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Sunshine Holdings 9M revenue up by 60% to Rs. 38.6 Bn

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Diversified conglomerate Sunshine Holdings (CSE: SUN) reported a consolidated revenue of Rs. 38.6 billion for the nine months ending 31December 2022 (9MFY23), an increase of 60% YoY compared to the corresponding period of last year.

Profit after tax (PAT) for the period in review rose to Rs. 3.8 billion, an increase of 5.6% YoY, despite contraction in volumes and higher interest cost.

The gross profit amounted to Rs. 10.2 billion, up 25.3% YoY compared to the previous year, in line with the Group’s revenue growth. Gross profit margin for the period in review stood at 26.4%, which is a contraction of 730 basis points against the same period last year. Profit attributable to equity shareholders (PATMI) was Rs. 2.2 billion for 9MFY23, an increase of 21.2% YoY.

The Group’s Healthcare business emerged as the largest contributor to Sunshine’s top-line performance, accounting for 45.7% of total revenue. Consumer and Agribusiness sectors of the Group contributed 36.5% and 17.2% respectively of the total revenue.

In April 2022, Sunshine Tea (Pvt) Ltd, which is a tea export business, was acquired by the Group and its performance is consolidated under Consumer Goods sector w.e.f. 1st April 2022. Sunshine Holdings Chairman Amal Cabraal (PICTURED) said, “Amidst tough market conditions, the notable growth in revenue is attributedto strong contributions from all our business sectors on the back of well executed strategies. In the short to medium term, we expect the operating environment to remain challenging.”

“Unprecedentedly high finance costs, soaring inflation along with significantly increased tax rates impacting disposable income and dampening consumption and key export markets experiencing recessionary conditions are some of the key challenges that need to be overcome. The effects of the economic crisis and consequent corrective measures are leading to talent migration and talent retention has become increasingly challenging.”

Group’s Healthcare segment generated Rs. 17.6 billion in turnover during 9MFY23, representing a significant growth of 36.3% YoY on the back of improved performance in Pharmaceutical and Medical Devices segments.

Recording a 133.8% increase in revenue compared to the corresponding period of last year, the Consumer Goods Sector recorded a revenue close to Rs. 14.1 billion. Excluding the new addition of Sunshine Tea, revenue growth stood at 30.7%.

The Group’s agribusiness sector, represented by Watawala Plantations PLC (WATA) and Watawala Dairy Limited (WDL), saw a revenue increase of 32.1% YoY to Rs. 6.6 billion. EBIT margin for 9MFY23 stood at 41.5%, against 56.2%in the corresponding period last year, owing to increased cost of bought crop and reduction in crop volumes by 6.32% YoY. PAT of the Agri sector closed at Rs. 2.6 billion for 9MFY23, down2.8% YoY compared to the same period last year.

Thursday, February 16, 2023 – 01:00

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