Vallibel One records Rs.4.47bn net profit for 2Q

Notwithstanding the macroeconomic constraints and conditions that prevailed during the year, Vallibel One Group remained focused on delivering steadfast value to its stakeholders. 
The group recorded a revenue of Rs.30.54 billion for the second quarter, bringing the organisation to reach a cumulative revenue of Rs.58.26 billion, resulting in a 5 percent increase against the previous year’s performance. 

Gross profit recorded an increase of approximately 4.46 percent against the previous year’s 2Q performance to reach Rs.13.7 billion, primarily owing to prudent cost management strategies. Notably, the group’s profit before tax amounted to Rs.6.68 billion for the second quarter, translating to a noteworthy net profit of Rs.4.47 billion—a very significant 84.8 percent quarter-on-quarter growth, recording one of the best performances amongst diversified holding companies.

The group’s lifestyle and consumer sectors contributed to results posted showcasing substantial growth with revenue increases of 18 percent and 17 percent, respectively, quarter-on-quarter whilst the finance sector recorded a 31.9 percent increase in the income year-on-year. A commendable top line coupled with responsible resource management, productivity improvements and well-balanced strategies enabled the consumer sector to record a 617 percent quarter-on-quarter increase in profitability. 

With respect to the financial position, the group recorded an asset growth of 1.3 percent against the preceding quarter to reach an approximate total cumulative asset value of Rs.309.76 billion. Conversely, the group’s liabilities recorded a reduction of 4.03 percent to reach a value of Rs.182.59 billion against the previous year and shows a 0.9 percent quarter-on-quarter decrease. 
In light of the group’s performance, dividends amounting to Rs.1.13 billion were declared by Vallibel One PLC for the period ended on September 30, 2023.