Sunshine Holdings’ strong performance driven by healthcare and consumer sectors

Sunshine Holdings’ strong performance driven by healthcare and consumer sectors

Sri Lankan diversified conglomerate Sunshine Holdings PLC has recorded stable revenue growth against the backdrop of moderately stable macroeconomic conditions, recording significant growth in revenues and earnings for the year ended March 31, 2024.

The group’s healthcare and consumer businesses saw growth, while the healthcare segment remained the main contributor to the group’s total revenues in FY24, the company said in a press release.

Sunshine reported consolidated group revenues of R55.5 billion for the year ended March 31, 2024, up 7% year-on-year (y-o-y). Profit after tax (PAT) for the period under review increased by 66.4% to Rs 500,000. 6 billion. Gross profit also increased by PLN 3.7 billion, representing an increase of 27.6% YoY, primarily driven by margin expansion in both the healthcare and consumer segments.

The group’s financial performance was announced as the International Finance Corporation (IFC) announced a proposed equity investment of up to Rs. 3.2 billion in its healthcare arm, Sunshine Healthcare Lanka (SHL). Once the conditions are met, IFC will own approximately 14.7% of SHL. The investment further underlines the confidence of international agencies in Sunshine Holdings’ development plans.

The group’s healthcare business emerged as Sunshine’s largest revenue generator, accounting for 50% of total revenue, while the group’s consumer goods and agribusiness sectors contributed 34.8% and 15% of total group revenue, respectively. The group’s operating profit (EBIT) amounted to PLN 1.5 thousand. 8.7 billion, which means an increase of 23.7% y/y. Plus a group financial cost for the period covered by the report it dropped to 150,000. 1.2 billion from rupees A year earlier 1.5 billion.

Amal Cabraal, CEO of Sunshine Holdings PLC, noted: “Despite continued economic challenges in FY24, Sunshine Group has demonstrated remarkable resilience and agility. All key sectors performed well. Our unwavering commitment, strategic execution, prudent financial management and practice innovation have allowed us to successfully navigate the complexities of the market.”

Shyam Sathasivam, Group CEO, Sunshine Holdings, said, “Our achievement of crossing the Rs.500 mark. 6 billion PAT marks for the first time in the history of Sunshine Holdings is a testament to the exceptional capabilities and commitment of our team. It is their commitment and spirit that has led our company to this extraordinary milestone. The group’s robust internal processes, investment in digital capabilities and focus on operational excellence have played a key role in achieving these results.”