|Board of Directors|
|Dhammika Perera (Chairman/Managing Director)|
|Yogadinusha Bhaskaran (CEO)|
Group turnover was 60.9 billion rupees, with the lifestyle and finance sectors accounting for 37 per cent and 41 per cent of revenue respectively. Margin pressures was evident across all sectors due to increased input costs and high levels of price sensitivity. Operating profit of 13.7 billion rupees was supported by the improved performance of the financial and plantation sectors while the lifestyle sector also made a vital contribution. PAT amounted to 6.76 billion rupees.
While Horana Plantations experienced a turnaround due to buoyant markets, sectors engaged in manufacturing and distribution faced significant challenges owing to the devaluation of the rupee against the dollar, resulting in a sharp rise in raw materials and energy and labour costs. The Finance sector, contributed 4.24 billion rupees to Group PAT, accounting for 63 per cent of Group profits. The lifestyle sector, comprising tiles, bathware and interiors, recorded a commendable performance by contributing 2.6 billion rupees to Group profits, despite reflecting a decline of 29 per cent due to higher input costs and a decline in disposable incomes. The sector however, remained a market leader in floor and walltiles with respective market shares of 33 per cent and 35 per cent in Sri Lanka, and a growing presence in international markets such as Australia, India and the Maldives.
The aluminium sector delivered strong top line growth of 18 per cent driven by strong demand in both domestic market and regional markets. The buoyant tea and rubber prices supported top line growth of 15 per cent in the Plantations sector, enabling a turnaround in this sector, which recorded a profit of 36 million rupees. While the Group remained committed to sustainability initiatives and CSR projects, the flagship philanthropy project of upgrading 450 preschools, was successfully completed.
Under the dynamic leadership of Dhammika Perera, Vallibel One looks to the future with a strong outlook while leveraging on investments and sustainability practices. With prospective luxury real-estate projects and the emergence of the Port City, the company sees potential for the lifestyle sector and thus has continued to grow the distribution network and consolidate the market position both in the Sri Lankan and export market. This includes increasing capacity in identified growth segments. Vallibel One remains confident that the financial sector will achieve stability in the medium and long term. Understanding the diverse trends and potential of the tourism sector, the Group plans to continue to differentiate its brand proposition by offering unique experiences to the visitor.
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Dhammika Perera (Chairman/Managing Director)