Sunshine Holdings delivers robust FY22 results amidst economic challenges

Fueled by strong growth in all business sectors, diversified Sri Lankan conglomerate Sunshine Holdings PLC reported impressive growth in top and bottom line performances for the year ended March 31, 2022 (FY21/22). 
During this year, the Group posted consolidated revenue of Rs. 32.2 billion, up by 32.2 percent Year-on-Year (YoY). The Group’s profit after tax (PAT) also increased by 96.9 percent to Rs.5 billion, compared to Rs.2.5 billion reported during the same period last year.

Contribution from healthcare, consumer goods, and agribusiness sectors to Group revenue stood at54 percent, 25 percent, and 20 percent, respectively. 

Healthcare sector recorded YoY growth of 37.1 percent, while the agri sector revenue was up by 64.6 percent. Consumer goods sector recorded a 13.2 percent increase in revenue compared to FY20/21, mainly driven by the acquisition of Daintee Limited in FY20/21.

Gross profit margin for FY21/22 stood at 31.8 percent, a marginal increase of 04 basis points against last year. The gross profit improved by Rs. 2.5 billion up 32.3 percent YoY, in line with revenue growth and EBIT closed at Rs. 5.7 billion, an increase of 61.9 percent YoY.

Healthcare sector recorded a revenue of Rs. 17.5 billion during FY21/22, a significant increase of 37.1 percent YoY backed by the improved performance in pharmaceutical, medical devices and retail segments, together with the contribution from the addition of Akbar Pharmaceuticals. 

EBIT for the sector was Rs. 1.6 billion with PAT of the sector increased by 29.9 percent YoY. 
Consumer goods sector reported a 13.2 percent YoY increase in revenue to close at Rs. 8.1 billion in FY21/22. The revenue increase is mainly driven by the addition of the confectionery business segment via the acquisition of Daintee Ltd. The PAT of the sector increased by Rs. 12.4 million (2.6 percent YoY) in comparison to the same period last year.

Agribusiness sector revenue increased by 64.6 percent YoY during FY21/22 to Rs. 6.5 billion and EBIT increased by Rs. 1.5 billion driven by the improved performance in the palm oil segment backed by the growth in price. PAT of the Agri sector closed at Rs. 3.5 billion for FY21/22, up by Rs. 1.8 billion compared to a net profit of Rs.1.7 billion last year.