The group posted good results for the year ended 30 June 2022. Revenue from continuing operations was up 39% and the group returned to profitability after two years affected by the COVID-19 pandemic.
Rs
17.8bn
REVENUE*
2021: Rs 12.8 bn
Rs
2.3bn
OPERATING PROFIT*
2021: Rs 959 m
Rs
1.6bn
PROFIT AFTER TAX*
2021: Loss after tax Rs 1.1 bn
Rs
82.8bn
TOTAL ASSETS
2021: Rs 78 bn
Rs
43.6bn
TOTAL EQUITY
2021: Rs 41 bn
Rs
76.30
NET ASSET VALUE PER SHARE
2021: Rs 70.73
Rs
36.5%
GEARING
2021: 37.2%
Rs
17.8bn
REVENUE*
2021: Rs 12.8 bn
Rs
43.6bn
TOTAL EQUITY
2021: Rs 41 bn
Rs
2.3bn
OPERATING PROFIT*
2021: Rs 959 m
Rs
1.6bn
PROFIT AFTER TAX*
2021: Loss after tax Rs 1.1 bn
Rs
82.8bn
TOTAL ASSETS
2021: Rs 78 bn
Rs
43.6bn
TOTAL EQUITY
2021: Rs 41 bn
Rs
76.30
NET ASSET VALUE PER SHARE
2021: Rs 70.73
Rs
36.5%
GEARING
2021: 37.2%
Group Review
All operating segments were profitable and Hospitality realised a spectacular turnaround. Cash flows generated from operations doubled from the previous year to reach Rs 3.6 billion.
Despite the uncertain economic environment, the group has maintained its development pace and dividends have started to grow back.
Results for the year includes finance costs of Rs 271 million (2021: Rs 271 million). Last year’s results included income of Rs 54 million from the crystallisation of land conversion rights.
Over the last few years, property has seen a marked interest and remains an undeniable safe haven for investors. The importance of the place to live and associated comfort increased the attractiveness of our smart city portfolio.
The bulk of our activities are concentrated on the local market and have benefitted from sustained consumer spending as well as public and private infrastructure investment.
This year saw the turnaround of Hospitality, going from losses of Rs 2.5 billion last year to profit of Rs 369 million. Focus was on the post-COVID-19 resumption of operations, border reopening and finally allowing the business to function at total capacity.
Rs2.9 bn
Revenue*
2021: Rs 859 m
Rs369m
Profit after tax*
2021: Loss after tax Rs 2.5 bn
*from continuing operations
Logistics
Our businesses remained exposed to increasingly difficult and unstable economic and market conditions driven by the pandemic.
The favourable operating context was reflected in the increase in revenue per tonne of sugar from Rs 16,010 to Rs 21,955. Tonnage of food crop produced increased by 27% to 2,000 tonnes. Landscaping services performed well and in line with the booming real estate industry. The farming sub-segment delivered a good performance for the year with better prices for poultry.
Consumption levels have been holding up high lately and we are expecting the pace to continue despite uncertainties. Rising inflation and the value of the local currency are being closely monitored.
“In spite of the lingering geopolitical and global supply chain headwinds, the group maintained its focus on driving performance whilst managing the downside risks on the local and international fronts.”
Mushtaq Oosman
Chairman
Audit and Risk Management Committee
Dynmic risk Heatmap of ENL group
The principal risks depicted on the diagram are the outcome of discussions with Senior Management and Audit and Risk Committee (ARMC) members to identify and prioritise those risks that can impact ENL.
Tier 1 risks, those in the upper-right hand quadrant, are of greater concern. The symbol ‘X’ in the heatmap denotes the risk position of last year.
