DCSL Chairman, Mr. D.H.S. Jayawardena addressing the business community at the Business Today ‘TOP TWENTY’ awards night
DCSL GROUP BAGS BRONZE AWARD AT CASL 2011 ANNUAL REPORT AWARDS
Distilleries Company of Sri Lanka PLC walked away with the Bronze award - Food & Beverage Sector category, at the prestigious ‘Annual Report Awards 2011’ held by the Institute of Chartered Accountants of Sri Lanka (CASL) recently. The glittering awards ceremony witnessed the presence of the crème de la crème of Sri Lankan corporates vying for top honours on the occasion.
The DCSL Group’s 2010/11 award-winning annual report espoused the theme, ‘Pioneering Presence - The Legacy to Inspire’, eloquently tracing the Group’s enduring achievements over the decades. The document offers a detailed and comprehensive insight into the Group’s activities through the year under review and a glimpse of its future plans.
Commenting on the award, Chairman, DCSL Group, Deshamanya Harry Jayawardena, said: “The Annual Report is an organization’s most salient financial disclosure document. We at the DCSL Group adhere to the highest standards of transparency, accountability and governance in our financial reporting. We are grateful to CASL for recognizing the enhanced features of our annual reporting exercise. This award has motivated our team to make a concerted effort to improve on our reporting standards in the upcoming year. Kudos to the in-house team that mobilized the report, ensured strict compliance with statutory reporting standards, and eventually saw it through to its successful culmination! On behalf of the DCSL Group, I would also like to extend my appreciation to our associate group companies, Splendor Media and Aitken Spence Printing & Packaging for their unstinted support in producing a high quality award-winning annual report.”
DCSL has been serving the nation for a century, offering high quality world class products. The Group’s core business is distillation, manufacture and distribution of alcohol products. The Company’s product range includes the country’s leading alcohol brands and it is also the exclusive agent for the world renowned foreign liquor brands of ‘Pernod Ricard’.
The DCSL Group lead by its flagship Distilleries Company of Sri Lanka PLC, manages one of the nation’s most successful diversified blue chip portfolios spanning beverages, telecommunications, plantations, hotels, textiles, financial services, power generation, creative & media services and logistics and is among the top 5 corporate conglomerates in Sri Lanka with assets in excess of Rs. 59 billion and a projected annual turnover of approximately Rs. 61 billion. The success of the Group was cemented further with the DCSL Group being placed 2nd in Business Today’s ‘Top 20’ business rankings in 2011.
Pelwatte Sugar Industries PLC - Impact of Revival of Underperforming Enterprises and Underutilized Assets Bill
Consequent to the enactment and passage of the above Act of Parliament, land leased to Pelwatte Sugar Industries PLC (PSIL) an indirect subsidiary of Distilleries Company of Sri Lanka PLC is listed under the schedule II of same. Accordingly, the land alienated hitherto by the State for PSIL shall be vested with the State. At this moment we are unable to comment on the implications on the ruling as we await instructions by the Secretary to the Treasury.
DCSL ranks No. 2 among ‘Business Today TOP TWENTY’
Distilleries Company of Sri Lanka PLC is ranked No. 2 among the ‘Business Today TOP TEWNTY’ in the year 2010/11.
Reflecting an outstanding three-fold increase over the previous year, the Group posted a Net Profit After Tax of Rs 8.3 billion. This profit was inclusive of a capital gain on disposal of shares amounting to Rs 3.9 billion. Recording an increase of 105 percent, profit earned from DCSL's core business was Rs 4.4 billion.
DCSL’s status as a business leader in Sri Lanka is perhaps well captured by the fact that the Group has been constantly ranked among the top ten businesses for the 13th consecutive year since the inception of the award in 1998. DCSL rocketed to 2nd place after being ranked 10th in the previous year.
The ‘Business Today TOP TWENTY’ companies have been selected on the basis of their financial performance during the financial year ending December 31, 2010 and March 31, 2011 with the assistance of KPMG Ford Rhodes, Thornton & Co. Established financial criteria used for the selection are; Sales Turnover, Growth in Sales Turnover, Profit, Growth in Profit, Return on Equity, Growth in Earnings per Share, Market Capitalisation, Value of Shares Transacted and Value Addition.
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Interim results for QE 30th June 2011
Distilleries Company of Sri Lanka PLC released its interim results for the quarter ended 30th June 2011. The Gross Revenue of the Group was Rs. 15.32 Bn (2010 – Rs. 11.35 Bn). The Group Net Profit After Tax for the year was Rs. 1.37 Bn (2010 – Rs. 0.87 Bn). The Net Profit after Tax was up by 57% whilst the Group revenue rose by 35% from the corresponding quarter.
Total assets of the group stood at Rs. 52.45 Bn (2010 – 35.38 Bn) and Basic earnings per share was Rs. 4.13 (2010 – Rs. 2.77).
(Please visit Investor Relations section to download the full report.)
