Hemas remains resilient amidst pandemic | Sunday Observer

Hemas remains resilient amidst pandemic

15 November, 2020
CEO Kasthuri Chellaraja
CEO Kasthuri Chellaraja

Hemas Holdings PLC (HHL) posted a Group revenue of Rs. .4 billion for the quarter ended September 30, 2020, an increase of 11 per cent over the corresponding period last year. Group operating profit for the quarter under review at Rs. 2.0 billion is a growth of 188 percent over Rs.0.7 billion recorded last year. Year on year increase in earnings amounted to Rs.1.1 billion to reach Rs.1.3 billion for the quarter.

Cumulative revenue of Rs.30.4 billion recorded during the first half of financial year 2020/21 is a growth of 5 per cent against the same period last year.Similarly, theGroup operating profit of Rs.2.4 billion for the first six-month period is a notable year on year increase over Rs.0.7 billion recorded last year. 

Growth in profitability during the quarter and first six months under review against the corresponding periods last year is reflective of the strong rebound in key sectors, Consumer and Healthcare which were impacted in the aftermath of Easter Sunday attacks. Robust Year on year performance was also driven by the realization of margin improvements, and cost savings resulting from lean and efficiency initiatives across the Group. Quarter under review also witnessed a strong recovery from the subdued performance of the preceding quarter with a revenue growth of 34 per cent and an operating profit growth of Rs.1.6 billion, indicating the resumption of business activities to near normal levels for most of the businesses in the Group which were affected by the first wave of COVID-19 pandemic.

The Group surpassed the performance of the corresponding period of financial year 2018/19 where no anomalies were experienced, reassuring our resilience and faster than anticipated recovery fromEaster Sunday attacks and the first wave of Covid-19.