Ambeon Group revenue up by 18% during Q3 2019/20

Ambeon

Holdings PLC,

Sri Lanka’s leading medium sized conglomerate involved in financial services, manufacturing, real estate, technology and strategic inve s t - ments, has recorded a revenue of Rs.15.9 billion at group level for third quarter 2019/20 period compared to Rs. 13.4 billion during the corresponding period of 2018/19, resulting in a growth of 18 per cent.

The group posted a Profit before Tax (PBT) of Rs. 608 million compared to Rs. 140 million in this period, a sizable 333 per cent increase compared to the corresponding period during the last financial year.

The diversified group reported Rs. 3.2 billion gross profit for the 9- months reported compared to the Rs. 2.9 billion in 2018/19 and a net profit achievement of Rs. 319 million for the said period.

The Group’s total assets rose by 3.2 per cent from Rs. 22.6 billion to Rs. 23.3 billion for the period reported.

The manufacturing sectors which comprise porcelain and textile contributed 60 per cent towards the final revenue, while the technology, real estate and financial services sectors contributed the balance 40 per cent, with the technology cluster specifically posting impressive results. Out of all subsidiaries, Millennium IT ESP and South Asia Textiles Ltd stood out as the key contributors towards the reported results, the company said in a media release.

“It was a challenging first nine months due to the impact of 4/21 compounded macro issues, which led to negative impact in investments and related decisions, both in the short and long terms. In addition to this, the rise in the cost of doing business in general posed further challenges for organisations,” said Murali Prakash, Group Managing Director/CEO – Ambeon Capital PLC and Ambeon Holdings PLC.

“However, the Ambeon Group has always been building efficiencies across the operational value chain of all businesses with a special focus on cost and ef ficiency centred operational restructuring. In addition to this, the group is implementing value based collaborative measures to retain key skills and engage people for growth. The technology cluster has made great strides by not only bringing better balance to the group but also creating better opportunities and assisting to build sustainable, future proof business models. These have been the key ingredients which strengthened the group’s resilience and yielded positive results,” he added.

Ambeon Capital PLC is the holding company of Ambeon Holdings PLC, while Ambeon Holdings PLC is a holding and management company.

Out of all subsidiaries, Millennium IT ESP and South Asia Textiles Ltd stood out as the key contributors towards the reported results, the company said in a media release.