Sunshine revenue up by 32.2% YoY in FY22 – The Morning

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Sunshine Holdings PLC (CSE: SUN) Group reported a consolidated revenue of Rs. 32.2 billion for the year ended 31 March 2022 (FY 21/22), up 32.2% year-on-year (YoY). The group’s profit after tax (PAT) also increased by 96.9% to Rs. 5 billion, compared to Rs. 2.5 billion reported during the same period last year.

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

“With Sri Lanka undergoing its worst economic crisis, shortages of food, fuel, cooking gas, medicines, and other essentials due to lack of foreign exchange coupled with galloping inflation and power outages will severely impact people and business. As such, in the short- to medium-term, as the country navigates out of the economic, political, and social crisis, we expect the operating environment to be even more challenging and volatile. With this in mind, Sunshine has reimagined its business processes to be agile and resilient to overcome challenges and serve our customers well. As a group, all possible measures have been taken to ensure business continuity and sustainability in the coming months,”

Contributions from healthcare, consumer goods, and agribusiness sectors to the group revenue stood at 54%, 25%, and 20%, respectively. The healthcare sector recorded YoY growth of 37.1%, while the agri sector revenue was up by 64.6%. The consumer goods sector recorded a 13.2% increase in revenue compared to FY 20/21, mainly driven by the acquisition of Daintee Ltd. in FY 20/21.

The gross profit margin for FY 21/22 stood at 31.8%, a marginal increase of four basis points against last year. The gross profit improved by Rs. 2.5 billion up 32.3% YoY, in line with revenue growth and earnings before interest and taxes (EBIT) closed at Rs. 5.7 billion, an increase of 61.9% YoY.

The healthcare sector recorded a revenue of Rs. 17.5 billion during FY 21/22, a significant increase of 37.1% YoY backed by the improved performance in pharmaceutical, medical devices and retail segments, together with the contribution from the addition of Akbar Pharmaceuticals. EBIT for the sector was Rs. 1.6 billion with PAT of the sector increased by 29.9% YoY. 

The consumer goods sector reported a 13.2% YoY increase in revenue to close at Rs. 8.1 billion in FY 21/22. The revenue increase is mainly driven by the addition of the confectionery business segment via the acquisition of Daintee Ltd. The PAT of the sector increased by Rs. 12.4 million (2.6% YoY) in comparison to the same period last year.

Agribusiness sector revenue increased by 64.6% YoY during FY 21/22 to Rs. 6.5 billion and EBIT increased by Rs. 1.5 billion driven by the improved performance in the palm oil segment backed by the growth in price. PAT of the agri sector closed at Rs. 3.5 billion for FY 21/22, up by Rs. 1.8 billion compared to a net profit of Rs. 1.7 billion last year. 

Sunshine Holdings PLC is a diversified conglomerate contributing to “nation-building” by creating value in vital sectors of the Sri Lankan economy – healthcare, consumer goods, and agribusiness. Established in 1967, the group is now home to leading Sri Lankan brands such as Zesta Tea, Watawala Tea, Ran Kahata, Daintee Confectionery, and Healthguard Pharmacy, with over 2,300 employees and revenue of Rs. 32 billion in FY22. The business units comprise of Sunshine Healthcare Lanka, Sunshine Consumer Lanka, and Watawala Plantations PLC, which are leaders in their respective sectors and many of them certified as a “Great Place to Work” in 2021.

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