Distilleries releases Annual Report 2010/11
Responding to this vibrant economic backdrop in 2010/11, the DCSL Group posted a turnover of Rs. 47 Bn in FY 2010/11, which marks an increase of 17% over last year. The Group’s Net Profit after Tax of Rs. 8.3 Bn represents a 3 fold increase over the corresponding period last year. However this includes a capital gain on disposal of shares of Rs. 3.9 Bn. Thus, profit earned from core business amounts to Rs. 4.4 Bn which is an increase of 105%.
The overall turnover from the Beverage Sector increased from Rs. 31.4 Bn to Rs. 38.2 Bn, a 21.6% increase over the previous year. Our Plantation Sector Company recorded a Profit before Tax of Rs. 220 Mn, a remarkable growth of 124% over 2009. The year 2010/2011 saw a significant turnaround in the overall performance of the Telecommunications business, which rebounded to post a Cumulative Net Profit of Rs.113 Mn during the year. The Diversified Businesses recorded a remarkable turnaround to show a profit of Rs. 237 Mn.
The net book value of Property, Plant and Equipment of the Company and the Group as at 31 March 2011 was Rs. 4,590 Mn and Rs. 14,494 Mn. Basic earnings per share was Rs. 27.08 (2010 – Rs. 7.12). The dividend payment to shareholders was increased from Rs. 2.50 last year to Rs. 3 per share this year.
(Please visit Investor Relations section to download the full report.)
Distilleries acquires a controlling stake of Pelwatte Sugar
On 27 March 2011 the DCSL Group acquired 47.02% (Value Rs. 884 Mn) of Pelwatte Sugar Industries PLC. As a result the Pelwatte Sugar Industries PLC and its Subsidiaries Pelwatte Sugar Distilleries (Pvt) Ltd., Pelwatte Agriculture & Engineering Services (Pvt) Ltd. and Pelwatte Dairy Industries (Pvt) Ltd. became part of the Group.
Pelwatte Sugar Industries PLC is a listed as SUGA.N0000 in the Colombo Stock Exchange. The main sugar factory of the group is located in Buttala in The Moneragala District in the Uva Province , about 225 km from Colombo to the east of the country. Pelwatte Sugar was incorporated 1981 as Pelwatte Sugar Company Ltd. It became a Public Limited Liability company in December 1982. In 1990, the holding company changed its name to Pelwatte Sugar Industries Ltd. and was quoted on the Colombo Stock Exchange in 1984.
Browns Beach Hotels PLC becomes a subsidiary
On 31 January 2011 the Group increased its investment in Browns Beach Hotels PLC to 48.15% (Value Rs.1,221 Mn) hence became a Subsidiary of the Distilleries Group.
Browns Beach Hotel which is also associated to Aitken Spence Hotels chain boasts a 6.5 acre beach front estate and has been treating guests to memorable holidays in Sri Lanka for decades. Situated only 37 km’s away from the commercial capital of Colombo in Negombo, the Hotel has currently seized operations to facilitate the construction of a new 180 room 4 star plus luxury resort which is expected to be operational for the 2013 winter season.
Investment in Hydro-power project
Distilleries Company of Sri Lanka PLC is pleased to announce that the Company has
decided to invest in a Hydro Power Project with a plant capacity of 4000kW through
its subsidiary; Bogo Power (Pvt) Ltd. The proposed plant will be located in the
Kirkoswald Estate in Bogawanthalawa which is owned by Madulsima Plantations PLC,
an associate of DCSL. Bogo Power (Pvt) Ltd., has obtained all necessary approvals
and has already entered in to a ‘Standard Power Purchase Agreement’ with the Ceylon
Electricity Board. The investment in the project is estimated to be Rs. 750 million
and is expected to be funded almost entirely by DCSL.
Continental Insurance partners Sri Lanka Tourism in IIFA Awards 2010 in Colombo
Thursday, 22 April 2010 (DM)
Continental Insurance has been appointed as the official Insurance Company for the
11th International Indian Film Academy (IIFA) awards to be held in Colombo from
2 to 4 July. The IIFA awards are held in different locations world over each year,
in an attempt to reach out to the world and Sri Lanka has been chosen to host the
awards this year from among countries such as South Africa, South Korea, Australia
and the UAE being closely contested other countries to stage this mega event.
The event will see some of the biggest names in the Indian film industry gracing
the Sugathadasa Indoor Stadium at the three day event that will also feature a Twenty20
match between Bollywood Stars and Asian Cricketers.
"We are happy to partner Sri Lanka Tourism and Wizcraft international in this event
as this will indeed reposition Sri Lanka on the map. After a three decade war and
peace returning to the country we need to see this as a marketing exercise for Sri
Lanka and the Government's initiative to push this is indeed encouraging as these
awards are considered to be on par with the Oscars. Continental Insurance is proud
and privileged to be a partner of this mega event," Continental Insurance Director
Chaminda de Silva said.
Continental Insurance Lanka Limited was launched in March 2010 is into Motor, Fire,
General Accident and Marine insurance segments. Despite it being new, the team behind
Continental is no stranger to the insurance industry and the company also has the
advantage of being backed by the Distilleries Group of Sri Lanka (DCSL), which handled
the management of Sri Lanka Insurance Corporation during its privatisation.
