This was the first complete year of operation since the acquisition of subsidiaries in March 2009 transforming Renuka Holdings from an Investment Trust to a Diversified Holding Company. Turnover for the period reviewed grew to Rs. 1.5 billion, while total assets of the group increased to Rs. 2.8 billion as of 31 March 2010. Of the Rs. 373 million, Rs. 241 million was attributable to the shareholders of the Company.
In the corresponding financial year the Group recorded a profit of Rs. 443 million due to an exceptional gain of Rs 448 million on negative goodwill on acquisition of subsidiaries. Earnings per share were Rs. 5.04 for the twelve months of 2009/2010 which was after the five-for-one share split which the company undertook in the period.
On a segmental basis the Agri-Business Sector posted a profit of Rs. 230 million and the Investment and Service Sector Rs. 157 million. The Company has listed subsidiaries, Coco Lanka PLC which is an Investment Trust and Renuka Agri Foods PLC which is in the Food & Beverage sector. The Renuka Group has recently announced that it planned to enter the Property Development and Leisure sectors utilising its land bank.
Mrs. I.R. Rajiyah, the Chairperson in her Annual Review noted, “In line with the group’s direction, Agri Business will remain a key focus area for the organization. Our subsidiaries engaged in Coconut products, Ethnic Foods, Organic Foods and Beverages and Tea, have successfully increased their global reach, while seeking opportunities for further value addition within these areas. The organization has also embarked on an Enterprise Resource Planning system coupled with lean management techniques to eliminate inefficiency in the value chain. These initiatives will ensure that the group retains its competitive position and improves profitability in the future”.
“The Group has an un-utilised land blank of 1.6 acres of freehold property in Central Colombo and 23 acres of Tourism related real estate in the Eastern and Northern Provinces. The Group has been exploring various possibilities for the development of these lands, carried out feasibilities, and had discussions with potential partners. Projects are expected to materialize in the forthcoming financial year. We have also completed planting our Forestry site with Teak and Mahogany and in the process of purchasing more suitable lands to expand our activities”, she added.
Renuka Holdings traces its origin to 1866 and was listed on the Colombo Stock Exchange in 2008. The Group is engaged in plantations, manufacturing and exporting of Ceylon Tea, Coconut products, Ethnic and Organic Foods as well as in Forestry, Logistics and Portfolio Management.
The Board of Directors of Renuka Holdings PLC comprises Mrs. I.R. Rajiyah (Chairperson) Dr. S.R. Rajiyah, C.J. De. S. Amaratunge, P.C.K. Abeykoon, S.V. Rajiyah, L.M. Abeywickrama and M.S. Dominic.
source - www.adaderana.lk
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