Amidst an improving macroeconomic landscape, the group delivered robust results for the financial year 2023/24 and posted impressive financial results for posting a Profit After Tax (PAT) of LKR 2.8 Bn, a remarkable 73% growth when compared to its 2022/2023 PAT of LKR 1.6 Bn.
For the fourth quarter, the Group's revenue amounted to LKR 4.9 Bn, compared to LKR 6.9 Bn in the previous year.
The PAT for Q4 amounted to LKR 557 Mn compared to LKR 323 Mn last year.
Commenting Mr. Sujeewa Mudalige Chairman, Ambeon Holdings PLC stated,
“Considering the market challenges which prevailed during the year under review, the group has withstood the challenges and fared well”.
Profit Before Tax (PBT) for the said year was recorded at LKR 3.7 Bn, a 69% increase compared to the LKR 2.2 Bn achieved last year.
Revenue for the Group for the period under review was LKR 17 Bn, a decrease of 17% compared to LKR 20.6 Bn achieved during the same period of the previous year.
The Group is said to have divested 51% of its stake in the subsidiary Dankotuwa Porcelain PLC (DPL), which attributed to the decrease in its revenue.
Dr Sajeeva Narangoda Group Chief Executive Officer/Executive Director, Ambeon Holdings PLC added that “During the year under review, despite multiple market uncertainties, the Group has recorded a commendable performance throughout the period.
This gives us immense confidence to use Group synergies of our Technology, Financial Services, and Real Estate clusters, increase momentum, and accelerate growth within and across the Group.
The Real Estate cluster comprising Colombo City Holdings PLC posted an impressive PAT of LKR 450 Mn while the Technology cluster spearheaded by MillenniumIT ESP recorded a consolidated turnover of LKR 13,236 Mn for the year under review which was a 4% decline from last year's achievement of LKR 13,838 Mn.
The financial year 2024/25 looks especially strong for MillenniumIT ESP with economic growth continuing to rebound and large infrastructure projects in the pipeline.
Ambeon Holdings as a standalone entity has contributed LKR 1,455 Mn with its earnings through its strategic investments, divestments, and treasury investments while the Financial Services cluster of the group consisting of stock broking, money broking, and government securities trading companies contributed LKR 846 Mn to the overall groups’ profitability (Profit after Tax).
Ambeon Holdings Earnings Per Share stood at an impressive 6.74 for the year, the share is trading at a Price Earnings Ratio of 6.2x which is a 41.5% discount to the overall market price earnings ratio of 10.6x.