IFC approves $ 7 m funding for Sunshine Holdings

Tuesday, 19 January 2021 01:50 - - {{hitsCtrl.values.hits}}

Sunshine Holdings PLC yesterday disclosed that the International Finance Corporation (IFC) of the World Bank Group has approved a long-term loan facility of $ 7 million to the company.

Sunshine said the funds will be utilised for investments in the consumer sector and energy sector.

Diversified conglomerate Sunshine Holdings in the first half of FY21 posted consolidated revenue of Rs. 11 billion up 9.3% from a year earlier.

Profit after tax (PAT) rose by 35% to Rs. 1.3 billion on the back of the profit arising from the improved performance in the agribusiness sector.

Group’s healthcare business emerged as the largest contributor to Sunshine’s top-line performance, accounting for 53% of total revenue. In comparison, Consumer and Agribusiness sectors of the Group contributed 25% and 19% respectively of the total revenue.

During the second quarter of FY21 group revenue rose by 16% to Rs. 6.2 billion whilst post-tax profit improved by 11% to Rs. 733 million.

During 2QFY21, the Groups Consumer sector acquired 100% shareholding of Daintee Ltd. to further expand its presence, beyond tea, in the local consumer goods sector. Daintee is a market leader in sweets and toffee category in Sri Lanka with 40% market share.