LOLC Group achieves first-ever historic profitability in Sri Lanka’s corporate sector, recording a stunning Rs. 57 Bn in PBT
May, 31, 2021
Sri Lanka’s most valuable and globally diversified financial conglomerate, the LOLC Group, posted a record-breaking performance for the financial year ending 31st March 2021, achieving unprecedented bottom line results of Rs. 57Bn in Profit Before Tax (PBT), and a Profit After Tax (PAT) of Rs. 53Bn - a first for any corporate in the country. By achieving profits on this massive scale in the history of Sri Lanka’s corporate world, the Group once again consolidated its position as the top most profitable diversified corporate in the country, three years in a row - establishing LOLC as one of the largest Micro and Small & Medium Enterprises (MSME) platforms in the world.
By Duruthu Edirimuni ChandrasekeraView(s):
Mr. Ishara Nanayakkara, BI Chairman
Betting long-term on the revival of the tourism industry, the country’s fastest growing conglomerate, LOLC Group’s strategic investment arm, Browns Investments PLC’s (BI) subsidiary Eden Hotel Lanka PLC on Tuesday bought a controlling stake of 55.65 per cent in Serendib Hotels PLC from Hemas Holdings PLC.
BI officials told the Business Times that LOLC is focused on expanding in the hotel sector in Sri Lanka and the Maldives. “We expect a revival in the tourism sector post COVID-19. This purchase was targeted at long-term revival of the tourism sector in the country,” one official said.
Browns Investments expands Leisure Sector – Acquires Serendib Hotels
December, 17, 2020
LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC.
With this investment, BI will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissa along with their management companies to BI’s existing leisure portfolio, The Eden Resort & Spa in Beruwala, The Paradise Resort & Spa in Dambulla, The Calm Resort & Spa in Passikudha and Dickwella Resort & Spa, Sheraton Kosgoda Turtle Beach Resort managed by the Marriott Group and Riverina Resort in Beruwala with 375 keys, which is under construction.
LOLC Holdings PLC’s strategic Investment arm, Browns Investments PLC (BI), acquired the controlling stake of 55.65% of Serendib Hotel PLC (Serendib) for a consideration of Rs.792Mn. With this acquisition, BI will hold 56.67% of voting shares and 53.48% non-voting shares of Serendib. The investment was made by BI’s subsidiary leisure company, Eden Hotel Lanka PLC.
With this investment, BI will add Club Hotel Dolphin, Hotel Sigirya, Avani Bentota Resort and Lantern Beach Collection, Mirissa along with their management companies to BI’s existing leisure portfolio, The Eden Resort & Spa in Beruwala, The Paradise Resort & Spa in Dambulla, The Calm Resort & Spa in Passikudha and Dickwella Resort & Spa, Sheraton Kosgoda Turtle Beach Resort managed by the Marriott Group and Riverina Resort in Beruwala with 375 keys, which is under construction.
LOLC says acquisition is aimed at capturing post-COVID growth in tourism business
Hemas says divestment is part of group’s portfolio direction and focuses on uplifting return on equity from core segments
LOLC Holdings PLC’s strategic investment arm, Browns Investments PLC (BI), yesterday acquired the controlling stake of 55.65 percent of Serendib Hotel PLC, a subsidiary of Hemas Group, for a consideration of Rs.792 million.
With this acquisition, BI will hold 56.67 percent of voting shares and 53.48 percent of non-voting shares of Serendib.
Ishara Nanayakkara
BI’s subsidiary leisure company, Eden Hotel Lanka PLC, made the investment.
The voting shares, which amounted to 42.8 million, were bought at Rs.14.20 per share, for a consideration of Rs.608 million, while the non-voting shares, amounting to 19.2 million, were bought at Rs.9.60 a share.