Vidullanka reports Rs. 1.3 b PAT for 3Q

Thursday, 20 February 2025 05:31 - - {{hitsCtrl.values.hits}}

Vidullanka PLC said yesterday it has topped its numbers, recording a Profit After Tax (PAT) of Rs. 1.34 billion from a revenue of Rs. 4.7 billion, as per its recently published interim financials for the nine months ended 31 December 2024.

The statements report a robust increase in profits by 27% compared to the same period in the previous financial year.

According to the financial statements, the Group experienced a 29% downturn in finance costs at Rs. 266 million. In addition, Vidullanka PLC surpassed its dividend payout from the previous financial year. During the period in consideration, cash dividends of Rs. 0.30 and Rs. 0.20 per share were distributed, amounting to Rs. 0.50 and totalling Rs. 471 million. In addition, a scrip dividend of Rs. 1.20 per share was issued, bringing the total distribution to Rs. 1.6 billion.

The Group’s share of profits from joint ventures and associates stood at Rs. 158 million, in contrast to the Rs. 206 million recorded in the corresponding period of the previous year.

Vidullanka’s hydropower operations in Uganda, which constitute the company’s overseas hydropower segment, has served as a major contributor to the company’s performance consistently, with its revenue at Rs. 1.76 billion and profits at Rs. 834 million.

The domestic hydro segment added Rs. 564 million to the Group’s profits, which reflects a 47% upturn from the same period in 2023/24. The solar segment of the Group recorded a revenue of Rs. 103 million, of which Rs. 9 million was recorded as the profit contribution.

Meanwhile, the Dendro plantation segment has increased its revenue and profits considerably, recording Rs. 300 million in revenue and contributing Rs. 96 million in profits; an increase by 23.4% compared to the Rs. 75 million recorded during the previous period.

Vidullanka PLC’s EPC segment’s contract with the Guyana Energy Agency to construct the Moco Moco and Kumu Mini Hydropower Plants in Guyana is a key milestone for the company, with the projects expected to deliver 2.2 MW and feed up to 13.76 GWh of clean energy annually. This segment recorded Rs. 457 million in profits and also reported its revenue at Rs. 2 billion, a 34.9% increase from the previous year.

In addition, Vidullanka PLC is expecting to add 15 MW to its current capacity of 51 MW, with the construction of three ground-mounted solar projects in Horana, Matara, and Vavunathivu currently underway. This will bring the company’s plant portfolio to 24 projects.

With its proficiency in providing innovative energy solutions as a long-standing pioneer in the renewable energy sector, the company is well equipped to reach beyond borders and further enhance its growth pipeline.

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