Hemas Holdings posts Rs.90.2 Bn cumulative revenue for first 9 months
Amidst the backdrop of relatively stable operating conditions in the domestic economy, Hemas Holdings PLC (HHL) demonstrated a steadyperformance in the first nine months of the financial year 2023/24, achieving a cumulative revenue growth of 10.3% amounting to Rs.90.2 billion.
Operating profits for the period mirrored the revenue growth, reaching Rs.8.8 billion, while earnings experienced a 41.2 percent increase, posting a total of Rs. 4.5 billion. During the quarter, Group revenue witnessed a marginal increase of 4.9 percent standing at Rs. 31.2 billion.However, strong contribution from theLearning Segment due to seasonality effect and the positive impact of efficiency improvement initiatives resulted in operating profit and earnings registering growth of 19.6 percent and 126.6percent, reaching Rs.3.9 billion and Rs. 2.2 billion, respectively,” said Group Chief Executive Officer, Kasturi C. Wilson.
The Consumer Brands Sector posted a cumulative revenue growth of 17.% to reach Rs. 38.0 billion driven by the increased performance of the businesses amid relatively stable operating conditions. The revenue for the quarter witnessed a growth of 13.2% to reach Rs.15.4 billion while the operating profits reported a growth of 73.8% due to improved performance of the Home and Personal Care Business and the seasonality impact of the Learning Segment. During the quarter, ‘Atlas’continued to focus on the East African market while increased focus in the Middle Eastern region resulted in repeatorders for ‘Kumarika,’ leading to a notable revenue contribution from theexport segment.
The Healthcare Sector posted a cumulative revenue of Rs. 50.9 billion, a growth of 6.1% while the operating profit for the period stood at Rs. 3.7 billion with a degrowth of 4.2%. The Mobility Sector witnessed a marginal decline in cumulative revenue to reach Rs. 1.3 billion, while the cumulative operating profit and earnings stood at Rs. 751.2 million and Rs. 402.6 million respectively, posting a decline of over 35%.
During the quarter, the Sector posted a revenue of Rs. 460.4 million, a growth of 19.8 percent mainly due to increased volume from seasonal cargo.The revenue growth was fully translated to operating profits, recording a growth rate of 20.2% at Rs. 279.6 million, while earnings for the period reached Rs. 144.2 million at a growth rate of 53.4% with lower tax expenses.
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