LMD releases Sri Lanka’s version of the Fortune 500
John Keells wins accolade:
Media Services, the publisher of pioneering business magazine LMD,
has released the ‘who’s who’ of corporate Sri Lanka in its annual
edition The LMD 50. It announced yesterday that the special issue is now
available at leading bookstores and supermarkets.
The glossy special edition says that “in the context of The LMD 50,
2011/12 will be remembered as the year in which there was a return of
the old guard. The darling of the bourse for oh so long, John Keells
Holdings (JKH) called the shots from when the pioneering rankings were
inaugurated in 1993/94 until 2002/03 - with the exception of two years
in the middle of what was a record run, when another highly regarded
conglomerate Hayleys ruled the roost. New listings in the form of Sri
Lanka Telecom, followed by the Indian oil giant Lanka IOC, took their
places on the podium in the seven years that followed, only to be
dethroned by JKH and Hayleys - in that order - this year.”
JKH deserves a special mention, the magazine says: “It crossed the
finish line with ease and ended the year with revenues in excess of a
record 60 billion rupees. It was also by far the most valuable company
on the Colombo Stock Exchange at March 31, 2011 with a market
capitalization closing on 180 billion rupees. And it was only second to
Bukit Darah in the profitability rankings, with a bottom line of nine
billion rupees.
The big picture portrays the success stories of 2010/11, The LMD 50
notes. “Only six of the 50 corporations that grace The LMD 50 reported
lower incomes than in the previous year - intriguingly, they were
without exception from within the ranks of the banking sector.
There were no losses in 2010/11; and the sole loss maker from a year
ago, Dialog Axiata returned to the black with a bang and a bottom line
of more than five billion rupees... Eight entities enjoyed post-tax
profits in excess of five billion rupees, whilst as many as 39 LMD 50
companies are now recording annual revenue of Rs. 10 billion or more.
THE LMD 50’s Foreword concludes: “We said at this time last year that
there’s never been a better time; and that ‘the engine of growth maybe
reviving up for the journey ahead, but Sri Lanka and Sri Lankans must
now jump on the peacetime bandwagon and take the fast track to economic
and personal prosperity’... The nation’s corporate houses have done just
that.”
An annual compilation along the lines of the Fortune 500, The LMD 50
is published by Media Services, which also produces LMD, Living, Living
Colombo Guide, Brands Annual and Most Respected, and presents the weekly
TV business programme Benchmark. |