Business Today TOP TWENTY recognises best corporate performers

Business Today TOP TWENTY recognised the best among the best in corporate Sri Lanka for the financial year 2009-2010.

The ceremony held on Thursday acknowledged 20 outstanding companies that have displayed exceptional performance in corporate Sri Lanka during the year.

Business Today this year decided to expand its top corporate performers list to recognise the TOP TWENTY.

Since the launch of the Business Today TOP 10, it is the first time that the Business Today top performers of corporate Sri Lanka were chosen in a period falling within the post-war era.

It is the contention of Business Today that although it may be premature to measure post-war performance of the corporate sector, the initial signs thus far show promise, and it would be most interesting to watch how future top performers would evolve to occupy positions among the best.

The unprecedented highs recorded by the Colombo Stock Exchange has attracted much domestic and international investor attention, and privately owned and controlled local companies of great promise may choose to obtain listings with the new growth phase, and so may completely new entrants.

Such changes to a near stereotype corporate landscape would be an altogether new proposition, and with a view to mapping the near and longer term business landscape and towards encouraging worthy prospects and contenders, the Business Today TOP TWENTY were selected.

Furthermore, over the 12-year period of the Business Today TOP 10 awards, the positions have been secured by the same corporates giving little space for upcoming companies. Thus with the expansion of the top corporate list, Business Today TOP TWENTY presented a clearer benchmark of the topmost corporates in Sri Lanka further reflecting the dynamism in the private sector.

Chief Guest Basil Rajapaksa, Minister of Economic Development, graced the event while Secretary to the President Lalith Weeratunga was the Guest Speaker.

This year John Keells Holdings escalated to the number one spot from number three ranking last year. Transport was the main contributor to the Group’s after tax profits, contributing 41 per cent. Operation of the South Asia Gateway Terminals at the Colombo Port was the main driving factor for JKH.

Hatton National Bank and Bukit Darah secured the second and third positions respectively. Overcoming both external and internal hardships the Hatton National Bank recorded a 35 per cent growth in profit after tax and posted Rs 4.3 billion of profit after tax. Bukit Darah’s consolidated profit after tax had increased to 158 per cent.

The Ceylon Tobacco Company ranked fourth while Commercial Bank of Ceylon secured the fifth spot. The Colombo Dockyard was placed sixth, Sri Lanka Telecom at seven while DFCC Bank secured the eighth position. Completing the top 10 were Hayleys at ninth and Distilleries Company of Sri Lanka at 10th positions.

The ranking continues with NDB Bank at 11, Sampath Bank – 12, Aitken Spence – 13, Cargills (Ceylon) – 14, Lankem Ceylon – 15, Lanka Orix Leasing Company – 15, Chevron Lubricants Lanka – 16, Nestlé Lanka – 16, Tokyo Cement Company (Lanka) – 17, Diesel & Motor Engineering – 18, Seylan Bank – 19 and Lanka Walltile – 20.

The Business Today TOP TWENTY companies have been selected out of public quoted companies on the basis of their financial performance, during the financial year ending 31 December 2009 or 31 March 2010.

Established criteria used for selecting the Business Today TOP TWENTY were sales turnover, growth in sales turnover, profits, growth in profits, return on equity, growth in earnings per share, market capitalisation, value of shares transacted and value addition. High and growing top line performance, though necessary, is not the only criteria necessary to qualify as a Business Today TOP TWENTY performer.

Since 1998, Business Today has annually recognised the top corporate performers in Sri Lanka who have strengthened the economy during challenging times.