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SUNSHINE HOLDINGS PLC

ANNUAL REPORT 2023/24

Being a fully homegrown business with a history that spans over five decades, Sri Lanka’s growth as a developing economy was always intrinsically linked to our own. Since its founding, Sunshine’s short and long-term objectives invariably aligned with those of the nation, while our corporate strategies envisioned a growth trajectory that would also help drive Sri Lanka’s own development arc.

Sunshine’s story this past year was one of resilience and perseverance. The lessons learnt during the height of a debilitating financial crisis proved invaluable, as we embarked on a journey of recovery and growth with unrelenting defiance in the face of unprecedented challenges. The result was a marked improvement in performance year-on-year across Healthcare and Consumer which served to sharpen our competitive edge in a slowly but surely booming market as interest rates come down, private credit grows and economic activity steadily rises.

Since our inception, we have been big believers in Sri Lanka’s capacity for greatness against seemingly insurmountable odds. As a truly homegrown enterprise, we remain committed to nurturing and investing in our roots and drawing from the country’s immense untapped potential. Built on our core values of integrity, trust and innovation and as a growing concern that has repeatedly demonstrated its ability to adjust to new demands of sustainable growth in times both good and bad, Sunshine is ready to once again steer Sri Lanka towards strength and prosperity.

VISION

To be the most
admired conglomerate
in Sri Lanka

MISSION

Growing our
enterprises to be
industry leaders

Values

INTEGRITY
Do the right
thing

PERSEVERANCE
Never give up

TRUST
Walk the talk

RESPONSIBILITY
Accountable to all stakeholders

INNOVATION
Think out of the box

group business profile

healthcare

Sunshine Healthcare Lanka Ltd. and its subsidiaries

Founded on enduring partnerships with trusted international and local principals, we deliver comprehensive solutions for healthcare in pharmaceuticals, medical devices, retail, distribution and manufacturing through our subsidiaries.

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consumer goods

Sunshine Consumer Lanka Ltd. and its subsidiaries

Sunshine owns the largest branded tea company in the country and our tea brands are among the most trusted names in the domestic market, while our export division is globally recognised for its high-quality Ceylon tea. Our confectionary sub-segment, meanwhile, leads the market in the hard boiled candies category.

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agribusiness

Watawala Plantations PLC and its subsidiaries

In our agribusiness sector, we engage in cultivation, agricultural processing, and dairy farming. Our palm oil business, which was the first in South Asia to attain certification from the Roundtable on Sustainable Palm Oil (RSPO), remains the largest revenue generator for this segment.

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Investment holdings and other

Sunshine Holdings PLC and its subsidiaries

Sunshine Holdings PLC functions as a diversified holding company, playing a significant role in “nation building” by generating value in key sectors of the Sri Lankan economy. This includes activities in Investment Holdings and Property Management.

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from the
leadrship

Chairman's Message

160%
Year-on-year dividend growth

The Group achieved a profit after tax of Rs. 6.0 Bn. on a turnover of Rs. 55.5 Bn. during the reporting period. An interim dividend of Rs. 1.00 per share was paid in December 2023, and a final dividend of Rs. 2.00 per share is declared for May 2024, totaling Rs. 3.00 per share for the financial year.

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The Group delivered record FY2024 results propelled by Healthcare and Consumer Sectors.

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GROUP CHIEF EXECUTIVE OFFICER'S REVIEW

7%
Year-on-year revenue growth

GROUP FINANCE REVIEW

66%
Year-on-year profit growth

The 2023-24 financial year was a period that saw improved performance across Sunshine Holdings PLC's three verticals Healthcare, Consumer Goods and Agribusiness, with significant increases in revenue and profitability for many of our nine business units.

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