State Fertiliser Company earns Rs. 433 Mn profit last year

Government owned two Fertilizer Companies Chairman, Dr. Jagath Perera said that the Government-owned Lanka Fertiliser Company and Commercial Fertiliser Company have earned recorded profits in the year 2023.

The two companies, which existed as two fertiliser companies until now, were merged under the name of State Fertiliser Company from 2024.

A progress review meeting was held with Agriculture and Plantation Industries Minister Mahinda Amaraweera as the chair recently, regarding the future activities of the State Fertiliser Company and the supply of fertilisers in this year’s Yala Season as well as in the next Maha Season.

The State Fertiliser Company Chairman said that the two combined fertiliser companies had earned a profit of Rs.433 million in last year. Accordingly, Sri Lanka Fertiliser Company has earned a profit of Rs. 141 million and Colombo Commercial Fertiliser Company has earned a profit of 292 million rupees.

Also, during the merger of these two companies, 272 employees voluntarily retired and a substantial amount of compensation was given to those employees. For that, Rs.840 million was spent from the money of the State Fertiliser Company. Chairman Dr. Perera also mentioned that the financial condition of the State Fertiliser Company is very good and thus the financial condition of the company has increased to Rs. 4.5 billion.

Minister Amaraweera also mentioned that despite the economic crisis in the country, the State Fertiliser Company has earned a high profit. He also emphasised that the State Fertiliser Company has made a huge financial profit by providing fertiliser subsidies to paddy, tea, coconut, rubber and cinnamon plantations.

The Minister also said that the top management and all the staff of the State Fertiliser Company have debunked the opinion that Government institutions cannot make profit.

Ministry Secretary Janaka Dharmakeerthi and other officials participated in the discussion.

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