9 February 2024 12:00 am
Vidullanka PLC reported earnings of Rs. 1,057 million from revenue of Rs. 4.3 billion during the nine months ended on 31 December 2023.
The company’s financial statements published on the Colombo Stock Exchange showed a 37 percent increase in profits and a 48 percent increase in revenue between the same period in 2022 and 2023.
The group’s share of profits from Joint Ventures and Associates stood at Rs. 206 million during the period. In the corresponding period of the previous year it reported a loss of Rs. 2 million.
The group also benefited from an 11 percent reduction in its finance costs from the corresponding period of the previous year, recording a finance cost of Rs. 377 million. It is also noteworthy that Vidullanka PLC was able to record its highest-ever dividends payout for a financial year amounting to Rs. 339 million.
The Overseas Hydropower segment, which constitutes the hydropower operations in Uganda, contributed to the group a revenue of Rs. 2 billion and a profit of Rs. 1.1 billion. The newly initiated EPC segment was able to record revenue of Rs. 1.4 billion during the period.
This segment involves a US$ 12.85 million contract undertaken by the company to build two hydropower projects in Lethem, Guyana.
The local hydropower segment recorded revenue of Rs. 443 million and contributed Rs. 347 million to the group’s profits, an increase of 12 percent compared to the Rs. 308 million profit recorded during the previous period.
Similarly, the local Dendro and Plantation segment recorded revenue of Rs. 260 million, with profits of Rs. 75 million exceeding its Rs. 1.9 million profit of the first nine months of the previous financial year.
The Solar segment of the group materialised substantial performance improvements, where the segment recorded a revenue of Rs. 99 million and profits of Rs. 81 million.
‘The segment’s previous year’s corresponding period figures recorded were Rs. 17 million of revenue and Rs. 21 million of losses. Furthermore, the Engineering, Consultancy, and Project Management segment recorded a loss of Rs. 6 million with a revenue of Rs. 22 million.