Raigam Wayamba Salterns posts Rs 433Mn PAT in FY 2022-23
Raigam Wayamba Salterns PLC (RWS), the only salt manufacturing company listed in the Colombo Stock Exchange (CSE) has recorded remarkable growth in 2022-23 compared to the preceding year posting an Rs 433 million profit after tax and doubling its turnover to Rs 2,126 million. The company’s earnings per share increased by 101% to 1.54 and net assets per share increased by 37% to 7.88.
Dr. Ravi Liyanage, Chairman Executive Director, Raigam Group said Raigam Wayamba Salterns is one of the fast growing companies and in financial year 2022-23 they managed to record an 85% growth in the top-line and 101% growth in the bottom-line maintain the trust the investors placed in them over the period of 13 years of its inception. Dr Liyanage said during the covid period they managed their business successfully sans obtaining moratoriums and looked after their employees paying their EPF and salaries.
Raigam Wayamba Salterns also plans to invest Rs 850 million in a feeder saltern in the Batticaloa district which will come up between Arugam bay and Panama.
RWS was established in 2005 as a subsidiary of the Raigam Group of Companies to grab the benefits of the opportunities available in the salt market in Sri Lanka, mainly the value added salt including table salt (powder) which was dominated by a few Indian Salt suppliers, despite the fact that Sri Lanka is surrounded by sea and plenty of favorable conditions required for the salt industry were existing. RWS had very accurately judged the future trends in the market, especially conversion of consumer choice from traditional crystal salt to powder salt and also many potential value additions.
In 2010 the company was converted to a listed company as Raigam Wayamba Salterns PLC opening opportunities to the general public to become owners of this venture, making an IPO of 80 million shares at the rate of Rs. 2.50 per share, an affordable price for anyone to become a shareholder of the company by just investing Rs. 2,500 the minimum subscription.
This share issue was very successful and oversubscribed by 20 times. Despite heavy fluctuations experienced in the capital market during the past the market price of RWS shares stood steady and has recorded a natural growth backed by performance, net assets and the integrity of the management.
The group consists of the parent company, Raigam Wayamba Salterns PLC and two fully owned subsidiary companies, namely, Southern Salt Company (Pvt) Limited (SSC) & Raigam Wayamba Cereals (Pvt) Ltd (RWC).