LOLC passes most Sri Lankan corporate giants with Rs11bn annual profit

Ishara Nanayakkara

June 4, 2019 (LBO) – Colombo Stock Exchange listed LOLC Holdings (LOLC) has reported an astounding profit of over Rs11bn (US$65mn) for the fiscal year ended March 31st, 2019.

The company’s annual profit attributable to equity holders is surpassed only by five Sri Lankan listed companies: Ceylon Tobacco (CTC), John Keells Holdings (JKH), Commercial Bank (COMB), Hatton National Bank (HNB) and Sampath Bank (SAMP). Through its rapid growth over the past decade, LOLC’s annual profits have surpassed those of several Sri Lankan telecom giants, conglomerates, multinationals, and systemically important financial institutions.

LOLC’s annual profits were up a robust 16% from the previous year when annual profits came in at just under Rs10bn. Revenue was up 19% on the year.

LOLC is a massive financial conglomerate with total assets in excess in excess of one trillion Sri Lankan Rupees (LKR). At Rs177/dollar this equates to total assets of US$5.7bn. Equity attributable to shareholders of the company is Rs90bn (US$500mn).

The company has invested globally, owning the largest non-bank financial lenders in Cambodia. The company has also tapped global financing, raising debt that is listed on the Singapore Stock Exchange.

LOLC is controlled by Chairman Ishara Nanayakkara who owns well in excess of 51% of the shares of the company.

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