Lanka Orix Leasing Company PLC which describes itself as the country’s "largest non-banking financial institution and one of the biggest diversified conglomerates in Sri Lanka" has posted an after tax group profit of Rs. 21 billion in the year ended March 31, 2017 up 124% over the previous year, but has declared no dividend to its shareholders.
This was raised at the company’s annual general meeting last week when LOLC Deputy Chairman Ishara Nanayakkara chairing the meeting explained that their’s was a rapidly expanding group which needed cash to fund growth. He pointed out that the company’s share price had nearly doubled since last year and indicated, in response to a shareholders suggestion, that the possibility of a scrip dividend would be explored.
In a review of the company’s business for the year in its annual report, Nanayakkara said: "It gives me great pleasure to share with you this exceptional performance which saw the LOLC Group achieve the highest profit among listed entities in Sri Lanka."
LOLC last paid a dividend of 50 cents per share in 2013. Prior to that, it had paid dividends of 23 and 28 cents per share in 2008 and 2009. Its net asset value per share had grown from Rs. 10.02 in 2008 to Rs. 98.89 in the year under review.
The company’s stellar performance during the year had once again been spearheaded by its financial services segment which had contributed 81% of the profit despite a challenging year on the macroeconomic front, Nanayakkara said.
The group portfolio includes leisure, plantations, agri-inputs renewable energy, construction, manufacturing and trading among others. The report said that the group footprint in Sri Lanka spans every district from the rural hinterland to major cities and it has ventured offshore to Cambodia, Myanmar and Pakistan in microfinance and is entering the leisure sector in the Maldives.
Brown and Co. PLC is a subsidiary of LOLC.
Its Japanese partner, the Orix Corporation, owns 30% of the company and is represented in the board by Japanese directors. The largest single shareholder of the company is the late Mr. R.M. Nanayakkara who owned 36.3% of the company and tops the shareholders list.
His children, Ishra Nanayakkara (12.6%) and Mrs. Kalsha Amarasinghe (5%) and wife, Mrs. I. Nanayakkara (0.6%) are also among the top 20 shareholders. The EPF is No. 5 on the list with 3.60%.
There were 3,151 shareholders on the register at the close of the last financial year.
With a stated capital of Rs. 475.2 million, the LOLC Group had total assets of Rs. 640.9 billion (company Rs. 102 billion) and total liabilities of Rs. 538.3 billion (company Rs. 55 billion) at the close of the last financial year.
The companies share traded at a high of Rs. 93 and a low of Rs. 59 during the year under review closing at Rs. 61. This compared with a trading range of Rs. 116.20 to Rs. 64.10 closing at Rs. 72 a year earlier. It is now trading at around Rs. 125.
The directors of the company are Messrs. IC Nanayakkara, WDK Jayawardena, MDD Pieris, RA Fernando, Mrs. KU Amarasinghe, H. Nishio and H. Yamaguchi.
This was raised at the company’s annual general meeting last week when LOLC Deputy Chairman Ishara Nanayakkara chairing the meeting explained that their’s was a rapidly expanding group which needed cash to fund growth. He pointed out that the company’s share price had nearly doubled since last year and indicated, in response to a shareholders suggestion, that the possibility of a scrip dividend would be explored.
In a review of the company’s business for the year in its annual report, Nanayakkara said: "It gives me great pleasure to share with you this exceptional performance which saw the LOLC Group achieve the highest profit among listed entities in Sri Lanka."
LOLC last paid a dividend of 50 cents per share in 2013. Prior to that, it had paid dividends of 23 and 28 cents per share in 2008 and 2009. Its net asset value per share had grown from Rs. 10.02 in 2008 to Rs. 98.89 in the year under review.
The company’s stellar performance during the year had once again been spearheaded by its financial services segment which had contributed 81% of the profit despite a challenging year on the macroeconomic front, Nanayakkara said.
The group portfolio includes leisure, plantations, agri-inputs renewable energy, construction, manufacturing and trading among others. The report said that the group footprint in Sri Lanka spans every district from the rural hinterland to major cities and it has ventured offshore to Cambodia, Myanmar and Pakistan in microfinance and is entering the leisure sector in the Maldives.
Brown and Co. PLC is a subsidiary of LOLC.
Its Japanese partner, the Orix Corporation, owns 30% of the company and is represented in the board by Japanese directors. The largest single shareholder of the company is the late Mr. R.M. Nanayakkara who owned 36.3% of the company and tops the shareholders list.
His children, Ishra Nanayakkara (12.6%) and Mrs. Kalsha Amarasinghe (5%) and wife, Mrs. I. Nanayakkara (0.6%) are also among the top 20 shareholders. The EPF is No. 5 on the list with 3.60%.
There were 3,151 shareholders on the register at the close of the last financial year.
With a stated capital of Rs. 475.2 million, the LOLC Group had total assets of Rs. 640.9 billion (company Rs. 102 billion) and total liabilities of Rs. 538.3 billion (company Rs. 55 billion) at the close of the last financial year.
The companies share traded at a high of Rs. 93 and a low of Rs. 59 during the year under review closing at Rs. 61. This compared with a trading range of Rs. 116.20 to Rs. 64.10 closing at Rs. 72 a year earlier. It is now trading at around Rs. 125.
The directors of the company are Messrs. IC Nanayakkara, WDK Jayawardena, MDD Pieris, RA Fernando, Mrs. KU Amarasinghe, H. Nishio and H. Yamaguchi.
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