Odel wins Gold for first Annual Report

Just five months after its milestone IPO, Sri Lanka’s iconic fashion retail brand Odel has emerged as a corporate benchmark by winning Gold for its 2009-10 Annual Report, at the prestigious awards for financial reporting presented by the Institute of Chartered Accountants of Sri Lanka (ICASL).

Odel CEO Otara Gunewardene receives the award from Guest of Honour Indian High Commissioner Ashok K. Kantha at the ICASL Annual Report Awards ceremony on Wednesday. ICASL President Sujeewa Mudalige looks on - Pic by Kushan Pathiraja

The company’s first Annual Report, produced in the run-up to the 5 July Initial Public Offer, was adjudged the best in the ‘Trading’ category at the 2010 edition of the ICASL awards on 7 December, earning Odel yet another accolade in a momentous year of local and international recognition.

“Odel is a brand that is seen as a leader in fashion retail,” commented Nishan Fernando, the company’s Chief Financial Officer. “This award represents another important facet of Odel, as a professionally-managed corporate entity and a valued stock on the Colombo Stock Exchange.”

The company’s success in communicating its objectives, highlights, performance and compliance to the intended audience through its annual report secured the award. The selection process involved a stringent evaluation including technical and industrial marking and final marking by an eminent panel of judges, which included Governor of the Central Bank  Ajith Nivard Cabraal.

The milestone first Annual Report award presented to Odel was accepted by Otara Gunewardene, founder and CEO of the company at the awards gala at Cinnamon Grand Colombo.

Odel’s IPO established a record for the CSE by being oversubscribed by over 64 times. The Group reported profit before tax of Rs. 211.31 million for 2009-10, reflecting a growth of 233.5 per cent YoY. Revenue grew by 23.9 per cent to Rs. 2,416.78 million in the year.

For the first half of FY 2010 – 11 the Group reported 65 per cent growth in pre-tax profit to Rs. 165 million and revenue growth of 55 per cent to Rs. 1,530 million.

The ICASL Annual Report Awards, held since 1964, recognise excellence in presentation of information and aim to promote enhancements in communication to stakeholders of business organisations. Awards in areas such as Corporate Governance Disclosure, Corporate Social Responsibility Reporting and Management Commentary have been added since the commencement of the awards.

The Odel chain comprises of stores at Alexandra Place, Maharagama, Kohuwala, Mount Lavinia, Moratuwa, Panadura, Nugegoda (Warehouse), Dickman’s Road, Ja-ela, Majestic City, Crescat (Backstage), Battaramulla and at the Bandaranaike International Airport. The recently re-launched, award winning Odel website www.odel.lk offers online shoppers the same Odel experience from the comfort of their own homes or offices, with sophisticated, seamless e-commerce functionality.