Vallibel One records net profit of Rs. 4.47 bn in 2ndQ23-24

Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group recorded a revenue of Rs. 30.54 billion for the second quarter (July-September 2023), reaching a cumulative revenue of Rs. 58.26 billion, a 5 per cent increase against the previous year’s performance.

Gross profit recorded an increase of approximately 4.46 per cent against the previous year’s Q2 performance to reach Rs. 13.7 billion, primarily owing to prudent cost management strategies. Notably, the group's profit before tax amounted to Rs. 6.68 billion for the second quarter, translating to a noteworthy net profit of Rs. 4.47 billion—a very significant 84.8 per cent quarter-on-quarter growth, recording one of the best performances amongst diversified holding companies.

The group’s Lifestyle and Consumer sectors contributed to the results showcasing substantial growth with revenue increases of 18 per cent and 17 per cent respectively, quarter on quarter whilst the Finance sector recorded a 31.9 per cent increase in the income year on year. “A commendable top-line coupled with responsible resource management, productivity improvements and well balanced strategies enabled the consumer sector to record a 617 per cent quarter –on- quarter increase in profitability,” the company said in a media release.

With respect to its financial position, the group recorded an asset growth of 1.3 per cent against the preceding quarter to reach an approximate total cumulative asset value of Rs. 309.76 billion. Conversely, the group’s liabilities recorded a reduction of 4.03 per cent to reach a value of Rs. 182.59 billion against the previous year and shows a 0.9 per cent quarter-onquarter decrease.