Abans posts record profit and revenue in FY21

Monday, 7 June 2021 00:00 - - {{hitsCtrl.values.hits}}

Abans PLC said it has recorded a remarkable Profit Before Income Tax of Rs. 2.5 billion in the completed financial year 2020/2021 which was a 189% growth over last year.

“This exceptional achievement displayed the strength of the Abans brand name, despite stiff competition and contracting market conditions preceding the COVID-19 pandemic,” the Company said in a statement.

Abans PLC was able to reorganise company strategies, branch out into rapid digitalisation to meet customer needs, and employ carefully crafted cost management strategies, to defeat the extremely volatile and uncertain business atmosphere of the past year and emerge victorious in terms of financial performance.

Several challenges were posed in the business market, especially due to the COVID-19 pandemic, as a series of unforeseen risks, losses and concerns arose in terms of profit, capital and sustainability of the relevant businesses. However, Abans PLC beat the odds by implementation of smart strategies that came about after meticulous observation, skill and planning by the management team, to enable the company to secure leadership positions in many of the market segments.

This resulted in Abans PLC growing its revenue by Rs. 5.8 billion to Rs. 37.8 billion for the financial year 2020/21, which was a 18% growth over last year. The quarterly revenue of Abans saw an incredible rise, especially in Q3 and Q4, with strong YoY revenue growths of 40% and 56% respectively.

Leveraging off the IT products portfolio and diverse brand offerings, laptops and smartphones took top honours with an increase in performance of 145% and 101% respectively, as the need to work from home and online learning requirements created unprecedented demand in the IT and smartphone markets. Abans offers the best global brands in both industries with a wide range of products from HP, Acer, Lenovo, and MSI for laptops and Apple, Oppo, Vivo and Realme for smartphones.

Redeploying resources to strengthen delivery and installation capability, the kitchen and home appliances segment experienced gains as families were forced to stay home and prepare meals at home, store more groceries for longer, and enjoy the best entertainment together.

“These noteworthy achievements only further solidify Abans PLC’s dominance in the consumer durables market, and the company looks forward to expanding into new products and services in order to continue meeting customer needs and expectations to overcome the continuing tough market circumstances due to the ongoing pandemic in the country,” the statement added.