
03. Share Information
3.1 Share Listing
The Company listed its shares on the Diri Savi Board of the Colombo Stock Exchange on 29th April 2010.
3.2 Public Share Holding
Information pertaining to public shareholding as at 31st December 2024 is as follows:
As at 31.12.2024 | As at 30.09.2024 | |
Public holding percentage | 28.05% | 28.05% |
Number of public shareholders | 3,860 | 3,860 |
Float adjusted market capitalisation | 577,872,402 | 546,208,161 |
The applicable option under CSE Rule 7.14.1 (b) on minimum public holding is option 2 and the float adjusted Market capitalization as of 31.12.2024 was Rs. 577,872,402/-
3.3 Directors' Share Holding | ||
Directors' share holding of the company is as follows, | ||
Name of the Director | As at 31.12.2024 | As at 30.09.2024 |
Dr. Ravindranath Liyanage | 839,397 Shares | 839,397 Shares |
Mr. Kishan Rohana Theodore | Nil | Nil |
Mr. G.V.P.Ganaka Amarasinghe | Nil | Nil |
Snr. Prof. S.P.P. Amaratunge | Nil | Nil |
Mr. H. A. S.Samaraweera | Nil | Nil |
Mr. T.Dharmarajah | Nil | Nil |
Mr. W. M. S. V.Keerthirathne | Nil | Nil |
Raigam Wayamba Salterns PLC & Subsidiary Companies
NOTES TO THE FINANCIAL STATEMENTS
3.4 Major Shareholders
Details of the twenty major shareholders are as follows,
No | Name of the Shareholder | 31.Dec.2024 | 30.Sep.2024 | ||
No. of Shares | % | No. of Shares | % | ||
1 | Raigam Distributors (Pvt) Ltd | 101,103,660 | 35.83% | 101,103,660 | 35.83% |
2 | Raigam Marketing Services (Pvt) Ltd | 101,103,660 | 35.83% | 101,103,660 | 35.83% |
3 | Employees Provident Fund | 38,056,654 | 13.49% | 38,056,654 | 13.49% |
4 | Mr. Suppiahpillai Karunamoorthy | 4,000,000 | 1.42% | 4,000,000 | 1.42% |
5 | Tranz Dominion L.L.C. | 3,707,949 | 1.29% | 3,707,949 | 1.29% |
6 | Senkadagala Finance PLC / S. Gobinath | 2,300,000 | 0.82% | 2,012,500 | 0.71% |
7 | Seylan Bank PLC/Jayantha Dewage | 1,477,100 | 0.52% | 1,477,100 | 0.52% |
8 | Mr. Brian Lester Sebastian Peiris and Mr. L.B. Peiris | 1,000,000 | 0.35% | 1,000,000 | 0.35% |
9 | Dr. Ravindranath Liyanage | 839,397 | 0.30% | 839,397 | 0.30% |
10 | Mr. Ravindra Raj Weerawardana | 747,100 | 0.26% | 747,100 | 0.26% |
11 | Mr. Bhadraka Yasanga Edirisuriya | 672,020 | 0.24% | 675,001 | 0.24% |
12 | Merchant Bank of Sri Lanka & Finance PLC/K.L.K.M Indika | 610,050 | 0.22% | 670,500 | 0.24% |
13 | Mr. Loku Thambugala Ralage Sajith Laksiri Jayawardana | 600,000 | 0.21% | 800,000 | 0.28% |
14 | Mr. Hiran Arjuna Surendra Madanayake | 520,000 | 0.18% | 520,000 | 0.18% |
15 | Mr. Makawitage Lahiru Anton Perera Wijesinghe Jayawardhana | 500,828 | 0.18% | 510,188 | 0.18% |
16 | Mr. Selladurai Gobinath | 500,000 | 0.18% | 500,000 | 0.18% |
17 | Mr. Suresh Hashantha Gregory Perera | 477,679 | 0.17% | 477,679 | 0.17% |
18 | Mr. Ravindra Earl Rambukwella | 393,800 | 0.15% | 436,300 | 0.15% |
19 | Mr. Aluthge Don Harsha Sanjeewa | 300,000 | 0.11% | 300,000 | 0.11% |
20 | Merchant Bank of Sri Lanka & Finance PLC 01 | 293,839 | 0.10% | 293,839 | 0.10% |
259,203,736 | 91.83% | 259,231,527 | 91.81% | ||
3.5 Stated Capital | |||||
Stated Capital as at 31st December 2024 is represented by shares in issue as given below; | |||||
As at | 31.Dec.2024 | 30.Sep.2024 | |||
No. of Ordinary Shares | 282,207,320 | 282,207,320 | |||
3.6 Net Assets per Share |
Net Assets per share have been calculated for each period, based on the number of shares in issue as at the end of respective period.
3.7 Earnings per Share | |
The diluted earnings per share is same as the basic earnings per share. | |
3.8 Market Price per Share | |
For the quarter ended 31st December 2024 | |
Rs. | |
Highest (during the period) | 7.90 |
Lowest (during the period) | 6.30 |
Closing (as at 31.12.2024) | 7.30 |
Raigam Wayamba Salterns PLC & Subsidiary Companies
NOTES TO THE FINANCIAL STATEMENTS
3.9 Trading Activities | ||
For the quarter ended 31st December 2024 | ||
Number of Trades during the period | 2,660 | |
Number of Shares Traded during the period | 7,386,964 | |
Value of Shares Traded during the period | Rs. | 52,944,746 |
04. Contingencies, Capital and Other Commitments
No changes have been taken place to contingent assets and contingent liabilities since the last Balance Sheet date, which have been disclosed in the Annual Report for the year ended 31 March 2024.
05. Events after the Reporting Date
There have been no material events subsequent to the Reporting date, which require disclosure in the Interim Financial Statements.
Raigam Wayamba Salterns PLC & Subsidiary Companies
CORPORATE INFORMATION
NAME OF THE COMPANY | REGISTRARS |
Raigam Wayamba Salterns PLC | Business Intelligence (Pvt) Ltd |
08, Tickell Road | |
LEGAL FORM | Colombo 08. |
Public Listed Company Incorporated in | |
Sri Lanka | |
Ordinary Shares Listed on Colombo | AUDITORS |
Stock Exchange | Messrs. Ernst & Young, |
Chartered Accountants, | |
REGISTRATION NUMBER | 201, De Saram Place, |
PV 10922 PB/PQ | Colombo 10. |
DIRECTORS | BANKERS |
Mr. T.Dharmarajah | Sampath Bank PLC |
Dr. Ravindranath Liyanage | People's Bank |
Mr. Kishan Rohana Theodore | Commercial Bank of Ceylon PLC |
Mr. G.V.P.Ganaka Amarasinghe | DFCC Bank PLC |
Snr. Prof. S. P. P. Amaratunge | |
Mr. H. A. S.Samaraweera | REGISTERED OFFICE |
Mr. W. M. S. V.Keerthirathne | No 23, Walukarama Road, |
SECRETARIES | Colombo 03. |
Business Intelligence (Pvt) Ltd | CONTACT DETAILS |
08, Tickell Road | Tel: 0112753340-1, 011 4886777 |
Colombo 08. | Fax: 011 2753342 |
E-mail: info@raigam.lk | |
SUBSIDIARY COMPANIES | Web: www.wayambasalterns.lk |
Southern Salt Company ( Pvt) Ltd. - Fully owned subsidiary | |
Raigam Wayamba Cereals (Pvt) Ltd. - Fully owned subsidiary |