Ambeon Group continues the winning streak
View(s):Leading multi-discipline diversified conglomerate, the Ambeon Group has shown remarkable and sustained growth throughout the 2017/2018 financial year, according to annual financial results released to the Colombo Stock Exchange recently.
Mr. Murali Prakash
Overall, Ambeon Capital PLC posted impressive financial results during 2017/2018, starting with the company’s PBT (pre-tax profit) of Rs. 286 million for 2017/18, which was almost thrice its 2016/2017 PBT of Rs.102 million.
Even more noteworthy was the company’s PAT (post- tax) of Rs. 372 million compared to a loss of Rs. 23 million only a year prior. The total comprehensive income for the company for 2017/2018 was Rs. 907 million, which was more than four times that of the year before, wherein earned income was Rs. 224 million, the group said in a media release.
Its main subsidiary, Ambeon Holdings PLC’s total comprehensive income climbed to Rs. 1.1 billion, which was more than double the profits that were incurred in 2016/2017, which was Rs. 494 million. An annual PBT of Rs. 571 million this year was also posted, which was a significant increase over the group’s PBT of Rs. 367 million in 2016/2017.
Further Group PAT more than doubled to Rs. 670 million in 2017/2018. This is in comparison to a group PAT of Rs. 263 million achieved last year. Ambeon Holdings further recorded revenues of Rs. 12,272 million in 2017/2018, which was a growth of 14.04 per cent over the corresponding period in 2016/2017.
“We are pleased that our extensive restructuring initiatives continue to lead to exceptional financial results. This is particularly apparent with the group’s acquisition of Millennium IT ESP, which is a direct outcome of our strategic decision to invest in the tech sector and drive techno-consumerism within the country,” said Murali Prakash, Group Managing Director/Chief Executive Officer – Ambeon Capital PLC and Ambeon Holdings PLC.
The 2017/2018 financial year also witnessed a revitalization of Dankotuwa Porcelain with the opening of its new Signature Showroom, along with a wide-ranging re-branding for DI, the leader in the leather and fashion footwear industry, both of which fall under the group’s main Ambeon Holdings PLC.
“Along with our future focus, we still intend to be prepared for today, with a wide overhaul and re-positioning of key brands in our portfolio, allowing them to better compete in a more globalized world. Our continued investment in the respective manufacturing sectors ensures that we maintain our coveted market leadership.
Even giving us the tools needed to keep leveraging these brands into new markets whenever international opportunities arise,” said Mr. Prakash.