Ambeon Holdings posts Rs2.8bn PAT for FY 2023/2024

Ambeon Holdings PLC, a diversified conglomerate reputed for its market dominance in the areas of financial services, real estate, technology and strategic investments, recorded a stellar performance for the financial year (FY) 2023/2024 as per the interim financial results released to the Colombo Stock Exchange recently. 

Amidst an improving macroeconomic landscape, the group delivered robust results for the financial year 2023/24 and posted impressive financial results for posting a profit after tax (PAT) of Rs.2.8 billion, a remarkable 73 percent growth when compared to its 2022/2023 PAT of Rs.1.6 billion. For the fourth quarter, the group’s revenue amounted to Rs.4.9 billion, compared to Rs.6.9 billion in the previous year. The PAT for 4Q amounted to Rs.557 million compared to Rs.323 million last year.

Ambeon Holdings PLC Chairman Sujeewa Mudalige stated, “Considering the market challenges, which prevailed during the year under review, the group has withstood the challenges and fared well.”

Profit before tax for the said year was recorded at Rs.3.7 billion, a 69 percent increase compared to the Rs.2.2 billion achieved last year. Revenue for the group for the period under review was Rs.17 billion, a decrease of 17 percent, compared to Rs.20.6 billion achieved during the same period of the previous year. The group is said to have divested 51 percent of its stake in the subsidiary Dankotuwa Porcelain PLC, which attributed to the decrease in its revenue. 

Ambeon Holdings PLC Group Chief Executive Officer/Executive Director Dr. Sajeeva Narangoda added, “During the year under review, despite multiple market uncertainties, the group has recorded a commendable performance throughout the period. This gives us immense confidence to use group synergies of our technology, financial services and real estate clusters, increase momentum and accelerate growth within and across the group. 
The real estate cluster comprising Colombo City Holdings PLC posted an impressive PAT of Rs.450 million while the technology cluster spearheaded by MillenniumIT ESP recorded a consolidated turnover of Rs.13,236 million for the year under review, which was a 4 percent decline from last year’s achievement of Rs.13,838 million. The financial year 2024/25 looks especially strong for MillenniumIT ESP with economic growth continuing to rebound and large infrastructure projects in the pipeline.

Ambeon Holdings as a standalone entity has contributed Rs.1,455 million with its earnings through its strategic investments, divestments and treasury investments while the financial services cluster of the group consisting of stockbroking, money broking and government securities trading companies contributed Rs.846 million to the overall groups’ profitability (PAT). 

Ambeon Holdings earnings per share stood at an impressive 6.74 for the year, the share is trading at a price earnings ratio of 6.2x, which is a 41.5 percent discount to the overall market price earnings ratio of 10.6x.