Ceylon & Foreign Trades PLC (CFT) founded in 1949 as an exporter of traditional Ceylonese commodities has increased revenue during the year ended March 31, 2014 by 109% posting the highest growth in the company’s 64-year long history.
The group has posted an after tax profit of Rs.60.1 million, up from Rs.12.7 million a year earlier while at company level a profit of Rs.8.4 million against the previous year’s profit of Rs.7.2 million has been recorded.
The company’s Chairman, Dr. S.A. Gulamhusein, has said in its annual report that diversification into import and marketing of cement had significantly contributed to growth. They are now importing cement both from Pakistan and India.
Their consumer division which had disappointing results the previous year due to a break in supplies had been able to resume its business while their land at Sedawatte had been filled during the year and prepared for operation for warehousing in container boxes branded as "Jack In The Box."
They had also resumed importing of bulk palm oil re-entering this business after many years.
"This is an extremely competitive business and we will have to proceed cautiously to grow it if we are to profit from the turnover it could generate," Gulamhusein said.
He reported that their associate company, On’ally Holdings PLC had done well over the year and CFT had earned substantial dividend income. Also, the On’ally share had appreciated with the unrealized market value of the original investment increasing six fold.
Gulamhusein said that the company is looking at further investment and diversification and will embark on new ventures once they are convinced of profitability and growth.
Mr. G.I. Shabbir with 31.5% of the company, Spice of Life (Pvt) Limited with 20.6% and Mr. S.A. Gulamhusein with 20.3% are the major shareholders of the company.
CFT has a stated capital of Rs.14.1 million, a revaluation reserve of Rs.544.3 million, a revenue reserve of Rs.1.2 million and retained profits of Rs.291.7 million in its books.
Total assets ran at Rs.1.16 billion and total liabilities at Rs.311.4 million.
Net assets per share for the group was down to Rs.6.02 from Rs.6.32 a year earlier while for the company it was up to Rs.4.31 from Rs.4.25. The share traded at a high of Rs.9 and a low of Rs.5 during the year against a trading range of Rs.9.20 to Rs.4 the previous year.
The directors of the company are: Messrs. S.A. Gulamhusein (Chairman),Dr. D.C. Gunasekera, Mr. T.A. Gulamhusein, Mr. I. Shabbir, Mr. A. Tyebkhan, Dr. A.A. Shabbir, Mr. L.W.W. Priyankara and Mr. I. Zahir.
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The group has posted an after tax profit of Rs.60.1 million, up from Rs.12.7 million a year earlier while at company level a profit of Rs.8.4 million against the previous year’s profit of Rs.7.2 million has been recorded.
The company’s Chairman, Dr. S.A. Gulamhusein, has said in its annual report that diversification into import and marketing of cement had significantly contributed to growth. They are now importing cement both from Pakistan and India.
Their consumer division which had disappointing results the previous year due to a break in supplies had been able to resume its business while their land at Sedawatte had been filled during the year and prepared for operation for warehousing in container boxes branded as "Jack In The Box."
They had also resumed importing of bulk palm oil re-entering this business after many years.
"This is an extremely competitive business and we will have to proceed cautiously to grow it if we are to profit from the turnover it could generate," Gulamhusein said.
He reported that their associate company, On’ally Holdings PLC had done well over the year and CFT had earned substantial dividend income. Also, the On’ally share had appreciated with the unrealized market value of the original investment increasing six fold.
Gulamhusein said that the company is looking at further investment and diversification and will embark on new ventures once they are convinced of profitability and growth.
Mr. G.I. Shabbir with 31.5% of the company, Spice of Life (Pvt) Limited with 20.6% and Mr. S.A. Gulamhusein with 20.3% are the major shareholders of the company.
CFT has a stated capital of Rs.14.1 million, a revaluation reserve of Rs.544.3 million, a revenue reserve of Rs.1.2 million and retained profits of Rs.291.7 million in its books.
Total assets ran at Rs.1.16 billion and total liabilities at Rs.311.4 million.
Net assets per share for the group was down to Rs.6.02 from Rs.6.32 a year earlier while for the company it was up to Rs.4.31 from Rs.4.25. The share traded at a high of Rs.9 and a low of Rs.5 during the year against a trading range of Rs.9.20 to Rs.4 the previous year.
The directors of the company are: Messrs. S.A. Gulamhusein (Chairman),Dr. D.C. Gunasekera, Mr. T.A. Gulamhusein, Mr. I. Shabbir, Mr. A. Tyebkhan, Dr. A.A. Shabbir, Mr. L.W.W. Priyankara and Mr. I. Zahir.
www.island.lk
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