Cargills Group this week reported post-tax profit of Rs. 312 million for the first quarter in financial year 2009/10, up by 93 percent from the previous comparative period, and said it's moving its corporate office in Fort to a new purpose-built head office complex in Colombo 2 (Slave Island).)
“Sri Lanka’s much anticipated post-war economic revival has now set in and the business environment is proving favourable for investment and growth. This further strengthens the Group’s optimism of continuing its 1st quarter growth momentum,” said Ranjit Page,Deputy Chairman / Chief Executive Officer.
“Our retail expansion thrust is well on track to achieve its target of setting up 100 new Cargills Food City outlets in the near term. The performance of the retail sector during the quarter ended was exceptional. This trend is expected to improve with moves to consolidate this further through a two pronged strategy of same store growth and expansion,” he said in a report to shareholders.
He said the Group’s continuous investment towards industry growth, leadership in innovation and brand consolidation has resulted in substantial volume growth leading to an excellent performance.
“Our manufacturing brands, Cargills Magic, Cargills Supremo, Cargills Finest and Cargills Kist have all recorded volume growth in excess of 30% which is over and above industry growth. The restaurant sector also did commendably well with KFC enjoying transaction growth that augurs well for the future.”