Monday Dec 23, 2024
Monday Dec 23, 2024
Monday, 17 February 2020 01:38 - - {{hitsCtrl.values.hits}}
Sri Lanka’s leading medium-sized conglomerate, Ambeon Holdings PLC has for the first nine months of FY20 recorded a Group revenue of Rs. 15.9 billion up by 18% from a year earlier.
The Group increased its Profit before Tax (PBT) by 33% to Rs. 608 million. Ambeon is reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments.
Ambeon Group which posted impressive financial results during 2018/2019, continued its winning streak by reporting Rs. 3.2 billion Gross Profit for the nine months reported compared to Rs. 2.9 billion in 2018/19, and a Net Profit achievement of Rs. 319 million as against a loss of Rs. 13 million a year ago. 
In a statement Ambeon said Groups’ total asset increased by 3.2% to Rs. 23.3 billion for the period reported while its net asset value per share is currently at Rs. 22.51 up from Rs. 21.70 as at March 2019.
The manufacturing sectors which comprise of Porcelain and Textile contributed 60% towards the final revenue, while the Technology, Real Estate and Financial Services sectors contributed the balance 40%, with the technology cluster specifically posting impressive results. Out of all subsidiaries, Millennium IT ESP and South Asia Textiles stood out as the key contributors towards the reported results.
“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,” Ambeon Capital and Ambeon Holdings Group Managing Director/Chief Executive Officer Murali Prakash said. “However, the Ambeon Group has always been building efficiencies across the operational value chain of all businesses with a special focus on cost and efficiency 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.”
Prakash stated: “FY 2018/19 was all about embracing change as we experienced extensive restructuring initiatives. This year, it is about continuing to bring about that collective focus, optimising investments, and thereby increasing shareholder value. All our initiatives and conscious efforts have propelled the group on the correct path to achieve positive trajectory and a sustainable future. I am pleased to state that Ambeon Group is now a diversified conglomerate in its true sense – one with diversified businesses, strong globalised local brands, premier technology and innovation platforms extending its footprint across new businesses, markets and regions.”
Ambeon Capital is the Holding company of Ambeon Holdings, while Ambeon Holdings is a holding and management company. The subsidiaries of Ambeon Holdings include Taprobane Capital Plus (a leading financial services provider with a wealth of experience in capital markets in Sri Lanka), South Asia Textiles (leading manufacturer of exceptional quality weft knitted fabric; it also specialises in knitting, dyeing, finishing, printing, brushing, sueding and pre-shrunk fabric for leading global brands such as Victoria’s Secret, Next, Marks and Spencer, Tesco, Calvin Klein, Decathlon and Adidas), Dankotuwa Porcelain PLC and Royal Fernwood Porcelain Ltd. (manufacturers of porcelain tableware and gift items for global giants, such as Oneida, Macy’s, Country Road, Lenox, John Lewis, Crate and Barrel, Megros, Jashanmal, Ralph Lauren, the Walt Disney Company and Dilmah), Millennium Information Technologies Ltd. (Sri Lanka’s leading information systems solutions providers delivering IT solutions for many industries; including banks and finance, telecommunications, apparel and leading conglomerates), and Colombo City Holdings PLC (real estate).
The Ambeon Holdings Board of Directors comprise of eminent personalities – A.G. Weerasinghe (Chairman/Non-Independent Non-Executive Director), Murali Prakash (Group Managing Director/Chief Executive Officer), Ruwan Sugathadasa (Non-Independent Non-Executive Director), Mangala Boyagoda (Independent Non-Executive Director), and Priyantha Maddumage (Non-Executive Director).
