Time for Sri Lanka is now and the future starts here says Vallibel One Chief

Newly listed conglomerate Vallibel One Ltd., Chairman Dhammika Perera has said that time for Sri Lanka is now and that the future starts here.

“As corporate leaders we need to seize the opportunity and push the boundaries in realising our nation’s vision. The potential is there, it is how we tap the opportunities to release that latent potential which will determine our pace of economic resurgence,” Dhammika has said in a brief Chairman’s Review in VOL’s 2011 Annual Report released this week.

“Corporate Sri Lanka needs to think beyond their individual confines and objectives; collectively we must map an ambitious path for national progress. It is most unrealistic and unlikely that Sri Lanka’s economic progression will be unhindered. However, an open mind, a realistic approach and optimism will, I believe take us there,” emphasised Dhammika who is also Deputy Chairman of Hayleys Plc, Chairman of Delmege Forsyth and Company, Deputy Chairman of Royal Ceramics, LB Finance, and Director of Sampath Bank among many others in addition to Secretary Ministry of Transport.

“Our expectations for Vallibel One are many. We envision it to be the future powerhouse of corporate Sri Lanka and one of the key catalysts in infusing a culture of vitality and dynamism to the national industry. Tough-minded optimism will drive our desire to create a conglomerate that will chart a new course for Sri Lanka. To our shareholders and stakeholders, I call on all of you, to join hands with us on our journey. The future starts here,” Dhammika has said in the Chairman’s Review.

In the financial year ended on 31 March, 2011, VOL had reported a Rs. 1.2 billion after tax consolidated profit whilst net profit attributable to equity holders is Rs. 598 million. Group revenue had topped the Rs. 5 billion mark whilst gross profit was Rs. 2.57 billion. Profit from operations amounted to Rs. 1.6 billion.

“Vallibel One’s value is more than the sum of its parts. As an innovation inspired conglomerate, I firmly believe that we area competitive force for change. We lead in big growth themes, ones that are critical to the national economy and those that will pave the way for greater wealth creation and national output. We consider “growth” as a process led through innovation, customer centricity and integration of best in class service and practices,” the Chairman has said in his review to shareholders.

He has also said that VOL is led by the precepts that we must lead by being listeners and thinkers. “Each of our individual parts – Royal Ceramics, LB Finance, Lewis Brown, Greener Water, Orit Apparel, Waskaduwa Beach Resort, Sampath Bank – has demonstrated perseverance and resilience. They have challenged the status quo and revolutionised their individual sectors, redefining the rules of the game. They have all individually established themselves by deconstructing the “established norms”, by innovating beyond the conventional and by believing in the principle that Sri Lanka can be world-class,” he has said.

“I, as your Chairman, am a believer in the power of financial accountability and long-term thinking. It is the vision and the penchant for greatness that drove me over the years. In life I have constantly gone against the grain and the conventional wisdom in pursuit of what I believe. Mine were not all successes but the failures lent to me greater wisdom and experience and the knowledge that from every failure I could orchestrate a new beginning. Vallibel One is one such beginning. Now is the time for Sri Lanka,” Dhammika added.

Group assets as at 31 March, 2011, amounted to Rs. 56.6 billion whilst that of the company amounted to Rs. 26.6 billion with investments in subsidiaries amounting to Rs. 14.8 billion and Rs. 6.9 billion in investments in securities.

Liabilities amounted to only Rs. 30.7 million at company level (including Rs. 22 million due to related parties) whilst at Group level it was Rs. 25.8 billion, inclusive of Rs. 6 billion in interest bearing loans and borrowings and Rs. 16.6 billion as deposits from non-bank customers.