Sunshine Group 9-month revenue up 39% driven by Healthcare and Agribusiness sectors

9MFY22 Highlights
 Consolidated revenue of Rs.24 billion, up by 39% YoY
 PAT amounted to Rs. 3.6 billion, up 90% YoY backed by Healthcare and
Agribusiness performance
 Healthcare revenue up 43% YoY to Rs. 12.9 billion
 Consumer Goods revenue up 22% YoY to Rs. 6 billion
 Agri revenue up 69% YoY to Rs. 5 billion

Fueled by strong growth in all business sectors,
diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) reported
impressive growth in top and bottom-line performances during the first nine months of
the current financial year (9MFY22). During this period, the Group posted consolidated
revenue of Rs. 24 billion, up by 39% Year-on-Year (YoY). Group’s Profit After Tax
(PAT) also increased by 90% to Rs. 3.6 billion, compared to Rs. 1.1 billion reported
during the same period last year.
Group revenue, from Healthcare, Consumer goods, and Agribusiness sectors,
contributed 54%, 25%, and 21%, respectively. Healthcare sector recorded YoY growth
of 43%, while the Agri sector revenue was up by 69%. Consumer goods sector
recorded a 22% increase in revenue compared to 9M FY20/21, mainly driven by the
acquisition of Daintee Limited in FY21.
Gross profit margin for 9M FY22 stood at 34%, a marginal increase of 40 basis points
against the same period last year. The gross profit improved by Rs. 2.3 billion up 40%
YoY, in line with revenue growth and EBIT closed at Rs. 4.5 billion, an increase of 53%

“The notable growth in our top and bottom lines is attributable to the strong contributions
from all our business sectors and the execution of well-articulated strategies amidst
tough market conditions that impacted the Group. However, in the short to medium
term, we expect the operating environment to be challenging due to the negative
economic impact caused by the pandemic. In that regard, Sunshine has reimagined our
business processes to be agile and resilient to any disruption, and continue to serve our
customers amidst challenges. As a Group, all possible measures have been taken to ensure business sustainability and continuity in the coming months,” said Sunshine
Holdings Chairman Amal Cabraal.
Healthcare sector recorded a revenue of Rs. 12.9 billion during 9MFY22, a significant
increase of 43% YoY backed by the improved performance in Pharmaceutical and
Medical Devices segments and the contribution from the addition of Akbar
Pharmaceuticals. EBIT for the sector was Rs. 1.3 billion. Pharmaceutical manufacturing
division Lina, has received GMP certification for the new factory and plans to supply
Metered Dose Inhalers to the Government in the near future. Healthguard Pharmacy
sales have been driven by wellness products and new customers as well as online
Consumer Goods sector reported a 22% YoY increase in revenue to close at Rs. 6
billion in 9MFY22. 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 decreased by Rs. 72 million (-24% YoY) in comparison to the same period last
year due to lower profitability in Daintee. The company’s tea brands have over 45%
volume market share in branded tea locally.
Agribusiness sector revenue increased by 69% YoY during 9MFY22 to Rs. 5 billion and
EBIT increased to Rs. 2.8 billion from Rs. 1.5 billion driven by the improved
performance in the palm oil segment backed by the growth in NSA. PAT of the Agri
sector closed at Rs. 2.7 billion for 9MFY22, up by Rs. 1.4 billion compared to the same
period last year. PAT of the Dairy segment stood at Rs. 38 million compared to a PAT of
Rs. 52 million during the same period last year due to higher feed costs.

About Sunshine Holdings
Sunshine Holdings PLC is a diversified conglomerate contributing to ‘nation-building’ by
creating value in vital sectors of the Sri Lankan economy – healthcare, consumer goods
and agribusiness. Established in 1967, the group is now home to leading Sri Lankan
brands such as Zesta Tea, Watawala Tea, Ran Kahata, Daintee Confectionary and
Healthguard Pharmacy, with over 2,300 employees and revenue of Rs. 24 Billion in
FY21. The business units comprise of Sunshine Healthcare Lanka, Sunshine Consumer
Lanka and Watawala Plantations PLC, which are leaders in their respective sectors and
many of them certified as a “Great Place to Work” in 2021.

Sunshine Holdings Chairman, Amal Cabraal

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