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.