Recording another quarter of impressive financial performance in a challenging economic backdrop, diversified conglomerate Sunshine Holdings PLC posted consolidated revenue of Rs. 15.8 billion for the six months ending 30 September 2021, an increase of 44% YoY compared to the corresponding period of last year.
Profit after tax (PAT) for the period in review rose to Rs. 2.5 billion, an increase of 91% YoY, on the back of improved performance in Healthcare and Agribusiness sectors. The gross profit improved by Rs. 1.6 billion, up 44% YoY compared to the same period last year, in line with the Group’s revenue growth. Gross profit margin for the period in review stood at 34%, which is a marginal decrease against the same period last year. Profits attributable to equity shareholders (PATMI) closed at Rs. 1,209 million for 1HFY22.
The Group’s Healthcare business emerged as the largest contributor to its top-line performance, accounting for 54% of total revenue. In comparison, Consumer and Agribusiness sectors of the group contributed 24% and 22% respectively of the total revenue.
Commenting on the performance, Sunshine Holdings PLC Chairman Amal Cabraal said as a group, Sunshine has been facing challenges in some of their core sectors and will continue to do so in short to medium term due to the negative economic impact due to pandemic-related macroeconomic challenges.
“However, the Group’s robust cost management initiatives and process reengineering efforts backed by digital technologies to ensure overall efficiency and business continuity have helped Sunshine to rebound from the ongoing macroeconomic challenges and record strong performance in 1HFY21. We are proud that the Group has remained resilient in the face of such difficulties, and we remain optimistic about consolidating our operations to strengthen the overall performance of the Group further. All possible measures have been taken to ensure business sustainability and continuity in the coming months,” Cabraal commented.
The Group’s Healthcare sector generated Rs. 8.5 billion revenues during 1HFY22, representing a significant growth of 48% YoY on the back of improved performance in Pharmaceuticals Distribution, Manufacturing, Medical Devices and Healthguard Pharmacy. The Healthcare sector PAT increased by 20% YoY. Sunshine Healthcare was also recognized as a Top 40 employer by the Great Place to Work Institute during the quarter.
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