Browns re-engineers for growth with Rs. 433m profit

Brown and Company PLC recorded a turnover of Rs. 5.79 Billon, which is an increase of Rs. 711 million.

This is a 14% increase compared to the previous year.

Group profit for the year stood at Rs. 433 million.

Chairperson of Brown and Company PLC, Rohini Nanayakkara said, “Despite the several challenges, Browns aggressively pursued a re-organisation of its business activities and a strategic expansion of its products and services, to fall in line with its new vision of being a leading Sri Lankan conglomerate, excelling through sunshine industries both locally and regionally, over the next five years.”

The 116th Annual General Meeting of Brown & Company PLC was held on at the Brown and Company premises yesterday.

CEO/Managing Director of Brown and Company PLC Murali Prakash said, “Despite many challenges during the period under review, the organisation had the ability to withstand the negative pressures due to its diversified trading operations.

It gives me great pleasure as the CEO of a marketing organisation to have a positive marketing review particularly during a difficult period. All our main business areas namely, Agriculture, General Trading, Automotive Batteries, Business Solutions and Power systems have increased their market share overall. Furthermore, we are the market leaders in most of the above segments,” he said.

Prakash also said the company revived its Plantation Sector through the establishment of its Plantations Support Services division, which has shown great potential during the last eight months.

The company continues to invest in identified strategic areas, both to stay in growth industries and also to consolidate on the existing business areas.

The investment in ‘Gal-oya Plantations’ along with Lanka Orix Leasing Company was one strategic move where results would bring in greater value to all stakeholders.

The Board of Directors of the company decided to recommend to the shareholders that the liquidity and marketability of the ordinary shares in the company be increased by a subdivision of the shares in the company and by the issue of new shares by capitalising the Revaluation of Property, Plant and Equipment Reserves of the company.

After the subdivision there will be 23,625,000 ordinary shares. Each ordinary share would trade at Rs. 42/- per share.