Vallibel One records Rs. 4.47 b net profit in 2Q

Wednesday, 29 November 2023 00:26 - - {{hitsCtrl.values.hits}}

Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group said it has remained focused on delivering steadfast value to its stakeholders.

The Group recorded a revenue of Rs. 30.54 billion for the second quarter, bringing the organisation to reach a cumulative revenue of Rs. 58.26 billion, resulting in a 5% increase against the previous year’s performance.

Gross profit recorded an increase of approximately 4.46% against the previous year’s Q2 performance to reach Rs. 13.7 billion, primarily owing to prudent cost management strategies. Notably, the Group’s profit before tax amounted to Rs. 6.68 billion for the second quarter, translating to a noteworthy net profit of Rs. 4.47 billion, a very significant 84.8% quarter-on-quarter growth, recording one of the best performances amongst diversified holding companies.

The Group’s Lifestyle and Consumer sectors contributed to results posted showcasing substantial growth with revenue increases of 18% and 17% respectively, quarter on quarter whilst the Finance sector recorded a 31.9% increase in the income year-on-year. A commendable top-line coupled with responsible resource management, productivity improvements and well balanced strategies enabled the consumer sector to record a 617% quarter–on-quarter increase in profitability.

With respect to financial position, the Group recorded an asset growth of 1.3% against the preceding quarter to reach an approximate total cumulative asset value of Rs. 309.76 billion. Conversely, the Group’s liabilities recorded a reduction of 4.03% to reach a value of Rs. 182.59 billion against the previous year and shows a 0.9% quarter-on-quarter decrease.

In light of the Group’s performance, dividends amounting to Rs. 1.13 billion were declared by Vallibel One for the period ended 30 September 2023.