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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » JKH net profits up 24%, revenue tops Rs. 85bn

JKH net profits up 24%, revenue tops Rs. 85bn

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1JKH net profits up 24%, revenue tops Rs. 85bn Empty JKH proves its prowess Wed May 29, 2013 2:20 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
* Despite challenging conditions, ends FY13 with highest-ever profit by a listed corporate

* Group pre-tax profit up 23% to Rs. 15.78 b; post-tax figure up 24% to Rs. 13.6 b

* Results from operating activities down 7% to Rs. 6.7 b but bottom line buttressed by higher net finance income and others

* Net profit attributable to equity holders up 26% to Rs. 12.2 b

* Recurring net profit up 21% to Rs. 8.54 b; PBT up 19% to Rs. 13.5 b

* Group revenue expands by 10% to Rs. 85.5 b


John Keells Holdings (JKH) has proved its prowess in a challenging year and reinforced the premier blue chip status by posting the highest-ever profit by a listed corporate, surprising expectations of even the most optimistic analysts.

The conglomerate, which is also the most valuable in the country by market capitalisation, yesterday disclosed a Group Profit Before Tax (PBT) of Rs. 15.78 billion for the financial year ended on 31 March 2013, reflecting a 23% growth over the previous year.

Post-tax profit showing a similar double digit growth was Rs. 13.59 billion, whilst profit attributable to the equity holders of the parent was Rs. 12.20 billion, a 26% increase over FY12.

For FY13, revenue was Rs.85.56 billion, up 10% from the previous year, whilst gross profit improved by 13% to Rs. 20.45 billion. The result from operating activities however was down by 7% to Rs. 6.7 billion due to higher increase in expenses and 20% dip in other operating income.

Nevertheless the bottom line was buttressed by net finance income growth of 153% to Rs. 3.68 billion and a 42% rise in change in fair value of investment property to Rs. 2 billion along with share of results of equity accounted investees growing by 22% to Rs. 3.36 billion.

JKH explained that the finance income of Rs.4.77 billion for the year included Union Assurance PLC’s Life and General insurance funds’ interest income of Rs. 2.66 billion, which net of related costs has been reflected under the Financial Services operating segment results.

It also said the recurring PBT for the financial year 2012/13, excluding fair value adjustments on investment property and capital gains on share disposals, was Rs. 13.54 billion, an increase of 19% over the recurring PBT of Rs. 11.41 billion in the previous year.

On a similar basis, the recurring profit attributable to equity holders of the parent was Rs. 10.31 billion, representing an increase of 21% over the Rs. 8.54 billion recorded in the previous year.

Interim results for FY13 were announced after the market was closed. Despite the Colombo Bourse declining yesterday, JKH managed to close marginally on the up at Rs. 289, commanding a market capitalisation of Rs. 247.8 billion or 9.92% share of the total. Last week it crossed the 10% milestone and the share price remains at highest levels.

Analysts said JKH results reaffirm its resilience amidst challenging macroeconomic environment with lower GDP growth in calendar year 2012 and rising costs, etc.

The FY13 bottom line of JKH is the highest-ever by a listed corporate, beating the previous best achieved by Dialog in 2006 with Rs. 10.12 billion net profit (EBIT of Rs. 10.85 billion) on a turnover of Rs. 27 billion.

In tandem with the release of results, JKH announced a final dividend of Rs. 1.50 per share on top of Rs. 2 per share paid previously via interim dividends bringing the total to Rs. 3.50 per share, up from Rs. 3 per share paid in FY12.

All key sectors of JKH have fared better than the previous year, though some continued to struggle in terms of profitability.

The Leisure sector reinforced its supremacy within JKH Group, delivering Rs. 5.2 billion pre-tax profit, up from Rs. 4.17 billion, whilst its turnover rose from Rs. 17.5 billion to Rs. 20.6 billion.

The Transportation sector improved its pre-tax profit to Rs. 3.6 billion from Rs. 3.3 billion whilst turnover grew from Rs. 18.8 billion to Rs. 19.7 billion. The Property sector of JKH crossed the Rs. 1 billion mark in pretax profit posting Rs. 1.2 billion up from Rs. 977 million in FY12. Its turnover was down from Rs. 4 billion to Rs. 3.4 billion. Financial sector pre-tax profit was Rs. 1.77 billion up from Rs. 1.5 billion whilst turnover rose from Rs. 8 billion to Rs. 8.7 billion.

Consumer foods and retail saw pre-tax profit dip to Rs. 2.4 billion from Rs. 2.7 billion though top-line saw growth to Rs. 24.3 billion from Rs. 22 billion. IT sector had improved profits as well as others sector with the latter generating Rs. 1.1 billion pre-tax profit as against a loss in the previous year.

