The Cargills (Ceylon) PLC Group says it plans to invest Rs 1 billion in a ‘rapid expansion drive’ within the current financial year. Cargills is also looking at new opportunities created by the end of war this year.
“Within the course of this financial year the Group plans to invest Rs 1 billion in a rapid expansion drive which would include new product lines as well as expanding capacity and increasing distribution of FMCG brands,” said Cargills in a news release announcing its first half results for the current financial year.
The public quoted Cargills (Ceylon) group reported a net profit growth of 15% for the first six months of the current financial year. The group’s net profit came to Rs 301.93 million, an increase of 39.36 million compared to the same period 2008. The balance half of the year is expected to give better results.
“The second half of the financial year has the added advantage of seasonal benefits and the Group is confident of outperforming the first half year results in the ensuing period,” said Cargills.
Cargills is now looking at expanding both retail and manufacturing operations. “In an extremely promising economic environment the Group has identified new investment opportunities in expanding its retail chain and manufacturing facilities,” said Cargills.
The company says its new investments will be used to strengthen its presence island wide. Cargills is also looking at tapping new opportunities created by the end of war this year. “The Group continues to be the lead player in the Retail and FMCG sector and sees tremendous potential in the new opportunities created with the cessation of conflict,” said Cargills.
Cargills says it will focus on improving its supply-chain efficiencies and eliminating waste, for improved productivity. |
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