For the resiliency and value created amidst severe macroeconomic conditions, Sri Lanka’s diversified conglomerate Sunshine Holdings (CSE: SUN) has been recognised at the coveted ‘Most Admired Companies of Sri Lanka’ Awards 2020.
Jointly organised by the International Chamber of Commerce, Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) Sri Lanka and the Daily FT, the award recognizes both listed and unlisted local companies who have not only achieved business and financial excellence in their respective fields but have also created significant value for their customers, employees and the general community through numerous initiatives.
Withstanding the ‘new normal’ challenges during the first half of the financial year, Sunshine Holdings posted consolidated revenue of Rs. 11 billion, an increase of 9.3% YoY compared to the corresponding period of last year. Profit after tax (PAT) for the period in review rose to Rs. 1.3 billion, an increase of 34.8% YoY, on the back of the profit arising from the improved performance in its key sectors.
The Group’s robust cost management initiatives, process reengineering efforts backed by digital technologies to ensure overall efficiency and business continuity have helped Sunshine to outdo last year’s results and drive strong performance, where the Group has been able to rebound from the adverse impacts brought by two black swan incidents—the Easter attacks and the first wave of COVID-19.
While showcasing financial strength, all group companies of Sunshine Holdings worked tirelessly to maintain the continued health of the citizens of Sri Lanka during the first phase of the pandemic. All of its essential production and distribution operations remained functional throughout the testing times to ensure Sunshine’s valued patrons had efficient access to essentials of medicine, medical devices and tea products. Furthermore, Sunshine Holdings continued to support the national efforts to combat Covid-19 and to bolster Sri Lanka’s COVID-19 testing capacity through a number of donations.
Commenting on this recognition, Sunshine Holdings Group Managing Director Vish Govindasamy said, “Once again, we are honoured to be recognised among the top local organisations as one of the most admired companies in Sri Lanka. It has been a tough year for the Group in many aspects, especially Easter attacks and COVID-19 rattling the growth of the economy and impacting some of the key sectors we present in. However, we continue to perform well in our respective industry sectors with a spirit of responsible entrepreneurship; it always leads us to where we are today.This acknowledgement affirms the impact that we’re making on a national scale for our customers, investors and employees.”
The 2020 list was compiled following a lengthy and rigorous evaluation based on globally accepted quantitative and qualitative criteria. Companies who took part in the competition had to battle it out in two rounds where their performance was assessed under seven criteria—valuing human relationships, fostering teamwork, experimenting frugally, fulfilling commitments, fighting complacency, winning through multiple means and giving back to the community.
As a diversified conglomerate, Sunshine Holdings contributes to ‘nation-building’ by creating value in vital sectors of the Sri Lankan economy – including healthcare, agribusiness, consumer brands and renewable energy. Many of its business units are leaders in their respective sectors, have secured partnerships with top global brands and have won prestigious awards at the national as well as the regional level.