LOLC profits soar to Rs.41 bn, surpasses Rs.2 t in assets
View(s):LOLC Group has reported a profit after tax of Rs. 41 billion for the financial year 2024/25, reflecting an 89 per cent increase over the previous year, supported by an operating profit of Rs. 48 billion.
The robust performance was fuelled by steady expansion in financial services, a series of strategic international acquisitions, and improving economic conditions in Sri Lanka, the company said in a media release.
Now operating in over 25 countries, LOLC continues to solidify its status as Sri Lanka’s most internationally diversified corporate group operating in financial services, agriculture, plantation, automotive, manufacturing, construction, marine, power generation, pharmaceuticals and leisure.
The group’s total assets climbed 17 per cent to Rs. 2.03 trillion, while shareholder equity advanced to Rs. 343 billion, marking a 15 per cent gain.
LOLC’s investment strategy over the past year has prominently featured acquisitions in Africa’s tea sector. Following its 2023 acquisition of Finlays’ Kenyan operations, the group acquired Lipton’s plantations in Kenya, Rwanda, and Tanzania.
Domestically, the group consolidated its presence in industrial manufacturing by converting its minority stake in Sierra Cables PLC into a controlling interest. LOLC now operates with an annual production capacity of approximately 100 million kg of made tea grown in approximately 100,000 hectares of plantations.
LOLC Finance PLC led the fintech sector’s growth, recording a pre-tax profit of Rs. 30.8 billion—a 23 per cent year-on-year increase. The company’s loan portfolio surpassed Rs. 305 billion, while customer deposits reached Rs. 225 billion.
In the tourism sector, the group’s leisure and entertainment businesses generated Rs. 2.8 billion in operating profit before interest, supported by a recovery in international tourist arrivals. With inbound travel volumes approaching pre-COVID levels, LOLC’s hospitality assets in Sri Lanka, Maldives and Mauritius are poised to benefit further in the coming year.
| New chairperson | |
| Ishara Nanayakkara, under whose guidance the company has flourished, has been appointed its chairperson with effect from June 5. |
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