Being part of the DCSL group, which has the distinction of being on Forbes Asia's
'200 Best Under a Billion' list for the last three consecutive years, as well as
being one of the top five corporates in Sri Lanka, brings added stability to Continental
The Continental team was responsible for a number of bold steps taken in the Insurance
business in the past, and they are known trail blazers and trend setters in the
local insurance industry. They have also been responsible for several past milestones
achieved in the industry. With this experience behind them Continental is currently
engaged in offering their valued customers unparalleled products in insurance.
"We are committed to taking the Sri Lanka brand forward and to making the world
know that we are now one of the safest places's on earth and opens for business
and leisure. Our partnership in the IIFA Awards is not accidental; it is a deliberate
attempt to be a part of the engine of growth for this new beginning in our beautiful
country SRI LANKA," de Silva added.
Lanka Bell, the People’s Choice
Top telecommunication solutions provider Lanka Bell, the people’s choice in CDMA
with 1.2 million subscribers, saw its leadership and innovation role in the Sri
Lankan telecom sector further cemented with the company being awarded the coveted
“People’s Fixed Telecom Service Brand of the Year” at 2010’s People’s Awards; an
awards programme organised by the Sri Lanka Institute of Marketing, the national
body for marketers, in association with The Nielsen Company, the largest marketing
research company in the world.
The country’s largest CDMA ‘fixed line’ service and the only wholly Sri Lankan owned
company in the telecommunication sector, Lanka Bell was one of only 30 brands selected
as People’s Award recipients across as many categories, with awards encompassing
the choice of everyday Sri Lankans in areas as diverse as consumer brands, services,
entertainers, sports personalities, media outlets, automotives etc.
Commenting, Lanka Bell Managing Director Prasad Samarasinghe said: “This award is
a clear indication that, our brand is the only telecommunication provider to really
have our finger on the pulse of the Sri Lankan people in terms of actual in-the-field
market research. We are also the only telecommunication brand to effectively use
our very vital and real connection with customers to accurately judge their wants
and needs and deliver on them.
Thanks to the exhaustive process by The Nielsen Company in Sri Lanka, where market
researchers interviewed over 2,000 individuals between the ages of 15-60 years,
with equal numbers of females and males, selected randomly across the Western, Central,
Southern, North Western, North Central, Uva and Sabaragamuwa provinces over a 2
month period; we can now say without any doubt that our strategy of continuing to
listen, learn and invest in our customers has paid off with Lanka Bell being adjudged
the sole people’s choice for ‘fixed line’ services”, he added.
The only wholly Sri Lankan owned company in the telecommunications sector, Lanka
Bell is the largest CDMA ‘fixed line’ provider in the country with over 1.2 million
subscribers. The company was established in 1997 with an initial investment of US$
150 million and was the pioneer of CDMA technology in the country. The company continues
to make substantial investments to take its technology and services to all geographic
regions and all segments of the market in Sri Lanka and has 60 of its very own fully
fledged business offices island-wide. The company was also one of the first CDMA
‘fixed line’ services to be offered in Jaffna.
Distilleries to set up new insurance company
Distilleries Company of Sri Lanka PLC announced in a stock exchange filing that
the Insurance Board of Sri Lanka has approved its application to set up a fully
owned insurance subsidiary called Continental Insurance Lanka Ltd. with effect from
December 18, 2009.
The start-up capital of the company will be Rs. 500 million and the provision will
be increased to a billion rupees if necessary. Continental Insurance Lanka Ltd.
is expected to commence operations in early 2010. 75mn.
NAMAL Acuity Value Fund becomes the fist closed-ended Unit Trust to be listed
in the CSE
The Units of the NAMAL Acuity Value Fund (NAVF) is listed from October 12 and classified
under the Closed end Fund Sector at the Colombo Stock Exchange. The NAVF is a collective
investment scheme designed for investors seeking capital appreciation on their investment.
In Sri Lanka, it is the first occasion that a unit of a fund is being listed on
the Stock Exchange. The investors can acquire the units through the member firms
of the Colombo Stock Exchange to become a unit holder of the Fund. The investors
will have the benefit of lower trading costs when buying or selling the units compared
to the prevailing trading cost associated with the shares listed on the Stock Exchange.
NAMAL being the pioneer licensed Unit Trust Manager with 18 years of investment
management record launched this Fund to the public to enable them to participate
in the growth prospects of the equities listed on the Colombo Stock Exchange. The
Fund retains the option to invest entirely in fixed income securities in order to
preserve the invested capital and generate distributable income whilst reducing
the risk to the Fund, the release further stated.
NAMAL adopts a unique research driven investment approach consistently to support
the Fund to deliver returns to the investors. Moreover, the experienced Fund Managers
at NAMAL continue to practice appropriate asset allocation techniques to deliver
return to the investors in the funds managed by the company. The Deutsche Bank is
the Trustee and Custodian of the Fund release concluded.
Lanka Bell awards North expansion to Sierra Global - Daily Mirror 06th Jan
Lanka Bell, the largest CDMA fixed line provider in the country with 1.2 million
subscribers has awarded its Northern Province Expansion Project to Sierra Global
Network, one of the leading firms in the telecom infrastructure development sector.