[size=33]LOLC retains top spot in LMD 100 as ‘Most Profitable Listed Entity’ for third year[/size]
Thursday, 25 November 2021
Having recorded a whopping post-tax profit of Rs. 53 billion, LOLC has retained the No. 1 spot in the 28th edition of the LMD 100 as Sri Lanka’s ‘Most Profitable Listed Company’ in 2020/21.
LOLC, Sri Lanka’s most valuable and globally diversified financial conglomerate, shattered the corporate profit records in Sri Lanka for the 2020/21 financial year by achieving unprecedented bottom line results of Rs. 57 billion in Profit Before Tax (PBT).
As a result of achieving profits on this massive scale in the history of Sri Lanka’s corporate world, the Group was able to consolidate its position as the topmost profitable diversified corporate in the country, three years in a row – carving out a name for LOLC as one of the largest Micro, Small and Medium Enterprise (MSME) platforms in the world.
Speaking about the achievement, LOLC Group Managing Director/CEO Kapila Jayawardena said: “To become Sri Lanka’s ‘Most Profitable Listed Company’ for three consecutive years is a result of our strategic diversification, into different industries and across borders. This was possible due to our strong operational capabilities that gives us a unique competitive advantage. That is why, we were able to steer through a pandemic with extended periods of a least favourable business climate. Despite the global economic downturn, multilateral and bilateral funding agencies have continued to work closely with us and this reflects the confidence placed in us and the growth potential that LOLC has exhibited throughout, even during the most turbulent of times.”
During the FY 2020/21, LOLC successfully infused a significant amount of foreign exchange into Sri Lanka’s economy through the 1st tranche divestment of PRASAC in Cambodia. It was the largest ever transaction recorded by a Sri Lankan entity. The Group also sustained its credit rating of ‘SL A’ amidst a year engulfed by the many challenges posed as a result of the pandemic. LOLC also did not retrench or enforce pay cuts on any of its employees locally or overseas even during these turbulent times.
Moreover, the conglomerate continued its sustainability initiatives through its various corporate social responsibility (CSR) and green initiatives. For instance, 76% of the electricity consumed by the Group in Sri Lanka was generated by renewable energy sources minimising LOLC’s carbon footprint.
The LOLC Group is currently actively involved in a number of growing sectors both locally and internationally, other than its mainstream financial services business, namely, leisure, plantations, agri-inputs, renewable energy, construction and real estate, manufacturing and trading as well as technology, research and innovation. As a leading player in Sri Lanka’s MSME sector, the LOLC Group has been a catalyst in facilitating financial inclusion, whilst striving to maximise environmental benefits through green operations and processes in line with its triple bottom line focus.
Having established a high performance microfinance business model, LOLC rapidly exported its expertise to global markets such as Cambodia, Myanmar, Indonesia, Philippines, Pakistan, Zambia, Nigeria, Malawi, Tajikistan and Tanzania, bringing prosperity to people at the bottom of the pyramid. In addition, the Group has established its footprint in the Maldives, Mauritius and Sierra Leone in the arena of Non-Financial Services.
LOLC has also been investing substantially in advanced technology platforms and digitalisation processes such as iPay. The LOLC Group continues on its accelerated growth trajectory and is inspired by the quest to nurture and shape the future of individuals and communities across the world.