Serendib Engineering Group posts Rs 46.4 mn PAT in FY 2012/13

Serendib Engineering Group PLC formally known as Infrastructure Developers PLC reported an impressive turn of events in their draft financial for FYE March 31, 2013 released on the CSE recently. In the first full year of operation since the company was acquired and restructured by Navara Capital Ltd the company reported a Consolidated NPAT of Rs.46.4 million from a turnover of Rs. 339 million.

The fourth quarter ending 31.3.13 accounted for a Consolidated NPAT of Rs. 20.3 million and a Turnover of Rs.123.7 million. Infrastructure Developers was a non operational company for over six years until the acquisition of its controlling interest by Navara Capital Ltd in October 2011. Subsequent to a financial and operational restructuring which included a capital infusion via a rights issue and the acquisition of Serendib Engineering Agencies Pvt Ltd the company changed its name to Serendib Engineering Group PLC (SEG) in February 2013.

Currently SEG operates via the holding company and two subsidiaries; Serendib engineering agencies Pvt Ltd and CCC Plantation Engineering Ltd. Although bulk of the revenue is generated from Telecom Infrastructure Engineering the group is building a Diversified Engineering portfolio including Railway and Marine Engineering, petrochemical engineering, Electrical Engineering as well as the manufacture of tea industry machinery and pre cast concrete structures. SEG also hold the Sri Lankan agencies for some prestigious global principals including Rolls Royse Marine, MAN diesel and Turbo, Brush Traction, ROMIC-ACE (Alsthom) and Lincoln Diesel.

SEG and Navara Group Chairman Harsha N. De Silva said they were pleased with the achievements of last year as a first step in a long journey to make SEG a premier Engineering organization with a regional presence. Last year was an opportunity to reorganize and reposition the company to propel it towards this objective and the benefits of that effort would be reaped in the years to come. De Silva was very optimistic of the future of the company and said that SEG was now positioned to benefit from the country’s economic development and to grow the top and bottom line exponentially.

Navara Capital Ltd holds 76.2% controlling stake in the company. Lankem Ceylon PLC with 11.8% stake is the largest minority shareholder.

The Board of Directors of the company comprises Harsha N. De Silva, Sagara Kariyawasam, Professor Ranjith Bandara, Dimanthi L De Silva, and Dr Asanga Gunawansa. Clive De Silva is the group CEO.