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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Renuka Foods PLC continues growth momentum

Renuka Foods PLC continues growth momentum

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
In its interim financial statement released for the fourth quarter of the financial year 2014/15 Renuka Foods PLC recorded a revenue of Rs. 1,703 Mn, a 17% increase compared to the revenue during the same period last year. For the year the turnover recorded was Rs. 6.4 Bn compared to Rs. 5.5 Bn in the previous year.
The profit for the period ended 31st March 2015 was Rs. 462.9 Mn, of which profit attributable to the equity holders was Rs. 229.6 Mn, reflecting a 150% increase compared to the same period during the previous financial year.
The total comprehensive income of the group for the period ended 31st March 2015 was Rs. 914.8 Mn, while the comprehensive income attributable to the equity holders was Rs. 482.6 Mn.
In the operations review, which accompanied the interim financials, the organisation stated that its vision is to be a leading food and beverage company, making every day delicious, by offering consumers in Sri Lanka and in over 34 international markets with its own brands. The business consists of the sectors of Agribusiness - Coconut, Organic Foods and Tea; and FMCG - Dairy, Fish, Fruit Beverages, Snacks and Soya.

In the Agribusiness Sector during the year the Group completed production capacity enhancements, increased warehousing capacity and expanded the product portfolio. It also invested in enhanced research and development capabilities, expanded its out-grower network and international distribution markets. All this contributed to the sector recording revenue of Rs. 2,775 Mn for the period ended 31st March 2015 and achieving a gross profit of Rs. 618 Mn for the same period.
The FMCG sector reported a gross profit of Rs. 748 Mn against a turnover of Rs. 3,629 Mn for the period ended March 31, 2015. The period under review has been one of consolidation.
“The dairy company, Richlife Dairies was completely integrated into Shaw Wallace Ceylon in terms of sales and distribution, sales administration and procurement resulting in significant cost savings being achieved in the quarter for the sector. This has enabled us to alsoa further enhance the marketing and sales capabilities by increasing numeric distribution.
The significant investments into this sector over the last three years are now complete and we believe we have built the platform for one of the country’s leading food and beverage based FMCG companies powered by innovation and technology”, Executive Chairman Dr. Ranjit Rajiyah said.
Total equity is Rs. 5.3 bn as at 31st March 2015 while the Group recorded a Net Asset Value per Share of Rs. 31.59 and Earning per Share of Rs. 2.43 for the period ending 31st March 2015.
Renuka Foods PLC is Sri Lanka’s leading manufacturer and exporter of coconut based food and beverage products with its own organic certified plantations. It is also one of the top dairy manufacturers and is the largest player in the branded canned fish space in the country. Company Brands such as Richlife, Captain, Renuka, Pop and Rainers are among leading consumer brands in their respective categories.
The organisation employs 1500 people, an out grower network of 7000 farmer families and contributes Rs. 1.5 billion to the rural economy annually. 
Courtesy: Daily News 01 June 2015

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