JKH net asset per share was Rs. 104.78 at Group level, up from Rs. 83.22 in FY12. Group assets surpassed the Rs. 150 billion mark to stand at Rs. 159 billion, up from Rs. 134.4 billion in FY12. This included Rs. 26.5 billion in short term investments up from Rs. 24.8 billion whilst fixed assets were Rs. 109 billion, up from Rs. 86.7 billion.

Revenue reserves were a staggering Rs. 42.7 billion as at 31 March 2013, up from Rs. 33 billion a year earlier. Long term liabilities of JKH Group grew to Rs. 32.4 billion from Rs. 29.8 billion whilst current liabilities were Rs. 25.5 billion, as against Rs. 24.4 billion in FY12.

The JKH Board of Directors comprises Susantha Ratnayake (Chairman), Ajit Gunewardene (Deputy Chairman), Ronnie Peiris, Franklyn Amerasinghe, S.S. Tiruchelvam, Tarun Das, Indrajit Coomaraswamy, A.R. Gunasekara and Ashroff Omar.
http://www.ft.lk/2013/05/29/jkh-proves-its-prowess/

K.Haputantri

K.Haputantri
Co-Admin
JKH net profits up 24%, revenue tops Rs. 85bn
May 28, 2013, 7:46 pm
The Island

The country’s top bluechip conglomerate John Keells Holdings (JKH) saw net profits grow 24 percent to Rs. 13.59 billion for the year ended March 31, 2013 with profits growing 19 percent in the March quarter to Rs. 5.9 billion, interim financial results filed with the stock exchange showed.

During the year, JKH saw revenue grow 10 percent to Rs. 85.55 billion and up three percent to Rs. 23.35 billion during the quarter.

The earnings per share amounted to Rs. 14.33 as against Rs. 11.52 a year ago.

"Finance income of Rs.4.77 billion for the year includes Union Assurance PLC’s life and general insurance funds’ interest income of Rs.2.66 billion, which net of related costs has been reflected under the Financial Services operating segment results," the group said in a statement.

"The recurring PBT for the financial year 2012/13, excluding fair value adjustments on investment property and capital gains on share disposals, was Rs.13.54 billion, an increase of 19 per cent over the recurring PBT of Rs.11.41 billion in the previous year. On a similar basis, the recurring profit attributable to equity holders of the parent was Rs.10.31 billion, representing an increase of 21 per cent over the Rs.8.54 billion recorded in the previous year."

Net profits from the group’s leisure sector rose 28.7 percent to Rs. 4.76 billion during the year. The leisure operating segment encompasses two five star city hotels in Colombo, Cinnamon Grand and Cinnamon Lakeside, and seven resort hotels spread in prime tourist locations all over Sri Lanka and three resorts in the Maldives offering beaches, mountains, wildlife and cultural splendor under the two brands ‘Cinnamon Hotels and Resorts’ and ‘Chaaya Hotels and Resorts’. The Leisure operating segment also has destination management businesses in Sri Lanka and India.

The transportation segment reported a net profit of Rs. 3.39 billion, up 8.9 percent from a year earlier. Businesses of the transportation operating segment offer an array of transportation related services in Sri Lanka and the region and these operations comprise of South Asia Gateway Terminals in the port of Colombo, a marine bunkering business, joint ventures and associations with leading shipping and air transportation multinationals and logistics, travel and airline services in Sri Lanka, India and the Maldives.

The consumer foods and retail segment saw net profits fall by 13.7 percent to Rs. 2 billion. The consumer foods and retail operating segment competes in the three major categories namely beverages, frozen confectionary and convenience foods. Retailing business through the ‘Keells Super’ chain of supermarkets and in partnership with Nations Trust Bank, has created ‘Nexus’, coalition loyalty card in the country.

The property segment saw profits grow 27.8 percent to Rs. 1.19 billion and the financial services segment reported 19.6 percent growth in net profits to Rs. 1.4 billion.

The property operating segment concentrates primarily on development and sale of residential apartments while the financial services operating segment offer a complete range of financial solutions including commercial banking (Nations Trust Bank), insurance (Union Assurance), stock broking, debt trading, fund management and leasing.

Information technology segment profits grew 261 percent during the year to Rs. 238.3 million while profits from ‘other’ areas of business grew 241.4 percent to Rs. 548.3 million.

The information technology operating segment comprises from BPO, software services and information integration to office automation which offers end-to-end ICT services and solutions. Others operating segment includes plantation services sector which operates tea factories, tea and rubber broking and pre-auction produce warehousing. This segment also consists of John Keells Holdings PLC including its divisions / centre functions such as John Keells Capital and Strategic Group Information Technology division (SGIT), as well as other companies providing ancillary services.

JKH yesterday (28) announced a final dividend of Rs. 1.50 per share and John Keells PLC (JKL) a first and final dividend of Rs. 3.50.

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