Sri Lanka Cricket scores record profits

Thursday, 17 May 2018 00:03 - - {{hitsCtrl.values.hits}}

SLC President Thilanga Sumathipala presents the report to Sports

Minister Faizer Mustapha - Pix by Lasantha Kumara

Sri Lanka Cricket yesterday (16 May) announced profits of Rs. 2.12 billion, with the governing body also boasting positive liquidity levels for the first time since 2010, as Net Current Assets were recorded at a surplus to the tune of Rs. 1.97 billion.

“During the year 2016, the liquidity levels of the SLC stood at a negative of Rs. 572 million, while in 2015, it was around a high of Rs. 985 million; with its worst year being the year 2011, which amounted to a negative of Rs. 4.25 billion,” stated an SLC release. “In the meantime, SLCs net income (Net Profit) rose to Rs. 2.12 billion during 2017 compared to just a mere Rs. 64 million earned an year ago.”

Handing over the audited accounts to Sports Minister Faiszer Mustapha, SLC President Thilanga Sumathipala attributed the successful financial year to SLC’s strategic growth and prudent financial management.

“There were years without any profits. Even when we were doing well on the field, financially we were struggling. Through financial discipline we have been able to save and cut down on wastage, and improve on our income avenues,” said Sumathipala. “We have been very skilful in our ability to identify our necessities and cut down on expenditure.”

SLC also recorded gross profits of Rs. 6 billion in 2017, nearly double that of the previous year (Rs. 3.24 billion), while cash and cash equivalents - i.e. the most liquid current assets which are easily convertible into a known cash amount - stood at Rs. 2.4 billion, up from Rs. 410 million in 2016.

Liabilities, meanwhile dropped by Rs. 2.7 billion, though the figure still stands at a considerable Rs. 1.3 billion. As for investments, Domestic Tournaments unsurprisingly received a significant boost with the launch of the Super Provincial Tournaments and as such saw SLC put in Rs. 464 million in 2017 up from Rs. 241 million invested in 2016. Moreover investment into Cricket and Development during 2017 rose to Rs. 724 million from Rs. 584 million. Receiving the accounts, Minister Mustapha spoke of his delight at the performance of SLC, while at the same time calling for a unified front from all stakeholders in taking the cricket forward.

“Anyone can share their views of cricket with me. We should dispel of this tribalistic mindset and just love cricket. We could have personal problems, we could have political differences, but protecting cricket is our duty,” said Mustapha. “One thing I see is, because of the tribal mindset there are divisions among us. Everyone wants to give their point of view separately. But my view is to unite all these people to help win the 2019 World Cup.”