Hemas Holdings PLC delivered a commendable performance in the first nine months of the financial year 2023 posting a cumulative revenue of Rs. 81.7 billion, a 41.6 percent growth over last year.
Despite the 51.5 percent growth in Group operating profits, reported earnings for the period remained flat at Rs. 3.2 billion amid the escalating interest rates.
While the prolonged effects of the economic crisis continued to impact the operating dynamics and the consumption habits, the Group posted a revenue of Rs. 29.8 billion for the quarter, a growth of 38.2 percent over the corresponding period last year.
“Increased resilience in the backdrop of successive crises coupled with future focused business strategies on optimising working capital, internationalisation and customer centricity resulted in a stronger recovery in business activities,’ said CEO Kasthuri Wilson
“The positive momentum of declining global commodity prices and improved exchange availability was not reflected in the earnings due to inflationary pressure and elevated borrowing costs.”
Challenges surrounding the domestic economic crisis including soaring inflation, elevated interest rates, adverse impact of all time high tax rates on disposable income, together with global economic pressure will present even greater challenges to businesses and communities.
Against this backdrop, implementation of timely liquidity and working capital management initiatives will be prioritised as the Group continues to invest on growth and new markets. Hemas will build on the foundations put in place over the last seven decades to future-proof the Group and remain resilient, contributing to the economy with continuous employment opportunities and product offerings.
Ongoing focus will be placed on strengthening the core portfolio while investing in research and development capabilities to cater to the ever-evolving needs of the customers.
The Group will invest in opportunities for value addition through our ecosystem partnerships in the Consumer and Healthcare spaces while maintaining an optimum risk profile to deliver balanced growth. Internationalisation and expanding the export portfolio will remain a key priority as the Group seeks to increase long-term value creation while empowering families to live a better tomorrow.