Vidullanka posts excellent Q1 performance

Friday, 10 August 2018 00:10 - - {{hitsCtrl.values.hits}}

Vidullanka Plc has reported an impressive Group turnover of Rs. 412 million and post-tax profit of Rs. 226 million for its first quarter of FY2018/19.

This is in keeping with its momentum of steady growth wherein the Group reported a topline of Rs. 974 million and a post-tax bottom line of Rs. 509 million for its financial year ended 31 March 2018. Gross profit and net profit margins stood at 82.6% and 55% for Q1 compared to the annual parameters of 74.3% and 52.2% as at FYE 2017/18. Financial gearing of 51.1% as at the end of the first quarter proved to be an improvement of over 54.3% as at FYE March 2018 reflecting efficient management of the company’s borrowings and related liabilities while the group’s strong asset base of Rs. 5.6 billion placed the company in a strong financial position.

CEO Riyaz Sangani said: “The Group continues to record exceptional performance in relation to the sound performance of the local power plants and the ‘Muvumbe’ power plant in Uganda. We look forward to another successful year with exceptional performance records. Vidullanka seeks to grow through new capacity addition by developing renewable sources in Sri Lanka as well as overseas.”

The company received all of the required overseas and local regulatory approvals and completed the acquisition of its second overseas company Timex Bukinda Hydro (U) Ltd, in Uganda during its first quarter.

Investment in the construction of the 6.5 MW Bukinda small hydropower plant is expected to commence during the latter part of 2018 and the group is poised to enjoy a greater degree of synergy in operations along with the existing Muvumbe small hydropower plant.

As a means to diversify its power generation sources, Vidullanka has its sights set on solar power generation and is in the process of constructing its first dendro power plant of 3.3 MW installed capacity in Dehiyattakandiya which is to be connected to the national grid by end-2018.

Vidullanka Plc recently welcomed Rizvi Zaheed to the Board of Directors. Zaheed brings to the table a wealth of experience spanning more than 30 years. His business acumen will undoubtedly be of immense value and an asset to the company going forward.

With over two decades of experience in renewable energy power generation, Vidullanka Plc continues to specialise in the design, construction and operation of mini hydropower plants and presently has a total combined capacity of over 27 MW with a total annual energy generation capacity of 108 GWh to the national grid. Renewable energy has become a global necessity and it remains in the company’s best interests to contribute towards diversified green energy solutions as the core of its business operations.

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