Overseas expansion supports hSenid FY22 earnings

• Remains committed to further market expansion and talent acquisition in FY23

hSenid Business Solutions (hBS) reported its first full-year result since the initial public offering in December 2021. 
Net profits for the fourth quarter ending March 31, 2022 came in at Rs.343.6 million, compared to a profit of Rs.174.6 million in the corresponding quarter of the previous financial year while for the full year, net profits were Rs.455.3 million, compared to Rs.209.2 million in the previous financial year. 

Its main business segment, PeoplesHR - consisting of both on-premise and cloud solutions, continued to be its key earnings driver, with the company locking in a number of new deals, particularly through its global partner network. The quarter also saw revenue recognition from a number of new initiatives put in place earlier during the year.  
Founder and Chairman Dinesh Saparamadu commented, “While we expect the local business environment to be challenging, we are a firm believer that our existing talent – both local and overseas, our resilience and hard work, will continue to pave way for us to achieve our objectives. As a result, we believe that it is imperative to continue to invest in top talent both locally and internationally to accelerate our growth.”  

The year saw the successful completion of the company’s initial public offering, raising Rs.692mn in equity funds. To-date, hBS has utilized Rs.12.3 million of these funds, mainly focused on product and market development initiatives.  

Commenting on the outlook for the business, CEO Sampath Jayasundara noted, “Despite challenges in the local macroeconomic environment, we remain committed to both our local and overseas operations. hBS will continue to provide strategic focus to its long-term objectives in line with those stated at the point of our IPO, including product and market development initiatives and exploring potential strategic partnerships and acquisitions overseas.”