Softlogic Holdings PLC has announced strong results across all business verticals in FY22 amidst heightened market volatility and economic woes.
Consolidated Annual Revenue surged by 35% to Rs. 111.2 billion and consolidated Gross Profit for FY22 improved 52% to Rs. 39 billion while Group EBITDA recorded a rise of 98% to Rs. 19.7 billion in FY22. Softlogic said that was primarily resulting from increased topline and stringent cost discipline.
The Group witnessed exchange losses in the Retail, Leisure and IT sectors during 4Q FY22 due to the depreciation of the rupee. Net finance costs for the year, excluding exchange losses and gains, declined 13% to Rs. 4.9 billion due to the low-interest rate regime.
Group PBT for the year recorded a nearly two-fold increase to Rs. 3 billion compared to a loss of Rs. 3.2 billion in FY21. Group PAT for FY22 achieved a 126% growth in profitability to Rs. 880 million in comparison to a loss of Rs. 3.4 billion in FY21.
Softlogic said revenue for Healthcare Services witnessed a 41% increase to Rs. 22.4 billion. The sector recorded an EBITDA growth of 75% to Rs. 7.2 billion in FY22 while closing the year with a PAT of Rs. 3.8 billion up 117% from FY21.
The Retail sector recorded revenue growth of 33% to Rs. 57.8 billion during FY22 while EBITDA saw an increase of 274% to Rs. 7.4 billion.
Softlogic Life Insurance achieved a growth of 25% to Rs. 21 billion in FY22. The company said Gross Written Premium growth has been underpinned by steady demand for life and health products. The company achieved a PAT of Rs. 2.2 billion.
Softlogic Finance witnessed a growth of 147% in Net Interest Income to Rs. 1.4 billion during FY22. Total Deposits rose 7% to touch Rs. 15.6 billion while total assets improved 23% to Rs. 25.6 billion. The credit rating of the company was upgraded to (SL)BB Stable by ICRA Lanka during the quarter. The Financial Services sector achieved a topline growth of 27% to Rs. 23 billion in FY22 while PAT registered a growth of 170% to Rs. 1.3 billion for the year.
Reflecting on the significance of the airline to the country, Ashok Pathirage, Chairman of SriLankan Airlines stated, “For the past four decades, we have been flag bearers of the nation through thick and thin. SriLankan Airlines has not only prevailed through each challenging chapter that the country has had to navigate through, but endeavored to help the country back on its feet. From sustaining travel and trade links between Sri Lanka and the world as other airlines cut back on flights to Sri Lanka due to the country’s ongoing economic crisis to bringing down stranded Sri Lankans home during the thick of the pandemic in the recent past, SriLankan has always been a pillar of strength to the nation. The resilience of our legacy is really the resilience of our people, and I would like to thank every employee of SriLankan Airlines for their show of dedication and commitment that has seen us through difficult times.”
