hSenid Business Solutions revenues up 16% in 2022

hSenid Business Solutions (hBS) reported its results for the period ended December 31, 2022, with revenues up 16% year-over-year.

Top line growth was supported by its core Peoples HR Cloud offering, followed by Tracking Solutions.

The group recorded 51 percent recurring revenues, driven by Peoples HR Cloud.

Net profits for the quarter came in at LKR 29.7 million, compared to a profit of LKR 102.1 million in the corresponding quarter of the previous financial year, recording an LKR 0.11 earnings per share. For the nine months, net profits came in at LKR 287.6 million compared to LKR 116.2 million in the previous year. hBS continued its growth initiatives during the quarter, particularly within the APAC region, focused on its core Peoples HR products, including new initiatives such as Peoples HR Turbo and Marketplace.

hBS was the recipient of a number of industry awards during the quarter. The company secured the top place under the ICT and BPO-related Services (Medium category) at the annual NCE Export Awards for the third consecutive year.

Founder and Chairman Dinesh Saparamadu noted: “We are also committed to investments in retaining and recruitment of talent to support our growth story. To this end, the quarter saw hBS strengthen its investments in talent, particularly across the APAC region.”

CEO Sampath Jayasundara said “The commencement of Phase-II of the Ugandan Government project in particular, was a key milestone for the company during the quarter.”

“We believe that completion of Phase-I in FY22 is a testimony of Peoples HR’s robustness and ability to deploy at a very large scale. In addition, we continued to see our efforts in markets such as Bangladesh, Philippines and the Maldives Taking shape with stronger deal closures.”