Vidullanka reports PAT of Rs. 448 m for 1H

Friday, 12 November 2021 00:00 - - {{hitsCtrl.values.hits}}

Vidullanka PLC has reported a profit after tax of Rs. 448 m and a comprehensive income of Rs. 458 m for the six-month period ended 30 September 2021 up by 129% and 176% respectively from a year earlier.

As with the previous quarters of this financial year, Vidullanka in a statement said the company has performed in a resolute manner with the raging pandemic.

With the performance of the Bukinda SHPP in Uganda, the group’s overseas segment contributed Rs. 238 m to the group performance, becoming the best performing segment in the group. The overseas segment reports an increase of turnover from Rs. 283 m to Rs. 618 m, a 118% increase over the comparative period.

In line with the same, the segment reported a 171% increase in the reported profits. The local hydropower generation segment also reported an increase in profitability by 109% to Rs. 234 m. The dendro power segment reported a loss of Rs. 24 m in comparison to the profit after tax of 2.7 m reported during the comparative period.

The company benefited from the increased power generation capacity in Uganda together with the dollar-denominated tariff, whilst favourable weather conditions prevailed in both geographies. The supply disruption and cost escalations have resulted in the dendro power generation segment reporting loss for the period in concern.

Vidullanka PLC also updated on the status of the utilisation of Rights Issue proceeds, indicating utilisation of Rs. 116 m of Rs. 253 m raised. The proceeds have been utilised in developing rooftop and ground-mounted solar power projects in Sri Lanka.

In addition to the several rooftop solar power plants commissioned by the company, a 1MW ground-mounted solar power plant was commissioned to the national grid in September in Monaragala.

In addition to its endeavours in Sri Lanka, the company also disclosed that it is in receipt of shares in a Malawi-domiciled company, named Quantel Renewable Energy Ltd., which intended to develop a solar power project in Malawi.

Vidullanka PLC, as a pioneer in the renewable energy industry in Sri Lanka, continues its growth endeavours in Sri Lanka and overseas in an environment that is very conducive to renewable energy development, with global and national powers pledging support to counter climate change.