Thursday, May 30, 2013

Hemas ups pre-tax profit by 58% to Rs. 2.4 b

Hemas Holdings Plc yesterday said in the 31 March 2013 ended financial year, the diversified blue chip witnessed strong growth with most businesses delivering strong results.

 Group revenue registered Rs. 26,098 million, representing an increase of 21.2% over the previous period. In terms of consolidated profits, it was an exceptional year, with the Group registering a Profit after Tax of Rs. 1,934 million, representing a growth of 53.3%.

 The Group posted a remarkable growth of 42.3% in Group earnings to close at Rs. 1,658 million.  The Groups’ operating profits recorded a growth of 36.4% to post Rs. 2,434 million from Rs. 1,784 million, while operating cash flows increased to Rs. 2,143 million from Rs. 1,508 million. The increased profit margins help drive the return on equity to improve to 14.5% from 12.0%.

 Hemas said the FMCG business enjoyed a successful year with its revenues growing by 14.5% and profits growing by 28.8%, to close at Rs. 7.7 billion and Rs. 745 million respectively.

Despite challenges, the business was able to improve its market standing in overall terms. In Personal care, growth was driven by strong performances in Baby, Oral, Hair and Feminine hygiene categories.

 The Healthcare sector performed exceptionally well during the year with a revenue growth of 20% and profit growth of 53.8%to close at Rs. 9 billion and Rs. 493 million respectively.

 Pharmaceuticals business was the largest contributor to Group revenue during the year. Hemas Pharmaceuticals continued to strengthen its market leadership position in pharmaceuticals distribution with a share of 17.9% (source: IMS). Our recent addition to the hospital portfolio, a 55-bed state-of-the-art facility at Thalawathugoda was completed in May 2013.

 Hemas Leisure sector enjoyed one of its best years, as it posted a revenue growth of 38.6% and a profit growth of 275.4% for the year under review. The sector closed the year with revenues of Rs. 1.6 billion and a profit of Rs. 464 million. Average occupancy across our hotel portfolio was above 75%, and Club Hotel Dolphin and Avani Bentota in particular performed exceptionally well.

 Driven by strong growth in the Aviation and Maritime business segments, the Transportation sector completed an excellent year. Sector revenues grew by 52.5% to reach Rs. 1.1 billion, whilst profits increased to Rs. 328 million reflecting a 33.6% growth.

 The lack of rainfall in the catchment areas and depreciation of the rupee has negatively impacted the performance of the Power sector. Despite this, sector revenues have increased 23.2% to Rs. 5.5 billion, whilst sector profits have grown 12.8% to Rs. 286 million.
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