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- Pre-tax profit and after-tax profit notch up 46% growth to Rs. 83.8 b and Rs. 77.8 b respectively
- Total Comprehensive Income tops to a record Rs. 160 b
- Says Group is focused on taking its lifestyle-based payment gateway, iPay, global
- Poised to launch insurance business model to global markets under the brand of Serendib Insurance launched in Cambodia as maiden global insurance venture to support micro, SMEs
- Group recently acquired luxury leisure property in Mauritius, the Radisson Blue with 100 keys, and will soon be the largest leisure operator in the Maldives
As the most diversified conglomerate in Sri Lanka, the LOLC Group’s strong global expansion is gaining traction as it rapidly widens its global footprint across the two continents of Asia, including Central Asia and Africa, across financial services, leisure, and plantations.
LOLC said a key highlight of its historic profitability this year is that the Group derived a major portion of its revenues from its global operations, without being reliant on local operations, or for that matter, any one market. Amidst the economic and political disruptions being witnessed around the world, its global diversification plan ensures that the LOLC Group can sustain its upward trajectory without any adverse impact.
Commandeering a lion’s share of the local financial services market in Sri Lanka and becoming the nation’s most diversified conglomerate, LOLC Group made its initial investment into Cambodia way back in 2007 – and has since established a firm footprint in many countries including Cambodia, Myanmar, Indonesia, Philippines and Pakistan in South and South East Asia.
Once ongoing negotiations are completed, the Group has planned an investment pipeline into the giant market offered by India. In Central Asia, the LOLC Group is present in Tajikistan and Kyrgyzstan while being poised to enter Uzbekistan and Kazakhstan.
On the African continent, the LOLC Group is already present in Nigeria, Zambia, Zimbabwe, Malawi, Tanzania, Kenya, and Egypt. In its latest plans, the company is looking to enter Democratic Republic of Congo (DRC), Ghana, Uganda, and Rwanda.
https://www.ft.lk/top-story/Lankan-multinational-LOLC-Group-records-historic-profitability/26-735640
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