Business

Panasian Power reports 50 % net profit, its’ highest ever

2 July 2019 - 49   - 0

Panasian Power PLC, one of Sri Lanka’s leading green energy solutions providers, has posted a consolidated net profit of Rs. 90 million for the quarter ending March 31, 2019, signifying a growth of nearly 50 per cent compared to the same quarter last year. 

Revenue for the year amounted to Rs.761 million, representing a growth of 57 per cent compared to FY17/18. Net profit margin also grew year on year by 19 per cent. “Thanks to these outstanding results, Panasian Power now has the highest return on equity and one of the lowest price-to-book values in the renewable energy industry,” the company said in a media release. 

Key highlights for the quarter that paved Panasian Power’s path to this success were the connection of 1MW of ground solar and 3.2MW of rooftop solar to the grid, a 20-year extension of the Rathganga hydro tariff scheme, and the completion of pre-development for 5MW of ground solar projects in Matara, Maho, and Pannala, the release said. 

Speaking about the company’s performance and pipeline development, Panasian Power Executive Director, Pathmanatha Poddiwala said: “These results, as well as our consistent performance in recent quarters, provide further validation that we are on the correct path. Our margin growth through cost optimisation is now paying dividends, as is our diversification through solar, energy consultancy and retail. We also continue to grow value for our investors, having doubled the earnings per share year-on-year to Rs. 0.71 per share and increasing our contribution towards a sustainable future for our country. In addition, our 14MW of solar projects in the pipeline will ensure that our growth will continue along the same trajectory for years to come.”

Continuing to seek opportunities on a global scale, Panasian Power has identified East Africa as the ideal location for expansion due to the region’s high energy requirement and attractive dollar tariff. The company has a positive outlook on its Africa strategy, having made significant progress in the bidding process, particularly in Zambia. 

Panasian Power PLC (incorporated in 2002) owns and operates mini hydropower plants supplying electricity directly to the Ceylon Electricity Board. In 2017, the company diversified into solar energy to meet its target of having an energy portfolio of 30MW by 2020.

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