Renuka Holdings in Forbes Asia‘s “Best under a US$ Billion”

Friday, 9 September 2011 04:10 -     - {{hitsCtrl.values.hits}}

Renuka Holdings PLC was one of the four Sri Lankan companies selected by Forbes Asia for the great honour of being the “Best under a US$ Billion.”

Forbes Asia’s “Best under a Billion” companies are Asia Pacific’s top, small and mid-size listed companies.  

According to Forbes, the criteria of selection included profitability, growth, modest indebtedness and future prospects. Forbes editors picked 200 companies out of a universe of over 15,000 Asia Pacific companies with actively traded shares and sales between US$5 million and US$1 billion.

As per the Annual Report for 2010/2011 of Renuka Holdings PLC, released to the Colombo Stock Exchange recently, it is a diversified holding company with subsidiaries engaged in four core sectors.

The Agri business sector consists of Renuka Agri Foods PLC and subsidiaries which are in plantations, manufacturing, global marketing and forestry. It was listed on the Colombo Stock Exchange under the Food and Beverage sector through a highly successful IPO in November 2009.

The Automotive sector is headed by McShaw Automotive Ltd., a joint venture between Shaw Wallace Ceylon Ltd (a subsidiary of Renuka Holdings PLC) and McLarens Holdings Ltd. The company is the market leader in the brake oil category with Delphi Lockheed brand and also a significant player in the tubes, two wheeler and three wheeler tyre segments with its brands Grip, Dunlop and Pioneer, among a range of other automotive products.

Shaw Wallace Ceylon Ltd. represents the FMCG and Food Service sector of the group having one of the most established and most extensive distribution networks in the country. Many of its own brands such as Captain and Plaza canned fish, Sun Gold instant drinks, Rainers colorings and essences, Ranposha breakfast cereal, Milk White laundry soap, Ranwan Venivel herbal soap and agencies such as Ajinomoto flavour enhancer, Supermax shaving products are household names in Sri Lanka.

The Investment and Property Development division is represented by Coco Lanka PLC and its associates, which is also listed on the Colombo Stock Exchange.

The year under review was a milestone year for the Group as its Profit after Tax (PAT) surpassed Rupees half billion, for the first time. The Group performed remarkably with revenue of Rs. 2.7 billion, which is a 62% growth over the Rs. 1.7 billion recorded in the previous year.

Profits attributable to the equity holders of Renuka Holdings PLC increased by 157% to reach Rs. 618 million, while total consolidated net profit was Rs. 829 million.

The total equity of the group grew from Rs. 2.3 billion to Rs. 3.4 billion at the end of financial year.

Chairperson I. R. Rajiyah in her annual review stated, “The group has a number of projects in the pipeline. Among them are the Coconut Water Project of Renuka Agri Foods PLC, setting up Renuka Products Ltd, a dedicated FMCG manufacturing facility for Shaw Wallace Ceylon Ltd. and a foray into Property Development using the group’s existing land bank. With so many concurrent developments we are on an aggressive expansion drive to use our expertise, unlock our assets and craft value for all our stakeholders.”

Commenting on the accolade from Forbes, J. Perera, Business Development Manager said, “We are most honoured by this international recognition and that too from a prestigious publication like Forbes.

This recognition of Renuka Holdings PLC is a reflection of the hard work, commitment and loyalty of our family of 952 employees, who are the foundation of our organisation.”